Political Quotes

John Sherman: “They have been legally inconvertible since July 1, 1863, and practically inconvertible since the close of the war; that…”

On the record
They have been legally inconvertible since July 1, 1863, and practically inconvertible since the close of the war; that is, the government refuses to receive them, either in payment of customs or in payment at par of any bond of the United States offered by it.
Said by
John Sherman
Ohio

Editor's note · Context

Sherman explains the historical context of U.S. notes' inconvertibility and their lack of acceptance for payments.

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