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But not, by the December 1861, the fresh Union government’s source of specie try outstripped because of the need for redemption and had been forced to suspend redemption temporarily. But not, gold-and-silver coins continued to be granted, evoking the decline of your own freshly printed cards as a result of Gresham’s law. Inside 1869, Best Courtroom ruled within the Hepburn v. Griswold one to Congress couldn’t need financial institutions to accept All of us Cards, but overturned you to definitely governing the next 12 months from the Legal tender Times.
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Following the American Trend, the fresh Thirteen Territories turned independent. Free of British economic laws and regulations, they each given £sd paper money to cover military expenditures. The newest Continental Congress in addition to began giving «Continental Money» denominated inside the Foreign language cash. For its value according to states’ currencies, find Early Western money.
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