(5) Could the holder of greenbacks during the War convert them into Government bonds at their face value?
(6) Did the United States Government ever propose to pay the National Debt in silver or gold at its option, and when? If not, why not?
(7) If silver coin is not a legal tender, why do silver dollars pass current at their face value, and why do National Banks pay out their silver at their counters and refuse to exchange them, as is usually the case, for gold?
(8) Who determines the value of foreign coins?
Yours,
⸺ ⸺.
ANSWER
(1) No. $346,000,000 still circulate, much to the annoyance of the National Bankers.
(2) Yes. Except for Import dues and interest on Bonds.
(3) The law declares that they are “money” and guarantees their payment; hence they pass as money, but are not, strictly speaking, Legal Tender. The basis of their circulation is the Credit of the Government. The people have to pay taxes to meet the interest on the bonds in order that the National Bankers shall have the vast profit and power of using the Government Credit for their private gain.