The Legal Tender Acts Study Questions and Resources

The Legal Tender Acts (1862-1865): A Revolution In U.S. Monetary Policy 1. What did Secretary of the Treasury Salmon Chase’s Report to Congress on December 9, 1861 reveal about the Union’s financial status? 2. Why could the government no longer borrow from the banks? 3. How much was the Civil War costing the Union per day? 4. Describe the main features of the initial Legal Tender Bill. 5. What does legal tender mean? 6. What is a fiat currency? 7. […]

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