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Attention is also called to the text of the more important and Currency Laws” of the United States enacted since 1861. It is hoped by placing these laws in this compact form and offering them at a price within the reach of every citizen, that many may be induced to read them, at a time when everybody is talking about “the financial question.”

CONTRACTION.

It is claimed that there has been an enormous contraction of the currency within the years since the close of the war, and the Government is being traduced and denounced on account of it. The different tables contained in this pamphlet, with the explanations backed by official reports, and viewed in the light of the Statutes themselves, ought to settle the question beyond all dispute, as to the amount of currency in circulation each year since 1860. The following table prepared recently at the Treasury Department gives the total amount of paper currency in circulation at the close of each fiscal year from 1860 to 1878, with the gold value of the same. It will be observed that a large amount of one and two year notes," bearing five per cent. interest, and “compound interest notes," bearing six per cent. interest, are included in the table as currency. But notwithstanding this, if we add the silver and silver certificates now in circulation to the paper currency, the gold value of our currency in 1878, is over forty millions more than in 1865.

Itemized Statement Showing the Amount of State, National-Bank, and United States Notes, &c., Outstanding at the Close

of each Fiscal Year from 1860 to 1878, inclusive. PREPARED AT THE TREASURY DEPARTMENT, JULY 18, 1878.

Amount out.
Amount

Amount out- Amount out-
TITLE.

Amount out. Amount out.
authorized. issued.

standing June standing June standing June standing June standing June
30, 1860.
30, 1861.
30, 1862.
30, 1863.

30, 1864.
State Bank Circulation.

$207,11 2,477 00 $202,005,767 00 $183,792,079 00
National Bank Circulation.

$238,677,218 00 $179,157,717 00

31,235,270 00
Demand Notes, acts of July 17 and August
5, 1861..
$60,000,000 00 $60,000,000 00

53,040,000 00 3,351,019 75 780,999 25
Legal.tender Notes, act of February 25,1862| 150,0.1,000 00
Legal.tender Notes, act of July 11, 1862. 150,000,000 00 447,300,203 10

96,620,000 00 297,767,114 00 431,178,670 84
Legal-tender Notes, act of March 3, 1863. 150,000,000 00
One and two-year Notes of 1863, act of

March 3, 1863, bearing 5 per cent. interest 400,000,000 00 211,000,000 00
Compound interest Notes, acts of March

89,879,475 00 153,471,450 00
3, 1863, and June 30, 1-64, bearing 6 per
cent. interest.
400,000,000 00 266,595,440 00

15,000,000 00
Fractional Currency, act of June 17, 1862 50,000,000 00 49,102,660 27

20,192,456 00 22,894,877 25
Total amount in currency

207,102,477 00 202,005,767 00 333,452,079 00 649,867,282 75 833, 718,984 34
Value of the paper dollar as compared
witli coin, July 1 of each year

$0 86.6
$0 76.6

$0 38.7
Value of currency in gold.

288,769,500 41 497,798,338 59 322,619,246 94
Amount out. Amount out.
TITLE.

Amount out. Amount out. Amount out. Amount out. | Amount out.
(Continued.)

standing June standing June standing June standing June standing June standing June standing June 30, 1865. 30, 1866. 30, 1867. 30, 1868. 30, 1869. 30, 1870.

30, 1871.
State Bank Circulation
00 $19,996,163 (0 $1,484,112 00 $3,163,771 00

$2,222,793 00
National Bank Circulation
146, 137,860 00 281,47,908 00

$1,968,058 (0

298,625,379 00 299,762,855 00 299,929,624 10 299,766,984 00 Demand Notes. 472,603 00 272,162 00

318,261,241 00 208,432 00 141,723 00 123,739 25

106,256 00 Legal.tender Notes. 432,687,966 00 400,619,206 00

96,05 50

371,783,597 00 356,000,000 00 356,000,000 00 356,000,000 09 One and two-year Notes of 1863 42,33,710 00 3,454,230 00

356,000,000 00
1,123,630 00 555,492 0 ) 347,772 00

248,272 00
Compound interest Notes..
193,756,080 00 159,012,140 00

198,572 00

122,394,480 00 28,161,810 00 2,871,410 00 2,152,910 00
Fractional Currency

768,500 00

28,307,523 52 32,626,951 75 32,114,637 36 39,878,684 48 40,582,874 56 Total amount in Currency.

891,904,685 96 826,927,153 52 720,412,602 75 693,946,056 61 700,375,899 48 717,875,751 06 Value of the paper dollar as compared with coin, July 1 of each year.

$0 70.4 $0 66 $971.7 $0 70.1 $ 73,5 $185.6

$0 89 Value of currency in gold.

692, 256,354 77 598,617,092 73 592,906,769 07 505,009,231 52 510,050,351 61 599,521,769 95 638.909,418 44

(CONTINUED ON NEXT PAGE.]

Amount

25,005,828 76 27,070,876 96

983,318,685 76

$2,588,8740

Amount out.
TITLE.

Amount out. Amount out. | Amount out. Amount out. Amount out. Amount out.

standing June standing June standing June standing June standing June standing June standing June
(Continued.)

30, 1872.
30, 1873.
30, 1874.
30, 1075.
30, 1876.
30, 1877,

30, 1878.
State Bank Circulation

$1,700,935 CO $1,294,470 00 $1,009,021 00 $786,814 00 $658,938 00 $521,611 10
National Bank Circulation.

$426,504 00
337,664,795 00 347,267,061 00 351,981, 32 00 354,408,008 00 332,998,336 00 317,048,872 00
Demand Notes.

88,296 25
79,967 511

324,514,284 00
76,7.2 50
719,107 511

66,917 50
Legal tender Notes.

63,962 50

62,297 50
357,500,000 00 36,000,000 00 382,000,000 (0 375,771,580 00 369,772,284 00 359,764,332 00
One and two-year Notes of 1863.

346,681,016 00
167,522 00 142,105 00 127,625 00 113,375 00 104,705 00

95,725 00
Compound-interest Notes..
593,520 00

90,485 00
479,400 00 415,210 00 367,390 01) 328,760 00

296,630 00 274,920 00
Fractional Currency

40,855,835 27 44,799,365 44 45,881,295 67 42,129, 424 19 34,446,595 39 20,403,137 34 16,547,768 77
Total amount in Currency.

738,570,903 52 750,062,368 94 781,490,916 17 773,646,728 69 738,376,535 9 698,194,269 84 688,597,275 27
Value of the paper dollar as compared
with coin, July 1 of each year.

$287.5
$0 86.4
$0 91
$0 87.21
$0 89.5
$0 94.7

$0 99.4 Value of currency in gold.

646,249,540 58 648,054,886 76 711,156,733 71 674,619,947 42 660,846,999 62 661,189,973 54 684,465,691 62

(NOTE 1.)-On the 28th of February, 1862, the date of reports nearest to the passage of the “Legal.tender act," there were outstandingDemand Notes

$57,390,000

(NOTE 3.)-On the 28th of February, 1863, the date of reports nearest
to the passage of the act authorizing the issue of One and Two-year,
and Compound interest Notes, and an additional issue of $150,000,000
Legal-tender Notes, there were outstanding-
Demand Notes

$6,469,105 75
Legal.tender Notes

291,836,000 00 Fractional Currency

15,926,000 00

$314,231,105 75

(NOTE 2.)–On the 30th of June, 1862, the date of reports nearest to
the passage of the “Fractional Currency act," and the act authorizing
an arditional issue of $150,000,000 Legal tender Notes, there were ont.
standing,
Demand Notes.

$53,040,000 Legal-tender Notes.

96,620,000

(NOTE 4.)-The amount of State and National Bank circulation is com. piled from the reports of the Comptroller of the Currency at the nearest dates obtainable to the end of each fiscal year; the other amounts are taken from the official printed reports of the Secretary of the Treasury.

$149,660,000

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If we limit the term “currency" to non-interest bearing, and paper not maturing at any specified time, the actual value of such currency in 1865 will be found to be over $240,000,000 less than at the present time.

The large volume of currency that it is claimed was in circulation in 1865, is made up by counting as currency all “certificates of deposit, certificates of debt, one and two year, and compound interest bearing notes, and 7-30 three year notes," and it is the paying or funding of these “temporary loans” that it is claimed constituted the contraction complained of. But it is manifestly an absurd claim: for the dates and terms on the face of these obligations made them payable at a certain fixed time, and having issued them as loans the Government was compelled to redeem them at maturity or sacrifice its honor and credit by failing to do so. It is equally absurd to attribute the panic to the redemption of these notes and bonds; for these all being issued prior to September ist, 1865, and none of them having over three years to run, were necessarily all redeemed prior to September ist, 1868. The intervening years and the three succeeding years are admitted to have been years of the greatest activity, and the panic did not come until September 1873. But a careful study of the tables, laws, and explanations which form the body of this pamphlet will enable every man who will devote a little attention to the subject, to form an intelligent and correct judgement of his own upon this deeply important question.

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