Examples of Legal Tender Act of 1862 in the following topics:
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- The Morrill Tariff and the Homestead Act were among the far-reaching changes enacted by Congress in this period to fulfill the Republican vision of an industrial nation.
- The United States required more than three billion dollars to pay for the immense armies and fleets raised to fight the Civil War and more than $400 million in 1862 alone.
- The Union also levied the nation's first income tax with the Revenue Act of 1862.
- The Legal Tender Act of 1862 was enacted in February 1862 to issue paper money to finance the war.
- Describe how the Union financed the war through taxes, printing money, the sale of government bonds, and the creation of a national banking system
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- The Morrill Land Grant Colleges Act of 1862 provided for the establishment of public colleges for "liberal and practical education".
- The Morrill Land-Grant Acts are United States statutes signed into law by President Abraham Lincoln on July 2, 1862 that allowed for the creation of land-grant colleges.
- After the war, however, the 1862 Act was extended to the former Confederate states; it was eventually extended to every state and territory, including those created after 1862.
- The 1862 Morrill Act allocated 17.4 million acres (70,000 km2) of land, which, when sold, yielded a collective endowment of $7.55 million.
- Though the 1890 Act granted cash instead of land, it granted colleges under that act the same legal standing as the 1862 Act colleges; hence, the term "land-grant college" properly applies to both groups.
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- In eighteenth-century and early nineteenth-century America, the legal status of married women was defined as "coverture," meaning a married woman (or feme covert) had no legal or economic status independent of her husband.
- The Married Women's Property Act of 1839 was an act of statute in the state of Mississippi that significantly altered the law regarding property rights granted to married women, allowing them to own and control their own property.
- This was the first of a series of Married Women's Property Acts issued in the United States.
- The Married Women's Property Act of 1848 was a statute in New York State.
- The Married Women's Property Act set a precedent for women's property rights that is thought to have influenced legislators' decision to maintain gender-neutral language in the Homestead Act of 1862, allowing any individual to file an application for a federal land grant.
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- Usually, the government declares the fiat currency to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts.
- It is a medium of exchange, a unit of account, and a store of value:
- Store of Value: To act as a store of value, money must be reliably saved, stored, and retrieved.
- The status of money as legal tender means that money can be used for the discharge of debts.
- Money can also act a as a standard measure and common denomination of trade.
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- The main functions of money are as a medium of exchange, a unit of account, and a store of value.
- Money acts as a standard measure and common denomination of trade.
- To act as a store of value, money must be able to be reliably saved, stored, and retrieved.
- Put simply, money acting as a store of value allows its owner to transfer real purchasing power from the present to the future.
- Money can also function as a "standard of deferred payment," which means that its status as a legal tender allows it to function for the discharge of debts.
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- Union forces
won an important victory at the Battle of Glorieta Pass (March 26–28, 1862).
- Slavery was legal in the state, and Missouri had a well-organized and
militant secessionist movement.
- However, Confederate forces were
driven back by the arrival of a large Union force in February 1862.
- Starting
in 1862 and continuing through the end of the war, the Union mounted several
attempts to capture the trans-Mississippi regions of Texas and Louisiana.
- The last act associated with the Sioux Wars in 1862: after the Union Army defeated the attacking Dakota tribes, the tribes' leaders were tried and executed.
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- However, many Americans believed bimetallism, making both gold and silver legal tender, was necessary to the nation's economic health.
- The Coinage Act of 1873 eliminated the standard silver dollar.
- However, during the economic chaos of the Panic of 1873, the price of silver dropped significantly, but the Mint would accept none for striking into legal tender.
- To advocates of what became known as free silver, the 1873 act became known as the "Crime of '73".
- Implementation of the Bland-Allison Act did not end calls for free silver.
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- Double coincidence of wants: The needs of a seller of a commodity must match the needs of a buyer.
- Absence of common measure of value: In a monetary economy, money plays the role of a measure of value of all goods, making it possible to measure the values of goods against each other.
- A unit of account: a means of keeping track of how much something is worth.
- The use of money as a medium of exchange has removed the major difficulty of double coincidence of wants in the barter system.
- It separates the act of sale and purchase of goods and services and helps both parties in obtaining maximum satisfaction and profits independently.
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- The act was passed and signed into law the same day.
- Several provisions of the act sought to restrict "speculative" uses of bank credit.
- The act also established the Federal Deposit Insurance Corporation (FDIC), which insured deposits for up to $2,500, ending the risk of runs on banks.
- Anyone holding significant amounts of gold coinage was mandated to exchange it for the existing fixed price of U.S. dollars, after which the U.S. would no longer pay gold on demand for the dollar, and gold would no longer be considered valid legal tender for debts in private and public contracts.
- With the passage of the Gold Reserve Act in 1934, the nominal price of gold was changed from $20.67 per troy ounce to $35.
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- In June of the same year, more long-term solutions were presented in the Banking Act of 1933 (also known as the
Glass-Steagall Act although this term is not precise and usually refers to
the provisions of the Banking Act of 1933 that dealt with commercial bank).
- Some of the provisions of the 1933 Banking Act are still in effect.
- Furthermore, the Treasury no longer had to pay gold on demand for the dollar and gold was no longer considered valid legal tender for private and public debts.
- With the passage of the Gold Reserve Act in 1934, the nominal price of gold was changed from $20.67 per troy ounce to $35
and most of the private possession of gold was outlawed.
- Senator Carter Glass of Virginia and Representative Henry Steagall of Alabama, the main force behind the 1933 Banking Act.