Legal tender Sentence Examples

He refused to follow the financial policy of his party in 1862, and delivered a notable speech against the passage of the Legal Tender Act, which made a certain class of treasury notes receivable for all public and private debts.

The paper notes already issued had been constituted by law legal tender for all debts, but in 1868 their power of actual purchase was only 30% compared with that of gold, and by 1870 it had fallen as low as 25%.

Foreign coins were formerly legal tender in the republic, but this has been changed by the exclusion of foreign silver coins and the acceptance of foreign gold coins as a commodity at a fixed value.

Silver and nickel are legal tender for 50 and 20 bolivares respectively.

He gave earnest support to the Legal Tender Act, and the substitution of the national for the state banking system.

The change from the double standard was effected without any noticeable disturbance in commercial affairs, but this was in part due to the precaution of making the British pound sterling legal tender in the republic and establishing the legal equivalent between gold and silver at 10 soles to the pound.

At last their depreciation reached a point where their acceptance was generally refused and silver was imported for commercial needs, when the government suspended their legal tender quality and allowed them to disappear.

The only legal tender is the Mexican dollar, and the British and Hong-Kong dollar, or other silver dollars of equivalent value duly authorized by the governor.

The country was still labouring under the curse of an inconvertible currency originatingwith the Legal Tender Act res - paperY g dncy.

Congress had passed a law in 1878 requiring the treasury department to purchase a certain amount of silver bullion each month and coin it into silver dollars to be full legal tender.

Nearly $600,000,000 of " fiat money " had been thrust into the channels of commerce in addition to $346,000,000 of legal tender notes that had been issued during the Civil War.

Holders of the government's legal tender notes anticipating this fact presented them for redemption.

A court decision denying the legal tender quality of the notes issued by the Bank of the Commonwealth gave rise to a bitter controversy which had considerable influence upon the political history of the state.

After nearly all the forty-six banks chartered by the legislature in 1818 had been wrecked in the financial panic of 1819, the legislature in 1820 passed a series of laws designed for the benefit of the debtor class, among them one making state bank notes a legal tender for all debts.

Fractional silver coin is not legal tender above 20 pesos, and bronze and nickel coins not above 1 peso, but the government maintains conversion offices where such coins can be converted into silver pesos without loss.

A bill went through both Houses of Congress providing that a silver dollar should be coined of the weight of 4122 grains, to be full legal tender for all debts and dues, public and private, except where otherwise expressly stipulated in the contract.

In his annual message of the 1st of December 1879 President Hayes urged the suspension of the silver coinage and also the withdrawal of the United States legal tender notes, but Congress failed to act upon the recommendation.

That period of crisis witnessed two great changes in American financial policy, the establishment of a national banking system and the issue of a legal tender paper currency.

Griswold (8 Wallace, 603), 1869, which declared certain parts of the legal tender acts to be unconstitutional.

When the legal tender decision was reversed after the appointment of new judges,1871-1872(Legal Tender Cases, 12 Wallace, 457), Chase prepared a very able dissenting opinion.

Then from 1st January 1900 the old reckoning by gulden was superseded, that by krone being introduced in all government accounts, the new silver being made a legal tender only for a limited amount.

In 1893 the Indian mints were closed to the free coinage of silver, and in 1899 the British sovereign was made legal tender at the rate of 1 s.

Six years later, in 1899, the change was completed by an act making gold legal tender at the rate of I for Rs.15, or at the rate of is.

The Dai Ichi Ginko (First Bank of Japan), which has a branch in Seoul and agencies in other towns, was made the government central treasury, and its notes were recognized as legal tender in Korea.

Great opposition was raised by the representatives of the debtor class in congress to the suppression of the inconvertible paper money, but in the end President Montt carried the day, and on the 11th of February 1895 a measure finally became law establishing a gold currency as the only legal tender in Chile.

The British sovereign is legal tender for 4500 reis, but in practice usually commands a premium.

He was a member of the committee on finance throughout his service in the Senate, and his first speech in that body was a defence of the free coinage of silver and a plea for the preservation of the full legal tender value of greenback currency, though in 1893 he voted to repeal the silver purchase clause of the Sherman Act.

Silver is legal tender only up to 50 lei.

Currency of Panama is legal tender in the Canal Zone, and that of the United States in the Republic of Panama.

But the only silver coin which is legal tender up to any amount is tim 5-peseta piece, and the coinage of this is restricted.

He arrived at French On account of the scarcity of a circulating medium more than twenty articles were valued and declared legal tender.

Scottish banks issue their own notes and these are accepted as legal tender in Scotland as well as English bank notes.

The Euro became legal tender in these countries on 1st January 2002.

No; all Bank of England notes whether legal tender or not retain their face value for all time.

Part of the Union notes were redeemed, part replaced by 10 lire and 5 lire state notes, payable at sight in metallic legal tender by certain state banks.

The old penny and threepence coins ceased to be legal tender on 31st August 1971, just over six months after D-day.

One wily way is to devalue your money by having you bet chips instead of legal tender.

Sales tax is usually not included in a purchase since the gold you are purchasing is technically legal tender.

In 1964 it began striking legal tender coins for various foreign countries.

British coin is legal tender (since 1905).