Word: legality
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Dates: during 1890-1899
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Congress in issuing legal tender notes has given us practically flat money, the evils of which are only too well known. For fifteen years our confidence has been undermined by this constant flooding of the currency. Until the legal tender notes are retired confidence can not be restored. We must draw a sharp distinction between the functions of a bank and the true duty and business of a government...
Fletcher Dobyns followed on the negative. He said that his colleagues had already established the negative, but that their resources were not yet exhausted. After showing that there are fatal objections to the substitute which has been proposed for legal tenders and that the legal tender system possesses great, positive advantages that demand its retention, he dwelt upon the point that the principal objection that is urged against the legal tender system is without foundation...
...legal tenders should be retired," he asked, "would the danger of inflation be removed?" At any time the people desired they could demand a new issue of legal tender, or resort to some form of wild-cat banking, or, what is more probable, they would resort to some form of silver inflation. Twenty-five per cent, of the currency would be called into the treasury and burned, and the clamor for silver will be increased to that extent. Since the silver dollar actually possesses some intrinsic value, it furnishes a much more insidious temptation to inflation than do the legal...
...have shown you that there are fatal objections at the present to the issue of the entire volume of our paper currency by banks; that the legal tender system possesses the positive advantages of economy, and of relieving the strain upon the world's gold supply; and, lastly, that the central objection to this system is wholly without foundation...
crepancies in the Harvard evidence, he reiterated the statement that the notes issued under the Act of '90 are bad from inherent faults which are common to the whole system of paper legal tender. The whole body of this flat currency must be withdrawn, and replaced by means of the national banking system, which is a reliable source of financial strength...