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Updated: October 28, 2025
To prevent the latter it seems to me that one great step would be taken by prohibiting the national banks from paying interest on deposits, by requiring them to hold their reserves in their own vaults, and by forcing them into resumption, though it would only be in legal-tender notes. For this purpose I would suggest the establishment of clearing houses for your consideration.
With regard to the legal-tender currency, so called, it serves well for temporary use, much better, indeed, than any of its predecessors; and as long as its promises are ignored, and as long as its quantity is not increased faster than the increase of the population, it is practically a value-currency, resting on its own inherent right of use, with the exception of the limitation defined by the law of legal tender.
It had played a prominent part in American history from colonial days, especially in periods of depression and in the less prosperous sections of the ever advancing frontier. During the Civil War, inflation was actually accomplished through the issue of over $400,000,000 in legal-tender notes known as "greenbacks."
His own summary of his position, given on page 212 of this book, shows that he desired a national legal-tender paper currency, irredeemable in coin, but "interconvertible" with government bonds, and regulated by law as to volume per capita; a "discriminating" protective tariff, "helpful to all the industries of the country, where the raw material and the labor can be furnished by our own people;" and a civil service divorced from party politics, based on personal fitness, with tenure of office during good behavior, moderate salaries, and pensions for the aged and sick, and provision for widows and orphans.
It is easy to conceive that the debtor and speculative classes may think it of value to them to make so-called money abundant until they can throw a portion of their burdens upon others. But even these, I believe, would be disappointed in the result if a course should be pursued which will keep in doubt the value of the legal-tender medium of exchange.
Deathbed repentances may be legal-tender for salvation in another world, but for this they are below par, and regeneration that is postponed until the man has no further capacity to sin is little better. For sin is only perverted power, and the man without capacity to sin neither has ability to do good isn't that so?
In 1876 both party platforms were even more vague, although Hayes himself was openly committed to the improvement of the service. The legal-tender decisions are in J.W. Wallace, Cases argued and adjudged in the Supreme Court, VIII, 603, and XII, 457. The politician's side may be found in A.R. Conkling, Life and Letters of Roscoe Conkling , and T.C. Platt, Autobiography .
We issue, therefore, a legal-tender paper money, receivable for all indebtedness, public and private, and not to be increased beyond a certain per capita of population. We decree a limitation upon the amount of land or money any one man can possess. All above that must be used, either by the owner or the government, in works of public usefulness.
The latter was government land that had been offered for sale at $1.25 an acre and had not been taken. Strangely enough, it embraced a portion of the redwood belt along Mad River, near Arcata. But one man seemed aware of the opportunity. John Preston, a tanner of Arcata, would accumulate thirty dollars in gold and with it buy fifty dollars in legal-tender notes.
Professor Francis Bowen and Representative Randall L. Gibson thought that a double standard was an illusion and an impossibility, and declared the proper place for silver in the monetary system to be that of subsidiary or token currency, considerably overvalued by law and a legal-tender only within certain minor limits.
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