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The history of the " Post Date: Sun, 10 Aug 2008 19:27:36 +0000 It would be idle to look for any adequate cause for these wide divergences, and people paid no atten- tion to the premiums on gold, unless a stray " demand note " came to light to be turned into " greenbacks " at a great advance on its face value. The constitutionality of the legal tender issues had not yet become a practical question, just as the constitutionality of the income tax was held in abeyance. The history of the " greenbacks " shows how little practical value the principles of the economists have, for they made the prosecution of war possible and saved what the prophets of finance said they were fated to destroy. Autor of the post: Undefined The State banks, although Post Date: Sun, 10 Aug 2008 19:15:12 +0000 The creation of the National Banking system, although it was al- most co-ordinate with the extensive issues of legal tenders, was neither a war measure nor one that attained great political impor- tance, either during the War Period or the Period of reconstruction. The National banks were necessary to a national currency. The State banks, although no longer on a specie-paying basis, still retained and exercised the right of issuing circulating notes. Autor of the post: Undefined It is un- necessary Post Date: Sun, 10 Aug 2008 18:58:37 +0000 At first they were hostile to any change, but the circulation of the legal tenders soon brought their notes into disfavor even in the localities where they were issued. In order to make a system of National banks possible it was necessary to tax the State banks out of existence. It is un- necessary in this place to follow the steps by which the new system was established. Autor of the post: Undefined The State banks were allowed Post Date: Sun, 10 Aug 2008 18:41:33 +0000 The central idea of the system was to establish a uniform circulation of equal value throughout the country upon the foundation of national credit combined with private capital. The banking associations were required to invest a fixed capital in United States bonds, and privileged to receive in return United States notes, to be employed in discounts and exchanges. The State banks were allowed to reorganize under the act. Autor of the post: Undefined It was not until 1867 Post Date: Sun, 10 Aug 2008 18:29:13 +0000 The measure was under discussion in Congress, and before the country previous to its becom- ing a law, June 3, 1864, for a longer period than any of the great financial or military measures of war times. The system not only proved successful in freeing the country from the objectionable State banks, but it was of great service to the Government in placing the national loans and funding the debt. It was not until 1867 that final judicial action was taken on the con- stitutionality of the Legal Tender Act by the Supreme Court of the United States. Autor of the post: Undefined The note not being paid Post Date: Sun, 10 Aug 2008 18:12:19 +0000 The decision was in the now famous case of Hepburn against Griswold. In 1860 Mrs Hepburn made a promissory note by which she was to pay to Henry Griswold, February 20, 1862, the sum of $11,250. The note not being paid at maturity, which was five days before the Legal Tender Act was approved, suit was brought in the Louisville Chancery Court, where Mrs Hepburn, in 1864, tendered f 12,720 in United States legal tender notes in payment of Griswold's claim, principal and interest. Autor of the post: Undefined The case was argued Post Date: Sun, 10 Aug 2008 17:53:34 +0000 The tender was not accepted, but the case was decided against him. This action was reversed by the Court of Errors of Kentucky, whereupon Mrs Hepburn appealed to the Supreme Court of the United States. The case was argued at the De- cember Term, 1867, and elaborately reargued at the December Term, 1868. Autor of the post: Undefined The opinion was read Post Date: Sun, 10 Aug 2008 17:35:04 +0000 It had not yet been decided when President Grant took office, but the decision was announced at the December Term, 1869. By the decision the Legal Tender Act was declared unconstitutional. The opinion was read by Chief Justice Chase, Justices Harlan, Clifford, Grier, and Field concurring. Autor of the post: Undefined When the majority Post Date: Sun, 10 Aug 2008 17:18:32 +0000 Justice Miller read a dissenting opinion for himself and Justices Swayne and Davis. This was re- garded as a Democratic judgment, none of the Justices who swept away the law that had contributed so much to the perpetuity of the Republic being in sympathy with the Republican party. When the majority of the Court was Republican, as it soon became by the ap- pointment of Justices Strong and Bradley, the Supreme Court re- versed the decision in cases that, it was claimed, were governed by the judgment in Hepburn against Griswold. Autor of the post: Undefined The controversy was an unfortunate Post Date: Sun, 10 Aug 2008 17:03:48 +0000 There was a great out- cry against this action by Democrats, who, only a short time before, were in favor of paying the interest on the national debt in legal ten- ders. Justice Bradley, especially, was subjected to the most virulent abuse. The controversy was an unfortunate one, not so much because the question was decided both ways, as because it was decided at all. 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