5380. MONEY, Foreign.—[further continued].
A bill has passed the
Representatives giving three years longer currency
to foreign coins. * * * The effect
of stopping the currency of gold and silver
is to force bank paper through all the States.
However, I presume the State Legislatures
will exercise their acknowledged right of regulating
the value of foreign coins, when not
regulated by Congress, and their exclusive
right of declaring them a tender.—
To James Monroe.
Ford ed., vii, 183.
(Pa.,
Dec. 1797)
