Word: tenderer
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...affirmative, Loetscher followed. He said that Harvard defended the legal tender by proposing attractive but theoretical changes. The question strictly concerned the present financial system with its faults...
...legal tenders should be retired," he asked, "would the danger of inflation be removed?" At any time the people desired they could demand a new issue of legal tender, or resort to some form of wild-cat banking, or, what is more probable, they would resort to some form of silver inflation. Twenty-five per cent, of the currency would be called into the treasury and burned, and the clamor for silver will be increased to that extent. Since the silver dollar actually possesses some intrinsic value, it furnishes a much more insidious temptation to inflation than do the legal...
...have shown you that there are fatal objections at the present to the issue of the entire volume of our paper currency by banks; that the legal tender system possesses the positive advantages of economy, and of relieving the strain upon the world's gold supply; and, lastly, that the central objection to this system is wholly without foundation...
crepancies in the Harvard evidence, he reiterated the statement that the notes issued under the Act of '90 are bad from inherent faults which are common to the whole system of paper legal tender. The whole body of this flat currency must be withdrawn, and replaced by means of the national banking system, which is a reliable source of financial strength...
McElroy was the second Princeton speaker in rebuttal. He attacked the instance cited by the negative, that England had successfully floated paper legal tender, and pointed out the danger, under the present system, of persuading the public that a government can create money. He then showed that the present notes are not actually redeemable, and quoted as an example a rebuff experienced by a Baltimore company trying to redeem notes at Washington...