A History of the Greenbacks: With Special Reference to the Economic Consequences of Their Issue: 1862-65

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University of Chicago Press, 1903 - Greenbacks - 577 pages

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Page 52 - is a necessary means of carrying into execution the powers granted in the constitution ' to raise and support armies ' and ' to provide and maintain a navy.
Page 84 - In its final form the act authorized the issue of $150,000,000 of United States notes in denominations not less than five dollars. Fifty millions of this sum was in place of the "old demand notes," which were to be withdrawn as rapidly as practicable. The notes were declared to be " lawful money and a legal tender in payment of all debts, public and pri1 Congressional
Page 84 - 1st Sess., pp. 3212 ff. vate, within the United States, except duties on imports and interest on the public debt," which were expressly made payable in coin. Further, the notes were exchangeable at any time in sums of fifty dollars or multiples of fifty for 6 per cent, five-twenty bonds,
Page 51 - a legal tender in payment of all debts, public and private," and exchangeable for 6 per cent, twenty-year bonds of which the secretary was authorized to issue $500,000,000.
Page 68 - all set our faces against any proposition like the present, except as a temporary expedient, rendered imperative by the exigency of the hour. If I vote for this proposition it will be only because I am unwilling to refuse to the Government, especially charged with this responsibility, that confidence which is hardly
Page 153 - any law sanctioning in any manner .... the suspension of specie payments by any person, association, or corporation issuing bank notes of any description."—
Page 403 - in the splendid fortunes reported to be made by skilful manipulations at the gold room or the stock board; no evidences of increasing wealth in the facts that railroads and steamboats are crowded with passengers, and hotels with guests; that cities are full to overflowing, and rents and the
Page 353 - All of the statistical evidence that has been presented in the preceding pages supports unequivocally the common theory that persons whose incomes are derived from wages suffer seriously from a depreciation of the currency. The confirmation seems particularly striking when the conditions other than monetary affecting the labor market are taken into consideration. American workingmen are intelligent
Page 48 - Mr. Spaulding objected to any and every form of "shinning" by government through Wall or State streets to begin with; objected to the knocking down of government stocks to 75 or 60 cents on the
Page 153 - of the constitution provided that "the legislature shall have no power to pass any law sanctioning in any manner