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Updated: July 28, 2025
Price of Iowa asked: "Would any prudent and sensible business man who had given his note payable at his own option, without interest, be likely to give for it another note for the same amount payable at a certain time, with interest at six per cent semi-annually, in gold coin?" Mr. Scofield of Pennsylvania asked if the legal-tender notes were not, upon their face, payable on demand. Mr.
While trade dollars have ceased, for the present at least, to be an element of active disturbance in our currency system, some provision should be made for their surrender to the Government. In view of the circumstances under which they were coined and of the fact that they have never had a legal-tender quality, there should be offered for them only a slight advance over their bullion value.
He pronounced the measure a "fearful assault upon the public credit. It resuscitates the obsolete dollar which Congress entombed in 1834, worth less than the greenback in gold, and yet to be a full legal-tender." He thought that the causes of the depreciation of silver were permanent. "The future price may waver one way or the other, but it must finally settle at a much lower point.
As a direct result of this case a more determined stand was taken at the North against slavery; the Anti-Slavery Republican party was strengthened, and their candidate for President, Abraham Lincoln, elected in 1861, and the catastrophe of civil war precipitated. The Legal-Tender decisions, given in several cases soon after the civil war, are important.
There are a few measures which seem to me important in this connection and which I commend to your earnest consideration: A repeal of so much of the legal-tender act as makes these notes receivable for debts contracted after a date to be fixed in the act itself, say not later than the 1st of January, 1877. We should then have quotations at real values, not fictitious ones.
The compound-interest notes served the National banks as a part of their reserve, and as rapidly as they were cancelled, legal-tender notes were to be held in their stead. Their withdrawal from circulation for this purpose led therefore to a direct and forcible contraction of the actual currency of the country.
This would in time reduce the legal-tender notes to a volume that could be kept afloat without demanding redemption in large sums suddenly. Third. One measure for increasing the revenue and the only one I think of is the restoration of the duty on tea and coffee.
That the Secretary of the Treasury be authorized to redeem, say, not to exceed $2,000,000 monthly of legal-tender notes, by issuing in their stead a long bond, bearing interest at the rate of 3.65 per cent per annum, of denominations ranging from $50 up to $1,000 each.
Our circulation now embraces, first, notes of the national banks, which are made receivable for all dues to the Government, excluding imposts, and by all its creditors, excepting in payment of interest upon its bonds and the securities themselves; second, legal-tender notes, issued by the United States, and which the law requires shall be received as well in payment of all debts between citizens as of all Government dues, excepting imposts; and, third, gold and silver coin.
Our circulation now embraces, first, notes of the national banks, which are made receivable for all dues to the Government, excluding imposts, and by all its creditors, excepting in payment of interest upon its bonds and the securities themselves; second, legal-tender notes, issued by the United States, and which the law requires shall be received as well in payment of all debts between citizens as of all Government dues, excepting imposts; and, third, gold and silver coin.
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