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Repeal of the Resumption Law: Speech of Hon. James A. Garfield, of Ohio, Delivered in the House of Representatives, Friday, November 16, 1877 (Classic Reprint) - Softcover
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Excerpt from Repeal of the Resumption Law: Speech of Hon. James A. Garfield, of Ohio, Delivered in the House of Representatives, Friday, November 16, 1877
Now, nobody estimates that the amount of coin in the country in 1860 was more than The received estimate is two hundred millions. Add that sum to the two hundred and seven millions of papercirculation, and you have four hundred and seven millions of currency, paper and silver and gold. How much have we today? This day, or rather on the first. Day of this month, we had seven hundred and twenty seven millions of greenbacks. Bank notes, fractional currency, and fractional silver; and if you add the nine millions of copper and nickel money now outstanding, it makes a present volume of seven hundred and thirty-six millions of currency, counting no gold whatever, although the Pacific coast uses a large amount.
Now, I put it to the judgment of this House if. Under free banking in 1860, four hundred and seven millions was the limit of possible currency that could be kept in circulation, how can it be said that almost twice that amount is needed and is hardly enough for the wants of 1877? Have the laws of value changed in seventeen years? Gentlemen who assert a dearth of currency at the present time must point out the new elements in our fiscal affairs that require three hundred and twenty mil lions more money than was needed in 1860.
Mr. Harrison. Will the gentleman allow me to ask him a ques tion?
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Now, nobody estimates that the amount of coin in the country in 1860 was more than The received estimate is two hundred millions. Add that sum to the two hundred and seven millions of papercirculation, and you have four hundred and seven millions of currency, paper and silver and gold. How much have we today? This day, or rather on the first. Day of this month, we had seven hundred and twenty seven millions of greenbacks. Bank notes, fractional currency, and fractional silver; and if you add the nine millions of copper and nickel money now outstanding, it makes a present volume of seven hundred and thirty-six millions of currency, counting no gold whatever, although the Pacific coast uses a large amount.
Now, I put it to the judgment of this House if. Under free banking in 1860, four hundred and seven millions was the limit of possible currency that could be kept in circulation, how can it be said that almost twice that amount is needed and is hardly enough for the wants of 1877? Have the laws of value changed in seventeen years? Gentlemen who assert a dearth of currency at the present time must point out the new elements in our fiscal affairs that require three hundred and twenty mil lions more money than was needed in 1860.
Mr. Harrison. Will the gentleman allow me to ask him a ques tion?
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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- VerlagForgotten Books
- Erscheinungsdatum2018
- ISBN 10 1334471363
- ISBN 13 9781334471360
- EinbandTapa blanda
- Anzahl der Seiten24
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Repeal of the Resumption Law: Speech of Hon. James A. Garfield, of Ohio, Delivered in the House of Representatives, Friday, November 16, 1877 (Classic Reprint)
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