History of Coinage and Currency in the United States and the Perennial Contest for Sound Money

History of Coinage and Currency in the United States and the Perennial Contest for Sound Money

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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. 1903 edition. Excerpt: ... was to be provided and maintained for the redemption of notes of failed banks, this fund to be replenished, if need be, by enforcing the prior lien. The silver sentiment of the country was so strong, however, that no currency scheme, however well devised, could obtain a hearing. The House of Representatives elected in 1894 was strongly Republican, and that party also regained control of the Senate. President Cleveland, who had vigorously Cleveland on supported the recommendations of Secretary Carlisle on legal tendersthe subject of the gold reserve and legal tender notes, sent a special message to Congress on January 9, 1895, asking for authority to issue a 3 per cent fifty-year gofd bond, the proceeds to be used to retire and cancel the legal tender notes. He believed that the time had come when the Treasury should be relieved from the " humiliating process of issuing bonds to procure gold to be immediately drawn for purposes not related to the benefit of the government or our people." Over $300,000,000 notes had been redeemed in gold, yet they were all in existence and mainly in circulation. More than $172,000,000 gold had been paid out by the Treasury in redemption of notes during the year. More bond One month later, Congress having failed to act, and the continuing exports having reduced the gold reserve to less than $42,000,000, Cleveland informed Congress that, in order to maintain gold payments, he had been compelled to authorize a special contract (with a syndicate) to procure gold under the old law of 1862 (referred to ante, p. 189) continued as section 3700 of the Revised Statutes. The contract called for the purchase of gold to the value of $65,116,244, by the sale of $62,315,400 4 per cent, thirty-year coin bonds at 104.496. If, ...show more

Product details

  • Paperback | 210 pages
  • 189 x 246 x 11mm | 386g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236679733
  • 9781236679734