Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-23
.$l,slS,317,191 AZ

As strange rs it may appear you fellow
citizens, these curious and extravsgant fig
ures are put forth grsvely in what is To-
tended to be, and doubt not is, to . largo
number of persons, financial history as
we'll az . financial text book, and upon them.
lie based the charge Of ruinous contr 'ction,
as we'll ss most dire threats of what will b
done IN the futur unless this immense cir
culstion is restored to tie country In or
der to obtain this "grand total" of over
1900 millions Of dollars, the am UNITS Of
United States notes and fractional currency
outstanding at different dates are added to-
gether and made to appear as if the whole
sum was in circulation at one time! These
figures carry with them their own rsfutation
and do not need further attention.
THE TRUE STATEMENT.
This question as TO the great contraction
of the currency is one of fact, and can be de-
termined by an intelligent reference to the
'fficial statements made from time TO time
by the treasury department. At the
outbreak of the rebellion, in 1861, the
paper circulation of tn country amounted to
two hundred and seven millions Of dollars.
The exigencies of the war soon exhausted
the resources of the treasury, and at the
extra session Of congress, in July, 1861, the
first issue of treasury notes was authorized
fifty millions in amount, and subsequently,
known as " old demand notes." Au addi-
ton of ten millions was atterward (Febru.
sry, 1862 made to this issue, and the
whole declared to be lawful money and
legal tender. These notes were Withdrawn,
80 that At the close of tn e war, in 1866, less
than half q million dollars were outstanding
The first legal tender act was approved Feb
ruary Is. 1862, 1t provided for the issue
of $3.50! 900 600 legal tender notes subse-
quently known as gr' enbacks. July IL,
1862. an act was approved authorizing the
issue of $3.50. 900. 600 more legal tenders.
Postai and fractional currency was author
lied by the acts Of July II, 1862. and
March 3, 1868, the whole amount not to ex.
coed $50 100000. By joint resolution, sp-
proved January II, 1868, the secretary of
the treasury was authorized to issue another
one hundred millions Of legal tenders, and
by the act Of June 80, 1864, it was provided
that s'the total amount Of notes issued, or to
be issuedy shall not exceed $4OO, OOO, 900, and
such additional sum, not exceeding $50. OO0.-
600, as may be temporarily required for the
redemption Of temporary loans" 1t is to
tu0 CIcult VI 1uc CouutEy tu6t LIB uhCTlor
fixed at 1882 10000 after the panic Of
'73) to the unlimited imitation Of legal ten
der paper money still remains upon our
statute books, and it ought not to be re-
moved until we have returned definitely and
irrevocably to the hard money doctrine of
the constitution that there can be no legal
tender except gold and silver coin.
rsg1 OTHER LEGAL TENDERS ISSUED.
Some forms of interest bearing indebted.
ness were also made legal tender, but all
designed to be and were temporary in their
character, and entered but slightly into the
circulation. Thus there were one and two
year notes, Of which there were issued re.
speotively $44 $40, 600 and $l66, 48O. 900;
and compound interest notes, Of which $685.
595 440 were issued Temporary loans were
made as the demands Of the treasury re-
quired. According to the report Of the sec
Rotary Of the treasury the public debt
reached its maximum August 81. 1866,
when it amounted to $2,845. 997, 626, COM
posed as follows: -pi afao sa5rs y
THE PUBLIC DEBT AT ITS HIGHEST, AUGUST 81, 1885.