Liberia 2010 Presidential Series Silver Plated Coin - 008th President Martin Van Buren

In the background is a Hard Times Token inscribed “Millions for Defence [But Not One Cent for Tribute”]. On July 11, 1836, President Andrew Jackson and his Treasury secretary, Levi Woodbury, issued a circular stating that as of August 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands. This set into motion a panic, and the public began hoarding specie—causing banks and businesses to failed, and the 1837 depression ensued as Van Buren took office. Private “Hard Times” tokens were issued because of the shortage of coins—some inscribed “Millions for Defence [But Not One Cent for Tribute]. "Millions for defense but not one penny for tribute" which was said by Rep. Robert Goodloe Harper, chairman of the committee on ways and means in Congress, on June 18, 1798. The backdrop for this statement was that President John Adams had sent representatives to France to try to keep the US from going to war with that country. French and British warships had been attacking Americans ships at sea and claimed the right to seize American vessels. Three French diplomats offered to negotiate a treaty if the US would pay a bribe (tribute) to the French foreign minister, Tallyrand.