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The federal government first issued paper money in 1861 to fund the Civil War. [10] Before that, all U.S. paper money was bank-issued money. For example, paper notes were issued by the First Bank of the United States, which was a private corporation chartered by the federal government. [11]
Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all ...
The Act of July 17, 1861 [2] authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. [3] These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field.
Former Michigan Senate Majority Leader Mike Shirkey won't face criminal liability on accusations of participating in a dark money scheme to solicit contributions for a successful petition effort ...
Such tactics are sometimes called "money for nothing" schemes, as they propose to extract money from the government by using secret methods. [3] The name of the A4V scheme in particular has become synonymous with the movement as a whole. [4] [1] Although the movement has maintained a following since the 1990s, its theories are false and meritless.
Chief Justice Charles Evans Hughes wrote the opinion for each case, finding the government's power to regulate money a plenary power. Only in the Perry case the Court reached the question of the Gold Clause Resolution's constitutionality. It concluded that Congress acted unconstitutionally in voiding the government's prior obligations but not ...
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The Michigan Compiled Laws (MCL) are the official codification of statutes for the state of Michigan. [7] An unannotated edition of the MCL is published by the state ...