Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...the contrary course was essayed. It was thought that business depression was due to lack of circulating medium, and a bill was passed providing for a considerable increase in the issue of "greenbacks." This was done by the Democratic House of Representatives in 1875, the first Democratic House since before the war. President Grant and his Republican advisers rightly perceived that such inflation of the currency would make more difficult if not impossible the resumption of specie payments at the appointed time and would really aggravate the trouble which it purported to be meant to relieve. He vetoed the bill, to the unmeasured gratification of business men throughout the country and of all believers in sound national finance. Others raged against him and there arose a so-called "Greenback Party" or "Fiat Money Party" whose members held that money could be created with the printing press; and that the government, instead of seeking resumption of specie payments, which they insisted could never be effected, should print and issue vast quantities of treasury notes which were not to be redeemable in gold or silver and which were to be made compulsory legal tender for all purposes. With these, they insisted, the government bonds should be paid off and the national debt extinguished. Some members of the Republican party became afflicted with this lunacy, but the overwhelming mass of the party remained steadfast for sound money, for resumption of specie payments and for honest payment of the national debt in gold. In this policy the Republican government was successful and at the appointed time, without the slightest appreciable disturbance of the money market or of business, specie payments were resumed....
