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As well as Treasury Cards, Congress within the 1861 authorized the newest Treasury to borrow $50 million when it comes to Demand Cards, which did not incur interest but can getting used to your demand to have gold and silver coins. Yet not, from the December 1861, the brand new Union government’s way to obtain specie try outstripped from the demand for redemption and had been compelled to suspend redemption temporarily. Yet not, gold-and-silver coins stayed awarded, evoking the decline of one’s newly printed cards due to Gresham’s law. Within the 1869, Finest Legal ruled in the Hepburn v. Griswold you to definitely Congress cannot need financial institutions to just accept Us Cards, but overturned one to governing the next seasons on the Legal-tender Times.

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