This bill included:
Two-fifths of the new currency was to be at the disposal of Congress. The remainder would be allocated to the states that turned in the old currency.
The new currency was guaranteed by the state and Continental governments and was made legal tender by the states.
Had the option to be redeemed in 6 years, with a 5 percent interest paid annually.
As Gouverneur Morris predicted, despite all these supports, it failed to retain its value.
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