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 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...
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 62 - Surely, we 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 the exigency of the hour.
Page 147 - The Legislature shall have no power to pass any law sanctioning in any manner, directly or indirectly, the suspension of specie payments, by any person, association or corporation issuing bank notes of any description.
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 77 - It now creates money, and by its very terms declares it a depreciated currency. It makes two classes of money — one for the banks and brokers, and another for the people.
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 99 - States as may be by him selected, in such sums as he may deem expedient, the postage and other stamps of the United States, to be exchanged by them, on application, for United States notes...