Word: tenderly
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Dates: during 1890-1899
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...deficit; but, the amount being much more than necessary, the government has been able to put aside 90 millions of legal tender notes...
...above remedy could be only a temporary one. The permanent remedies are two, (a) retirement of the legal tender notes, or, (b) separation of the two functions of the treasury. According to the latter plan, if the government is to continue to issue convertible paper money, it should set up a separate establishment which should be entirely free from the fluctuations of revenue. This is the principle on which the currency of England rests...
...other permanent remedy, the retirement of the legal tender notes, is the best. But the strong argument for this plan is not the one ordinarily given, the "endless chain" argument, the depletion of the gold reserve. For this could be remedied by the former plan of keeping down the volume of currency. The real argument for the complete retirement of the legal tender notes is the danger of over-issue. This is the familiar argument against the issue of inconvertible paper money...
...convenience sake a table was put on the blackbord showing the condition of the currency last month. (N. B. The figures given represent millions of dollars. Subsidiary coins, i.e., under one dollar, are not taken into account.) Legal tender notes are of two kinds: (a) U. S. Notes, commonly known as "greenbacks," 346.7; (b) Treasury Notes...
Class (a) of the legal tender notes, the "greenbacks," are the result of the financial legislation of the Civil War. For the last sixteen years their volume has been fixed, because, on being presented for redemption, they are reissued. Identical in legal qualities are the Treasury Notes, issued in pursuance of the Sherman Act of 1890. Although, in theory, they may be shifted into silver notes or silver dollars, as a fact, they, too, have remained a fixed quantity. There is a general impression that these notes are different from the U. S. Notes, in that, while the latter will...