Congress passed the Legal Tender Act in 1862 to create paper currency not backed by silver or gold. This was due to the expensive cost of the Civil War. The supplies of silver and gold were diminishing and the government needed a way to finance the war.
Historical Figures
- Salmon Chase - The Chief Justice that was able to authorize and push the approval of the Legal Tender Act
The Legal Tender Act shows how expensive the cost of war was and the toll it was taking on the Union. The act was what allowed the government to continue fighting and ultimately win the Civil War. The Act also built the base of paper currency that would continue to be used after the war.
Artifact
$1 Legal tender in 1862
Sources
"Legal Tender Act | United States [1862]." Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 25 Feb. 2016.
Wikipedia. Wikimedia Foundation, n.d. Web. 25 Feb. 2016.
"Legal Tender Act Passed." History.com. A&E Television Networks, n.d. Web. 25 Feb. 2016.
Wikipedia. Wikimedia Foundation, n.d. Web. 25 Feb. 2016.
"Legal Tender Act Passed." History.com. A&E Television Networks, n.d. Web. 25 Feb. 2016.
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