Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1895-05-01
MONEY THAT Is A LEGAL TENDER.


MONEY THAT Is A LEGAL TENDER.
Although people talk glibly and
wisely about the national currency,
the vast majority of them have but a
superficial knowledge of the functions
of the various issues. On account of
the present general discussion on the
subject, few facts are briefly given
that may afford clearer understand
ing of the present condition of the ma
tional finances.
The official definition of the term
"legal tender" is "money of charac-
ter which by law debtor may require
his creditor to receive in payment, in
the absence of any agreement in the
contract or obligation ITSELF" In gov
ernment transactions the gold coins of
the United States are legal tender in
all payment, at their nominal value,
when not below the standard weight
and limit of tolerance provided by law
for the single piece, and when reduced
in weight below such standard and
tolerance are legal tender at valua-
tion in proportion to their actual
weight.
Standard silver dollars are legal
tender at their nominal value for all
debts and dues, public and private, ex-
cept where otherwise expressly stipu-
lated in the contract. The silver
coins of the United States of smaller
denominations than 81 are legal ten
der in all sums not exceeding $40 in
full payment for all dues, public and
private.
Minor coins, whether Of copper,
bronze or copper-nickel, are a legal
tender at their nominal value for any
amount not exceeding 25 cents in any
one payment.
United States notes, otherwise
known as 'legal tender notes" and
"greenbacks," are legal tender in
payment of all debts public or private,
within the United States, except duties
on imports and interest on the public
debt.
Treasury notes, issued in payment
of purchases of silver bullion under the
Sherman act of 1890, are legal tender
in payment of all debts, public or pri-
vate, except where otherwise express
ly stipulated in the contract, and are
receivable for customs, taxes and all
public dues.
Columbian half dollars are legal
tender to the same extent as subsidiary
silver coin that is, SO in any one
payment. Columbian quarters are
also legal tender to the same extent
as subsidiary silver coin.
Gold certificates are not legal ten
der. They are, however, receivable
for customs, taxes and all public dues.
Silver certificates have precisely the
same standing as gold certificates.
National bank notes are not legal
tender. They are, however, receiv-
able at par in all parts Of the United
States in payment of taxes, excises,
public lands and all other dues to the
United States, except duties on i'm
ports; and also for all salaries and
other debts and demands owing by the
United States to individuals, corpora
tions and associations within the United
States, except interest on the public
debt and in redemption of the national
currency.
Trade dollars are not legal tender.
By the act of February -, 1873, they
were a legal tender at their nominal
value for any amount not exceeding
s5 in any one payment, but under date
of July %, 1876, it was enacted that
they should not thereafter be legal
tender.
By the act of March 3, 1868, fraction
al currency was receivable for postage
and revenue stamps, and also in pay
ment of any dues to the United States,
less than SIS, except duties on imports !;
but they are no longer legal tender to
any extent whatever.
The treasury department has also
decided that foreign gold and silver
coins are not legal tender in payment
of debts. The question has been raised
and disputed as to whether what was
called the "Continental currency" is
sued during the war Of the rebellion
by the old government, was or was not
a legal tender. The facts appear to be
that while the Continental congress
did not by any ordinance attempt to
give it that character, they asked the
States to do so, and all seem to have
complied, except Rhode Island. The
Continental congress only enacted
that the man who refused to take the
money should be an enemy ofhis coun-
try. This currency, as now classified
at the treasury department, is not a
legal tender.
By law, treasury notes are redeem
able in coin. The kind of coin en-
ployed is optional with the secretary
of the treasury. Secretary Carlisle
has directed their redemption in gold
whenever that coin is demanded. In
case the holder has no preference, he
will receive silver in exchange, but
such cases are extremely rare. United
States notes are also redeemable in
gold.
There is no standard in the matter