There can be but three kinds of public currency--first, gold and silver; second, the paper of State institutions; or, third, a representative of the precious metals provided by the General Government or under its authority.
Tyler outlines the three types of public currency that exist, highlighting the role of government in currency issuance.
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I herewith transmit to the House of Representatives, in reply to their resolution of the 14th of June last, a report from the Secretary of State, with accompanying papers.
The special mission authorized by Congress for this purpose has fully succeeded in the accomplishment so far of the great objects for which it was appointed.
I have great pleasure in submitting to the Senate, for its ratification and approval, a treaty which has been concluded between Mr. Cushing, the United States commissioner, and the Chinese Empire.
The great question is—not as to the manner in which it shall be done, but whether it shall be accomplished or not.
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