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Home » Publications » History of the Legal Tender Paper Money Issued During the Great Rebellion, Being a Loan Without Interest and a National Currency
History of the Legal Tender Paper Money Issued During the Great Rebellion, Being a Loan Without Interest and a National Currency
E. G. SPAULDING, Chairman of the Subcommittee of the Ways and Means at the time of the 1862 Legal Tender Act, compiled this history of paper legal tender. At the time of the Act, the United States had no national currency and no means to support the Union effort in the Civil War. The Act was passed to authorize the creation of paper money not backed by gold or silver, legal tender for "payment of all taxes, internal duties, excises, debts, and demands of every kind due to the United States."
The Act laid the foundation for the creation of a permanent currency in the decades after the Civil War.
This publication originally digitized by the Microsoft Corporation.
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