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The Contraction of the Currency

The Contraction of the Currency

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Excerpt from The Contraction of the Currency: An Argument Founded on Figures and Quotations From Official Reports, and Proving That the Circulating Medium of the Country Has Not Been Materially Diminished Since 1861

There has never been a question before the American people of more importance to them than that of the currency. And it is safe to say that there is no question in which the people are more easily deluded by the fallacies of wild theorists or the sophistries of political demagogues. And there is no part of this important subject upon which people are so easily misled, as upon the influence of the amount of currency in circulation upon the business of the country; and on no part of the subject does more erroneous opinions prevail than in regard to the amounts of currency in circulation at the present time, and at different times in the past. The object of the "Honest Money League" is to "disseminate correct information" on all such questions. It, therefore, presents the following tables and analysis, being sure that they are correct, with the hope that their circulation will counteract, to some extent, the gross misrepresentations which have been put in circulation, either by misinformed or reckless persons.

The tables, and the analysis of them, which forms the most important part of this pamphlet, was prepared by Mr. C. K. Backus, editor of the Detroit Post and Tribune, Though brief, its preparation was no short or easy task, as it condenses a mass of valuable information, for which the compiler had to search through many volumes of Statutes and official reports. Its statements have been carefully compared with the original and official documents, and in every case found correct. So that unless typographical errors may occur it can be absolutely relied upon.

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