Title: "Sound Money" Explained - What is Sound Money?
Headings: What is Sound Money? Sound Money Explained
What is Sound Money? Sound Money Explained
What is Sound Money?
Profound History of Sound Money
What is Money?
What is Fake Money?

Content: Lincoln made them legal tender for debts (but not customs duties, which still had to be paid with gold or silver coin ). Legal tender is a stamp of approval by the federal government that magically turns strips of unbacked paper into money people must accept, if begrudgingly at first. By the end of the war, nearly half a billion unbacked notes had been issued. As always happens with paper money, the Greenbacks lost buying power. At their low point, it took $265 in Greenbacks to buy $100 worth of gold. Legal tender allowed debtors who had borrowed money (gold or silver coin) before the Civil War to repay debts with Greenbacks that had less than half the buying power of the original loan. Creditors were understandably furious over this swindle. When the war ended, the constitutionality of printing unbacked notes was heard by the Supreme Court of the United States in Hepburn vs. Griswold (1870). Chief Justice Chase, who had been Lincoln’s Secretary of the Treasury and who had imposed legal tender, said that there is no legal tender power in the Constitution. He said that legal tender was a war measure used out of necessity.