Attention is also called to the text of the more important "Loan 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. The 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. 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. 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. It 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. (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. (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 additional issue of $150,000,000 Legal tender Notes, there were outstanding (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 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 1st, 1865, and none of them having over three years to run, were necessarily all redeemed prior to September 1st, 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. |