History of the Monetary Legislation And of the Currency System of the United Sta
History of the Monetary Legislation And of the Currency System of the United Sta
Robert E Preston
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90. Up to March 13, 1896, the green- backs fully redeemed since January i, 1879, amounted to $386, 000, 000. As these $386, 000, 000 were reissued, they are in the nature of a new forced loan which must yet be paid, and, therefore, charged as part of the cost of our mone- tary system since 1879. The expenditure account, there- fore stands thus : Borrowed to maintain the reserve ^250, 000, 000 Interest on average reserve for 17 years 93, 800, 271 Depreciation of silver purchased under Bland and ...Sherman Acts. . 161, 537, 737 Legal tenders redeemed but re-issued 386, 000, 000 Total ^891, 338, 008 And this does not include interest on the loans made dur- ing the last two years to maintain the gold reserve. In a few more years, if the same causes are allowed to operate, the cost of our monetary system since 1879 will be $1, 000, 000, 000, or fully as much as the enormous sum France had to pay to Germany as an indemnity after the Franco-Prussian War of 1870-71, and consid- erably more than one-third of our national debt after the close of the war of secession, when (August 31, 1865) it amounted to $2, 844, 649, 626.
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