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The National Government In Connection With The Currency

Posted by | November 3rd, 2011

“The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept.”

– James Garfield (Inaugural Address – 1881)

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4 thoughts on “The National Government In Connection With The Currency

  1. Jackie Durkee

    Boy, we have ventured way off from this quote. I think most people really believe that the dollars that they have in their wallets are of real value, when in actuality they aren’t even worth the paper it is printed on.

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  2. markross Post author

    “I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender.” – Thomas Jefferson

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