non-specie-paying

Updated: April 30, 2025

They, therefore, favored an institution of large capital, non-specie-paying, and obliged to make heavy loans to the government, which involved, of course, an irredeemable paper currency. In a word, there was the party of no bank, the party of a specie bank, and the party of a huge paper-money bank. The second of these parties, with which of course Mr. Webster acted, held the key of the situation.

Henry Cabot Lodge - Daniel Webster