United States Note - A Valid Currency Today

by **RamblerNash** Tue May 09, 2017 10:39 pm

Did you realize that the USN is Fiat Currency? Did the folks that are promoting that tell you they aren't? Ask Yosef, OWK, ADMINBILL, Gary Mcguire, and any other that's saying that they are going to be Gold Backed for proof otherwise.

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A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for more than 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks", a name inherited from the earlier greenbacks, the Demand Notes, that they replaced during 1862. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. During the 1860s the so-called second obligation on the reverse of the notes stated:^[1]

This Note is Legal Tender for All Debts Public and Private Except Duties On Imports And Interest On The Public Debt; And Is Redeemable In Payment Of All Loans Made To The United States.

They were originally issued directly into circulation by the U.S. Treasury to pay expenses incurred by the Union during the American Civil War. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury.

United States Notes that were issued in the large-size format, before 1929, differ dramatically in appearance when compared to modern American currency, but those issued in the small-size format, starting 1929, are very similar to contemporary Federal Reserve Notes with the distinction of having red U.S. Treasury Seals and serial numbers in place of green ones.

Existing United States Notes remain valid currency in the United States; however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation.

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Series 1953 United States Notes

United States Notes – Small-size issue, Series 1953

	$2 United States Note	6.140 × 2.610 in (155.956 × 66.294 mm)	Green; Black	Thomas Jefferson	Monticello
	$5 United States Note	6.140 × 2.610 in (155.956 × 66.294 mm)	Green; Black	Abraham Lincoln	Lincoln Memorial

Series 1963 United States Notes

United States Notes – Small-size issue, Series 1963

	$2 United States Note	6.140 × 2.610 in (155.956 × 66.294 mm)	Green; Black	Thomas Jefferson	Monticello
	$5 United States Note	6.140 × 2.610 in (155.956 × 66.294 mm)	Green; Black	Abraham Lincoln	Lincoln Memorial

Series 1966 United States Notes

United States Notes – Small-size issue, Series 1966

	$100 United States Note	6.140 × 2.610 in (155.956 × 66.294 mm)	Green; Black	Benjamin Franklin	Independence Hall

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Politics and controversy

The United States Notes were introduced as fiat money rather than the precious metal medium of exchange that the United States had traditionally used. Their introduction was thus contentious.

The United States Congress had enacted the Legal Tender Acts during the U.S. Civil War when southern Democrats were absent from the Congress, and thus their Jacksonian hard money views were underrepresented. After the war, the Supreme Court ruled on the Legal Tender Cases to determine the constitutionality of the use of greenbacks. The 1870 case Hepburn v. Griswold found unconstitutional the use of greenbacks when applied to debts established prior to the First Legal Tender Act as the five Democrats on the Court, Nelson, Grier, Clifford, Field, and Chase, ruled against the Civil War legislation in a 5–3 decision. Secretary Chase had become Chief Justice of the United States and a Democrat, and spearheaded the decision invalidating his own actions during the war. However, Grier retired from the Court, and President Grant appointed two new Republicans, Strong and Bradley, who joined the three sitting Republicans, Swayne, Miller, and Davis, to reverse Hepburn, 5–4, in the 1871 cases Knox v. Lee and Parker v. Davis. During 1884, the Court, controlled 8–1 by Republicans, granted the federal government very broad power to issue Legal Tender paper through the case Juilliard v. Greenman, with only the lone remaining Democrat, Field, dissenting.^[18]

The states in the far west stayed loyal to the Union, but also had hard money sympathies. During the specie suspension from 1862 to 1878 western states used the gold dollar as a unit of account whenever possible and accepted greenbacks at a discount wherever they could.^[3] The preferred forms of paper money were gold certificates and National Gold Bank Notes, the latter having been created specifically to address the desire for hard money in California.

During the 1870s and 1880s, the Greenback Party existed for the primary purpose of advocating an increased circulation of United States Notes as a way of creating inflation according to the quantity theory of money. However, as the 1870s unfolded, the market price of silver decreased with respect to gold, and inflationists found a new cause in the Free Silver movement. Opposition to the resumption of specie convertibility of the Greenbacks during 1879 was accordingly muted.

https://en.wikipedia.org/wiki/United_States_Note

by roxy22222222 Tue May 09, 2017 11:53 pm

:tup:

United States Note - A Valid Currency Today