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The Legal-Tender Acts, Considered in Relation to Their Constitutionality and Their Political Economy

Excerpt from The Legal-Tender Acts, Considered in Relation to Their Constitutionality and Their Political Economy The question is not whether it was necessary to resort to the issue of Treasury notes in such form as to make them convenient for circulation among the people, but whether it was wise to annex the legal-tender quality to the notes. This question is considered and answered in the negative. The object of the thirteenth and last article is to examine the merits of that monetary scheme, which, arising from the legal-tender policy adopted during the war, proposes that the Government should be the direct source of all the paper circulation of the country, that bank notes should be withdrawn, that the present legal-tender notes should be continued unpaid, and that additional issues of such notes should be made from time to time as Congress shall judge expedient. Would this legal-tender-note scheme give the country a good monetary system? This question is also answered in the negative, for reasons presented in the article itself. The reader will, in this prefatory synopsis, find a clew to the general character of this pamphlet. The author trusts that his investigation of the subject may be of some service to students of our financial legislation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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