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Quotation from Hepburn v. Griswold by Supreme Court of the United States
“There is a well-known law of currency, that notes or promises to pay, unless made conveniently and promptly convertible into coin at the will of the holder, can never, except under unusual and abnormal conditions, be at par in circulation with coin.”
Hepburn v. Griswold, Opinion of the Court (Chief Justice Chase) (U.S. Reports text (Wikisource))
Chase, drawing on his experience at the Treasury, explains why paper notes fell below the value of gold.
Citation: "There is a well-known law of currency, that notes or promises to pay, unless made conveniently and promptly convertible into coin at the will of the holder, can never, except under unusual and abnormal conditions, be at par in circulation with coin." — Supreme Court of the United States, Hepburn v. Griswold, Opinion of the Court (Chief Justice Chase) (U.S. Reports text (Wikisource)). (id hepburn-v-griswold-q2)
Portrait: Mathew Brady, Portrait of Secretary of the Treasury Salmon P. Chase, officer of the United States government (1860–1865, full version) (1), Mathew Benjamin Brady, Public domain.
