History Of The United States From The Compromise Of 1850 Volume 5

Paperback | July 9, 2012

byJames Ford Rhodes

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ... it into bonds. The government issued interest-bearing notes hoping that they would be held as an investment but they went instead into circulation. A disproportionate part of the debt of the Confederacy existed in this so-called paper money which passed from hand to hand.5 Before the end of 1863, $700,000,000 of Treasury notes were in circulation, and this amount was increased during the next year to $1,000,000,000 but the issues grew so enormously that apparently no exact account of them was made public; it is even possible that the Treasury Department itself did not know the amount afloat.6 But this was not the extent of the inflation of the currency. The different States issued State treasury notes, the banks expanded their circulation, Richmond, Charleston and other cities put out municipal treasury bills; railroad, turnpike and insurance companies, factories and saving-banks added to the mass of paper money. A large part of this municipal and corporation paper was issued in denominations below one dollar to supply the need for small change caused by the disappearance of fractional silver.1 In North Carolina tenpenny nails passed current at five cents apiece.2 At times postage stamps circulated.8 Tobacconists, grocers, barbers, innkeepers and milk dealers put out shinplasters.4 In 1862 the Confederate government began the issue of one-dollar and two-dollar bills and of fractional amounts under one dollar. It was a carnival of fiat money. 1 See vol. iii. p. 543 et seq. a Ante, chaps, xxv., rxvi. 1 The Confederate States of America. 1 Estimated by Schwab as equivalent to perhaps $6000 in specie during the war, p. 240. 2 From the beginning of the war to Sept. 30, 1864, equal to perhaps 91,000,000 in specie. Schwab, p. 242. 8 Schwab, pp. 18, 77,...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ... it into bonds. The government issued interest-bearing notes hoping that they would be held as an investment but they w...

Format:PaperbackDimensions:232 pages, 9.69 × 7.44 × 0.49 inPublished:July 9, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217934277

ISBN - 13:9780217934275

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