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Birth of the U.S. Dollar | Roger Lowenstein
Forward Guidance
The History of Paper Money in the United States
The United States didn't have a ton of experience selling bonds or issuing paper money. Chase and Congress hit on an interesting scheme to issue legal tender, just like the bills we have in our wallet today. They thought by making these bills legal tender, it would compel acceptance by merchants. The banks were tapped out, but the people weren't. And they actually borrowed billions of dollars over the next two or three years of the war.
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