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20 January, 16:00

What does the statement "This note is legal tender for all debts, public and private" guarantee? US currency is backed by gold. US currency is backed by silver. US currency is a way of obtaining legal credit. US currency has value backed by the federal government.

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  1. 20 January, 17:49
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    US currency has value backed by the federal government.

    D
  2. 20 January, 19:06
    0
    US currency has value backed by the federal government.

    Explanation:

    This is what the phrase means. The US currency is not backed by silver or gold. Instead, it is backed by the faith that people put on its legality, and by the approval of the federal government. The federal government backs US currency, and in this way, ensures that people will fully accept its use. This is why it can be used as "legal tender" for all debts, public and private.
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