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Updated: May 26, 2025
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, 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.
When to this it is added that the bills are not only everywhere receivable in Government dues, but that the Government itself would be bound for their ultimate redemption, no rational doubt can exist that the paper which the exchequer would furnish would readily enter into general circulation and be maintained at all times at or above par with gold and silver, thereby realizing the great want of the age and fulfilling the wishes of the people.
I got it bills receivable due the first of the month, five thousand dollars from such people like Heller, Blumenkrohn & Co., of Cincinnati, and The Emporium, Duluth, all gilt-edge accounts, Abe, and why should I lose it twenty per cent. on them, ain't it?" "Sure," Abe murmured. "Well, that's what I told Feder," Hymie went on. "If I got to take up a couple of thousand dollars I'll do it.
There had been but few failures, and those were generally of houses that ought to fail, being insolvent from losses or mismanagement. Mr. Sandford studied over his sheet of bills payable and receivable almost hourly. The amount intrusted to him by Monroe had been loaned out; for which he was now very sorry, as the rate of interest had nearly doubled since he made the last agreement.
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.
His friends, having escaped matrimony, had shown a disposition to deride Mr. Peters for his venture on that troubled sea. But at last they had been forced to acknowledge that either he had been gifted with a large foresight or that he was one of Fortune's lucky sons. For, Mrs. Peters had a dollar. A whole dollar bill, good and receivable by the Government for customs, taxes and all public dues.
On looking over our bills receivable, then about six hundred thousand dollars, I found Meiggs, as principal or indorser, owed us about eighty thousand dollars all, however, secured by city warrants; still, he kept bank accounts elsewhere, and was generally a borrower.
It directed the secretary of the treasury to purchase 4,500,000 ounces of silver bullion per month and to issue in payment "Treasury notes of the United States." These notes were legal tender for all debts and were receivable for customs and all public dues.
On looking over our bills receivable, then about six hundred thousand dollars, I found Meiggs, as principal or indorser, owed us about eighty thousand dollars all, however, secured by city warrants; still, he kept bank accounts elsewhere, and was generally a borrower.
May 26, 1781, Congress had taken the important step of chartering the Bank of North America. The United States was to furnish part of the capital, and to make the bank its financial agent. Its notes were to be receivable in the duties and taxes of every State in the Union. Morris asked Jay to get specie from Spain to start the bank.
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