This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 372.— Is a private individual forced to receive payment of a debt in bank notes, or may he demand legal tenders in any amount?
Answer.—No person can be forced to accept bank notes in payment of a debt. He is entitled to be paid in gold coin or Dominion notes, which, as their common name implies, are a "legal tender." The option of paying in gold or legal tender notes rests with the debtor. The creditor is bound to accept American gold ($5 pieces and upwards) at its face value, or British gold at $4.86 2/3 to the sovereign (in both cases good tenderable coin being understood) or legal tender notes.