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The first act passed by the Forty-first Congress, [approved] on the 18th
day of March, 1869, was as follows:
AN ACT to strengthen the public credit.
_Be it enacted, etc._, That in order to remove any doubt as to the
purpose of the Government to discharge all just obligations to the
public creditors, and to settle conflicting questions and
interpretations of the law by virtue of which such obligations have
been contracted, it is hereby provided and declared that the faith of
the United States is solemnly pledged to the payment in coin or its
equivalent of all the obligations of the United States not bearing
interest, known as United States notes, and all the interest-bearing
obligations of the United States, except in cases where the law
authorizing the issue of any such obligation has expressly provided that
the same may be paid in lawful money or in other currency than gold and
silver; but none of the said interest-bearing obligations not already
due shall be redeemed or paid before maturity unless at such time United
States notes shall be convertible into coin at the option of the holder,
or unless at such time bonds of the United States bearing a lower rate
of interest than the bonds to be redeemed can be sold at par in coin.
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