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Updated: May 26, 2025
And in order to furnish a sound paper medium of exchange the exchequer should retain of the revenues of the Government a sum not to exceed $5,000,000 in specie, to be set apart as required by its operations, and to pay the public creditor at his own option either in specie or Treasury notes of denominations not less than $5 nor exceeding $100, which notes should be redeemed at the several places of issue, and to be receivable at all times and everywhere in payment of Government dues, with a restraint upon such issue of bills that the same should not exceed the maximum of $15,000,000.
I can not doubt but that the notes which it proposes to furnish at the voluntary option of the public creditor, issued in lieu of the revenue and its certificates of deposit, will be maintained at an equality with gold and silver everywhere. They are redeemable in gold and silver on demand at the places of issue. They are receivable everywhere in payment of Government dues.
Dwight of New York sought to limit the legal-tender quality of the silver dollar to $50, and for larger sums to make it receivable at its value in gold. A motion by Mr. Hewitt of New York to lay the bill on the table was lost by ayes 71, noes 205.
The fact that during the morning the associated banks, in accordance with the recommendation of a committee of their own officers appointed on the previous day, had agreed to issue to each other seven per cent. certificates of deposit to the amount of ten millions, on the security of government bonds at par and approved bills receivable at seventy-five per cent. of their face value, as well as to equalize the legal-tender notes held by all for their common benefit and security, had no influence in tranquilizing the public mind, although it showed a determination on their part to stand or fall together.
Morrel examined the ledgers, opened the portfolio, and counted the money. All his funds amounted to 6,000, or 8,000. francs, his bills receivable up to the 5th to 4,000 or 5,000, which, making the best of everything, gave him 14,000. francs to meet debts amounting to 287,500 francs. He had not even the means for making a possible settlement on account.
The grin turned wry. "I wasn't just thinking of the physical shape." He settled to the stone bench which stood to one side of the walk he had been exercising upon before her arrival. For a moment, she remained standing. He looked up at her. "Well," he said. "I didn't break your condition," he said. "Am I still receivable?" She frowned.
Mr. Arnold is undoubtedly right in his view that, to be receivable as a classic, Wordsworth must be relieved of a great deal of the poetical baggage that now encumbers him. The faults and hindrances in Wordsworth's poetry are obvious to every reader. For one thing, the intention to instruct, to improve the occasion, is too deliberate and too hardly pressed.
In these receipts is included a sum of near $5.85 millions, received on account of the loans authorized by the acts of the last session; the whole sum actually obtained on loan amounts to $11 millions, the residue of which, being receivable subsequent to the 30th of September last, will, together with the current revenue, enable us to defray all the expenses of this year.
It was made receivable at a premium for all public debts, and was also fortified by a provision for its early redemption by taxation; a provision which was carried into effect in spite of poverty and distress. Massachusetts had made her usual mistake.
It was proposed to make them receivable everywhere and to establish at various points depositories of gold and silver to be held in trust for the redemption of such notes, so as to insure their convertibility into specie.
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