Research topic: Legal Tender cases

Legal Tender cases lawsuits brought to the U.S. Supreme Court involving the constitutionality of the Legal Tender Act of 1862, which was passed to meet currency needs during the Civil War. The act had authorized the issue of $150 million in "United States notes" (see greenback ) without any reserve or specie basis. Intended originally as only a temporary measure during wartime, about $450 million had been issued in greenbacks by the end of the war. The paper money depreciated in terms of gold and became the subject of controversy, particularly because debts contracted earlier could be... Read more