The Brookhaven ledger. (Brookhaven, Miss.) 1875-1883, 1879-12-11
WisreNary.
The Growth ofour Paper Money.

A contemporary has complied from /,
report prepared by the Treasury De-
partment, an official statement showing
the amount OF paper money in the
United States each year since 1860, af
fords an interesting picturs@ of the
growth OF paper money circulation.
Prior to 1862 there were no greenbacks.
and prior to 1854 there were 70 national
bank notes, the paper currency consist
ing entirely of State bank notes.
When it was decided to issue greens
backs ii becama necessary to expei the
State bunk paper from the field that
the governments legal tenders might
take its place; and 5liis was effected by
imposing q taxeof 10 per cent. on nil
bank notes issued by State institutions.
There is now only 1852 ,452 State bank
notes outstanding, aui this consists of
bills issned many years ago and proba-
bly, lost or destroyed. In 1850 the to-
tai papar money in the United States
was S2o7 ,l02, AT. consisting. as we
have SAID, entirely Of State bank notes
In 1858 the amount had Increased to
S235, ,677,313. In 1852 the first lot of
greeubacks, $D6, $40, 900, was issued,
and two years sater the tirst lot of nat
iona bank notes S3l 235 go, was ism
Ell. Tue greenbacks were increased
till 1885, when thy reached their
gretest circulation, St32,631.9j5
From th,. they have declined to $}t6.>
Ell 0l6, which is the am ,unt in circus
lation at the present time. The nation :
nj bank notes graw i'll volume from
$31 2tS, 40 in'lS5l to $3j4,4)S,00 III
1879, which is the largest circulation
they declined TO S3l7. .0iS, ,S72; but il is
singular fact that since 1877 they in i,
creased first to 1874 81 1924 in 1873,
and then to $@2J,6Jl ,637. in the press
ent year. Toe fact ls intsrerting ba>
cause it shows that, in addition t. the
coin set free from resumption. the cpnl
try has managed to absorb about $l2 !
50o, ,009 more ptpar m nev than it had
use for two years ago. Tle total pas
par N ,nay circulation increased fr,m
S207, l02, AT State bank notes in 1860.
to 1888 3l8,6S5 notes OF all kinds in
1865 From that time it declined, and
at the present.time it stauds ut S734.
S0l 1874. which is three times the
amount in 1869.
Not the least important fact brought
ont in this off i,ial staten mt is the va
ration in gold value of this mass of
paper IN ,n4 ~ in circulation itom 1852
With the suspension of specie payment
in that year the paper money of all
kinds beglu to depreciate IN ia rnrcha,
sing power The lowest point was
reached in 1884. when greenbtok loi-
lar was worth ontv thirty eight cants in
coin, and the whole 1888, ,7l9 933 paper
money in circrlation ha a cDiu value
of only 1922, ,69l,246. This was the
time when prices were most ini.tsl ~
it is called. it being necessary to initiate
tho prices Of property to corr.sp )nl TO
the deprecated currency. But in 1864
there began an appreciation OF ths
paper money. the process going steliliy
on till the 1st of January last. when the
greenback dollar became ut par in gold.
so that the paper circulation. which in
1855 was worth only 1922, 6t9.2E IN
gold, is now worth S73i sol 3)i Thi'
,lonbling, the l.rehlR lRsing power of man>
ey has bean attended by an deprecia-
ton of all other property which we call
"shr!ukage of values. p Clarion.