Information Respecting United States Bonds, Paper Currency, Coin, Production of Precious Metals, Etc

Information Respecting United States Bonds, Paper Currency, Coin, Production of Precious Metals, Etc

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Excerpt from Information Respecting United States Bonds, Paper Currency, Coin, Production of Precious Metals, Etc: July 2, 1900

The 3 per cent bonds are payable in coin, and while it is not speci fied in their terms that they are payable in coin of the standard value of July 14, 1870, they are in effect payable in such coin. Up to this time the Government had never issued any bonds payable, by their terms, either principal or interest, in gold coin or in silver coin. Before the civil war the obligations of the Government contained no statement as to the kind of money in which they should be paid, and none of the civil-war obligations contained any such provision, except the certificates of temporary loan and the 7 ~30 notes of 1864 and 1865, which were all payable in lawful money.

During the recent session of Congress, however, there was enacted a bill, popularly known as the financial bill, which became a law, by the approval of the President, March 14, 1900. Under section 11 of this act the Government, for the first time in its history, has issued bonds payable specifically in United States gold coin. The section of the act in question is as follows.

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