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 - to raise and support Armies" and "to provide and maintain a Navy.
Page 49 - 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 seventy-five or sixty cents on the dollar, the inevitable result of throwing a new and large loan on the market, without limitation as to price; claimed for Treasury notes as much virtue of par value as the notes of banks which have suspended specie payments, but which yet circulate in the trade of the North; and finished with firmly...
Page 62 - It is not unknown to them that I have felt, nor do I wish to conceal that I now feel, a great aversion to making anything but coin a legal tender in payment of debts.
Page 109 - To the Senate and House of Representatives: I have signed the joint resolution to provide for the immediate payment of the Army and Navy of the United States, passed by the House of Representatives on the 14th and by the Senate on the 15th instant.
Page 122 - ... nor shall the total amount of United States notes, issued or to be issued, ever exceed $400,000,000, and such additional sum, not exceeding $50,000,000, as may be temporarily required for the redemption of temporary loan; nor shall any treasury note bearing interest, issued under this act, be a.
Page 61 - The bill before us is a war measure — a measure of necessity, and not of choice, presented by the Committee of Ways and Means, to meet the most pressing demands upon the Treasury, to sustain the Army and Navy until they can make a vigorous advance upon the traitors, and crush out the rebellion. These are extraordinary times, and extraordinary measures must be resorted to in order to save...
Page 71 - United States notes then pending. He thought it indispensably necessary that the authority to issue these notes, should be granted by Congress. The passage of the bill was delayed, if not jeoparded, by the difference of opinion which prevailed on the question of making them a legal tender. It was under these circumstances that he expressed the opinion, when called upon by the Committee of Ways and Means, that it was necessary...
Page 128 - Resolved, That this House cordially concurs in the views of the Secretary of the Treasury in relation to the necessity of a contraction of the currency, with a view to as early resumption u' specie payments as the business interests of the country will permit, and we hereby pledge co-operation to this end as speedily as possible.
Page 345 - 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"48 — cannot be sustained. In summary, the fall in real wages observed by Mitchell can be explained by the kind of analysis appropriate to the analysis of changing price relationships in other markets. An ad hoc theory is unnecessary.
Page 104 - ... enlarged to $250,000,000 ; and it was provided that any holder of such notes to the amount of fifty dollars, or any multiple of fifty, might exchange them for five-twenty bonds, at par. The effect of these provisions was to make negotiations of considerable amounts impossible; for considerable amounts are seldom taken, except with a view to resales at a profit, and resales at any profit are impossible under the law. Negotiations below market value are not allowed, and if not allowed the taker...