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 64 - 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 64 - 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 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 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 73 - 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 29 - I cannot agree to this, gentlemen. You ask me to borrow the credit of local banks in the form of circulation. I prefer to put the credit of the people into notes and use them as money. If you can lend me all the coin required or show me where I can borrow it elsewhere at fair rates, I will withdraw every note already issued, and pledge myself never to issue another; but if you cannot, you must let me stick to United States Notes, and increase the issue of them just as far as the deficiency of coin...
Page 51 - 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...
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...
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 349 - 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.