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 51 - where it was made the special order for January 28, 1862. As it came before Congress the measure provided for the issue of $100,000,000 of United States notes to be " 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 78 - 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 Fifty millions of this sum was in place of the "old demand notes," which were to be withdrawn as rapidly as practicable.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
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 70 - hesitate when I have made up my mind, however much regret I may feel over the necessity of the conclusion to which I come. 4 It is clear from these letters that Spaulding and not Chase was the real financial leader in the critical months of January and February,
Page 109 - In notifying the House of his approval of the measure the president expressed his "sincere regret that it has been found necessary to authorize so large an additional issue of United States notes,
Page 157 - any law sanctioning in any manner .... the suspension of specie payments by any person, association, or corporation issuing bank notes of any
Page 62 - must all be against paper money — we must all insist upon maintaining the integrity of the Government — and we must all set our faces against any proposition like the present, except as a temporary expedient, rendered imperative by
Page 405 - 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 16 - per cent, one-year treasury notes to meet any need unprovided for by the proceeds of taxation and the other loans. But, said Mr. Chase, "the greatest care will .... be requisite to prevent the degradation of such issues into an irredeemable paper currency, than which no more certainly fatal expedient for impoverishing the masses and discrediting the government of any country can well be devised.
Page 17 - the secretary to borrow $250,000,000, 2 for which he could issue in such proportions as he might deem advisable, (1) 7 per cent, twenty-year bonds at par; (2) 6 per cent, twenty-year bonds "at any rate not less than the equivalent of par for the bonds bearing 7 per centum interest;