The household history of the United States and its people, for young Americans . peror; but theenergetic proceedings of John Bigelow, United Statesminister at the French court, prevented all of them fromsailing but one, and this got away so near to the closeof the war as to be of no xhe expcHscs of the War cau never be fully estimated, backs. The United States Government borrowed money oninterest, by giving bonds to pay after a certain numberof years. A large part of this debt has now been , as another means of borrowing money, legal-tender notes were issued ; that
The household history of the United States and its people, for young Americans . peror; but theenergetic proceedings of John Bigelow, United Statesminister at the French court, prevented all of them fromsailing but one, and this got away so near to the closeof the war as to be of no xhe expcHscs of the War cau never be fully estimated, backs. The United States Government borrowed money oninterest, by giving bonds to pay after a certain numberof years. A large part of this debt has now been , as another means of borrowing money, legal-tender notes were issued ; that is, paper bills, which bylaw could be used to pay debts and taxes, instead ofcoins. These legal-tender notes were printed on a pecul-iar green paper, and got the name of a great number of them had been issued, and thedangers to the government increased, the value of thispaper money declined, until at one time a dollar of itwas really worth less than half a dollar. However, asthe greenbacks were by law good for the payment of papi J) % o z D ui < UJQ uj O o. TRAITS AND RESULTS OF THE WAR. 349 debts, they were used instead of the more valuable silverand gold, which for seventeen years disappeared entirelyfrom general use. The depreciation in the value ofmoney caused a great apparent rise in the values of com-modities. Long after the war closed, in 1879, the gov-ernment began to redeem these legal-tender bills in silverand gold. This was called the resumption of speciepayments. But the fact that gold or silver was to bepaid for them had made greenbacks by this time worthas much as coin, and people generally preferred to keepthe paper money. The Confederate government also resorted to loans, confederal,some of which were based on a pledge of the cotton-crop of the country. But the bonds became almostvalueless as the future of the Confederacy grew hope-less. A great deal of Confederate legal-tender moneywas also issued. This took the place of coin, and de-clined
Size: 1224px × 2042px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookauthoregglesto, bookcentury1900, bookdecade1900, bookyear1901
