Follow me on Twitter: twitter.com/Professor_Barth If you enjoy this channel and want to support: www.patreon.com/professorbarth Buy my book: www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1 History of Money playlist: ua-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html Foundations of Western Political Thought playlist: ua-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
Dear Professor Barth. Thank your you for insightful lecture. If I may, I would add small comment here for you consideration. If I correctly remember interesting fact about greenbacks issued as a legal tenders was that there redeemed at par in a decade or so, that caused deflation and economic contraction. The second interesting fact was that, as far as I remember, head of treasure of the USA (North) requested a loan from the US bank for the government and when received it in the form of money at accounts in the bank, ordered to pay it to the treasure in species (gold/silver) and thus extracted all gold and silver from bank to finance the war. Which was smart move as international partners didn’t;t accept bank notes, but only the gold and silver.
United States Notes (Greenbacks) are "lawful money." I did my research on United States notes and I'd have to say that this legal term "lawful money" is a very important term to study and do some research on because as of today we hold Federal reserve notes and in law they are suppose to redeem in lawful money per 12 USC 411. By reading the Legal Tender Act it states that United States notes are legal tender or lawful money. And in Federal Reserve Act sec.16 it states that Federal Reserve Notes are redeemable in "gold or lawful money." Which it coould mean that in 12 usc 411, Federal reserve notes are redeemable in "lawful money" or United States notes in electronic form... since the US don't circulate gold and silver as money anymore in the economy from 1933 to 1965, and the US Treasury stoped printing US notes from 1971.
The strife between the sections began in 1861. In August of that year, the Secretary of the Treasury, Salmon P.Chase, conferred with a committee of bankers and negotiated with them three loans of fifty million dollars each. At about the same time Congress passed a law virtually authorizing the secretary to handle the proceeds in whatsoever manner he deemed most expedient. The loans might either have been left on deposit with the banks and checks drawn against them for the Treasury’s disbursements, or the funds might be withdrawn and placed with the various subtreasuries. Against the remonstrance of the bankers, Secretary Chase chose the latter course, and, in the Monetary system of the U.S. 28 judgment of many historians, virtually forced the banks to suspend specie payments.
Nice! I just disagree, the cause of the Civil War, Slavery was on its way out in the South, and not the cause of the Civil War. But still very nice video.
Was them wanting to separate the main issue or a solution to a bigger issue?? Also, didn't Lincoln say if he could keep the states together without freeing a slave he would??
I got a promis to pay 500in gold coins 1914 kuna saving bank with a 10% intrest ever year an it has southern Southern Pacific address Which is P g &e Where can I cash it what can I do with it Can you point me in the right direction
Follow me on Twitter:
twitter.com/Professor_Barth
If you enjoy this channel and want to support:
www.patreon.com/professorbarth
Buy my book:
www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1
History of Money playlist:
ua-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html
Foundations of Western Political Thought playlist:
ua-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
Dear Professor Barth. Thank your you for insightful lecture. If I may, I would add small comment here for you consideration. If I correctly remember interesting fact about greenbacks issued as a legal tenders was that there redeemed at par in a decade or so, that caused deflation and economic contraction. The second interesting fact was that, as far as I remember, head of treasure of the USA (North) requested a loan from the US bank for the government and when received it in the form of money at accounts in the bank, ordered to pay it to the treasure in species (gold/silver) and thus extracted all gold and silver from bank to finance the war. Which was smart move as international partners didn’t;t accept bank notes, but only the gold and silver.
No mention of the panic of 1857?
United States Notes (Greenbacks) are "lawful money." I did my research on United States notes and I'd have to say that this legal term "lawful money" is a very important term to study and do some research on because as of today we hold Federal reserve notes and in law they are suppose to redeem in lawful money per 12 USC 411.
By reading the Legal Tender Act it states that United States notes are legal tender or lawful money.
And in Federal Reserve Act sec.16 it states that Federal Reserve Notes are redeemable in "gold or lawful money."
Which it coould mean that in 12 usc 411, Federal reserve notes are redeemable in "lawful money" or United States notes in electronic form... since the US don't circulate gold and silver as money anymore in the economy from 1933 to 1965, and the US Treasury stoped printing US notes from 1971.
The strife between the sections began in 1861. In August of that year, the Secretary of the Treasury, Salmon P.Chase, conferred with a committee of bankers and negotiated with them three loans of fifty million dollars each. At about the same time Congress passed a law virtually authorizing the secretary to handle the proceeds in whatsoever manner he deemed most expedient. The loans might either have been left on deposit with the banks and checks drawn against them for the Treasury’s disbursements, or the funds might be withdrawn and placed with the various subtreasuries. Against the remonstrance of the bankers, Secretary Chase chose the latter course, and, in the
Monetary system of the U.S. 28
judgment of many historians, virtually forced the banks to suspend specie payments.
This vid kinda debunks the gold bugs no??
Nice! I just disagree, the cause of the Civil War, Slavery was on its way out in the South, and not the cause of the Civil War. But still very nice video.
Was them wanting to separate the main issue or a solution to a bigger issue?? Also, didn't Lincoln say if he could keep the states together without freeing a slave he would??
@@rustychevy2087 Yes to the 2nd question
I got a promis to pay 500in gold coins 1914 kuna saving bank with a 10% intrest ever year an it has southern Southern Pacific address Which is P g &e Where can I cash it what can I do with it Can you point me in the right direction