History

The contemplated funding operations were Post Date: Sun, 10 Aug 2008 14:21:19 +0000
, payable in fifteen years, and 11,000,000,000 at four per cent., payable in thirty years all to be pay- able in coin and exempt from taxation, and to be issued without any increase of the national debt. The contemplated funding operations were delayed by the war between France and Germany, and in 1871, when confidence was partly restored, it was found possible to dispose of the five per cents only.

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With gold at 110 Post Date: Sun, 10 Aug 2008 14:10:24 +0000
One of the causes that impeded funding the national debt in low in- terest-bearing bonds at that time was the existence of so many finan- cial vagaries in the public mind. The exemption of the bonds from taxation and their payment in coin had been so stubbornly resisted in Congress that capitalists held aloof, uncertain of the future. With gold at 110 and constant exportations of bullion, with the balance of trade against us and production almost at a standstill, with the national banks weakened by prejudice and opposition; with the cur- rency deranged by the demand for the increased issue of fiat money, on the one hand, and the destruction of the legal tender quality of the greenbacks on the other, and with resumption forced so far into the future as to seem only a dream, it was not only impossible that Mr Boutwell should succeed in funding the debt, but there were por- tents that distrust would be followed by disaster.

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The crisis was due Post Date: Sun, 10 Aug 2008 13:58:36 +0000
These culminated in the panic of 1873. The monetary panic of 1873 was the beginning of reaction. The crisis was due to some extent to the contraction of the currency, in consequence of the retirement of legal tenders, and the rapid payment of the public debt.

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Business men especially Post Date: Sun, 10 Aug 2008 13:41:58 +0000
Its chief causes, however, were speculation and overtrading, and the losses involved in the transition from inflation toward resumption and a sound currency. The financial heresies of the Democratic platform of 1808, and the greenback craze, that finally resulted in the organization of the Greenback party, were con- tributing causes. Business men especially in the West and South- west believed that an increased circulation of notes would relieve the depression that followed the monetary crisis.

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Indeed, if clearing- houses should Post Date: Sun, 10 Aug 2008 13:26:33 +0000
Even President Grant was disposed to regard renewed inflation as a remedy. " In view of the great actual contraction that has taken place in the cur- rency,-' he said in his annual message in December, 1873, " and the comparative contraction continuously going on, due to the increase of manufactures and all the industries, I do not believe there is too much of it now for the dullest period of the year. Indeed, if clearing- houses should be established, thus forcing redemption, it is a question for your consideration whether banking should not be made free, re- taining all the safeguards now required to secure billholders.

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More than this, the Senate Post Date: Sun, 10 Aug 2008 13:15:26 +0000
" Many of the Republican Senators and Representatives shared in the views of the President, and the Finance Committee of the Senate reported a bill fixing the maximum limit of United States notes at f 382,000,000. This was afterward increased to |400,000,000, which was $44,000,000 above the amount of legal tender notes then in circulation. More than this, the Senate went so far as to refuse to allow a clause for future reduction.

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In the mean time, however Post Date: Sun, 10 Aug 2008 13:03:03 +0000
An enlargement of the circulation of the National banks was made at the same time. The House was not in entire accord with the Senate, but the differences were in matters of detail only, and the Senate bill was agreed to by both Houses without any radical changes in its provisions. In the mean time, however, the President had re- ceded from his own recommendations, and he vetoed the bill.

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The de- feat was Post Date: Sun, 10 Aug 2008 12:48:26 +0000
In con- sequence of the veto Congress failed to pass any measure of relief. This led to so much dissatisfaction that a Democratic House of Repre- sentatives was chosen in 1874, for the first time since 1862. The de- feat was a warning that was not allowed to go unheeded, and an act to provide for the resumption of specie payments was passed before the adjournment of the 43d Congress.

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It had now been accom- Post Date: Sun, 10 Aug 2008 12:34:33 +0000
The Resumption Act of 1875 was the basis upon which the return to specie payments was finally achieved. " Nearly ten years had elapsed since the war closed," says Mr Elaine in his " Twenty Years of Congress," " and although the subject was one which constantly engaged the attention of financiers and to a large extent enlisted the interest of the public, it had never been framed into a practical legislative measure. It had now been accom- plished, as might well be said, in a day.

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Their party leaders Post Date: Sun, 10 Aug 2008 12:22:14 +0000
The pressure upon the Repub- licans, caused by the Democratic victory of the preceding autumn, was very great. The Democratic Senators and Representatives, though recording themselves unanimously in opposition to the measure, were not willing to risk its defeat by the parliamentary strategy of delay, as they might easily have done. Their party leaders had no faith in the measure, but they knew how troublesome was the subject; they knew that it had proved the stumbling-block in the Re- publican policy for years, and they were more than willing that it should be taken out of the way on the eve of their accession to the control of the House of Representatives.

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