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Updated: May 26, 2025
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.
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 have been a personal witness to a case in which a native was most undeservedly punished, from the circumstance of the natives, who were the only persons who could speak as to certain exculpatory facts, not being permitted to give their evidence." Under the law lately passed in South Australia, the evidence of natives would be receivable in a case of this kind, in palliation of the offence.
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.
There is also a difference between different species of certificates; some of them being receivable in taxes, others having the benefit of particular assurances, &c. Again, some of these certificates are for paper-money debts. A deception here must be guarded against.
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.
Its $33,000,000 with accrued interest had amounted to about $45,000,000 in 1870. In 1871 the question of settlement was taken up; one-third of the debt was assigned to West Virginia, and the remainder was funded into new bonds bearing interest at five and six per cent. The coupons were made receivable for taxes and other debts due the State.
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.
But extra efforts had been put forth so often of late, that the company had exhausted nearly all its resources. "I do not understand," remarked one of the directors, looking up from the statement he had been carefully examining, "how there can be a hundred and fifty thousand dollars of post-notes due so soon, and only fifty thousand dollars in bills receivable maturing in the same time.
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.
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