If so, why do the rest of us have to put up with legal-tender paper money?
All that would be further required would be to reduce the volume of legal-tender notes in circulation.
Our rule is that legal-tender money must be paid down at the time of purchase.
John Preston, a tanner of Arcata, would accumulate thirty dollars in gold and with it buy fifty dollars in legal-tender notes.
The first "legal-tender" Act was approved February 25, 1862.
It was under these Acts that the legal-tender notes known as "greenbacks," now outstanding, were issued.
It was simply put into circulation with the legal-tender quality.
During my first year in government employ the depreciation in legal-tender notes in which we were paid was very embarrassing.
In the Senate, a bitter and determined opposition to the legal-tender clause was developed.
It may now be well to indicate briefly the origin of legal-tender provisions.
Any form of money that a government decrees must be accepted in payment of debts.