US Presidency
1874

And the United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin. This act still remains as a continuing pledge of the faith of the United States to make provision at the earliest practicable period for the redemption of the United States notes in coin. A declaration contained in the act of June 30, 1864, created an obligation that the total amount of United States notes issued or to be issued should never exceed $ 400,000,000. The amount in actual circulation was actually reduced to $ 356,000,000, at which point Congress passed the act of February 4, 1868, suspending the further reduction of the currency. The forty-four millions have ever been regarded as a reserve, to be used only in case of emergency, such as has occurred on several occasions, and must occur when from any cause revenues suddenly fall below expenditures; and such a reserve is necessary, because the fractional currency, amounting to fifty millions, is redeemable in legal tender on call.