Bisocialism the Reign of the Man At the Margin

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Bank paper must be suppressed, and the circulating me- dium must be restored to the nation, to which it belongs.
Treasury bills, bottomed on taxes, • ♦ ♦. thrown into circulation, will take the place of so much gold and silver.
Thomas Jefferson.
During the first year of the Civil War the United States government issued ^^demand notes/^ afterwards known as greenbacks, to the amount of approximately $60,000,000, as unlimited legal tender for all debts public and private.* These notes were intende
...d to circulate as money and were issued in denominations of convenient size for this pur- pose. The notes stated upon their face that the United States of America promised to pay the bearer, on demand, the sum of ten dollars, or whatever the sum indicated by the denomination of the several notes might be. Neither ♦Issues of July 17. 1861, February 12, 1862, and March 17, 1862.
213 Digitized by VjOOQ iC 214 BISOCIAUSM— POLITICAL BCONOMT the laws authorizing their issue nor the notes themselves stated in what they were payable^ but the govemment announced, through its Secretary of the Treasury, that they were payable in coin.


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