feb 25, 1862 - Legal Tender Act
Description:
The Act authorized issuance of paper money, United States Notes, to finance the war without raising taxes.[2] The paper money depreciated in terms of gold and became the subject of controversy, particularly because debts contracted earlier could be paid in this cheaper currency.[3]https://www.history.com/this-day-in-history/legal-tender-act-passed
Added to timeline:
Date:
feb 25, 1862
Now
~ 164 years ago