Reports of Committees of the House of Representatives (Paperback)

This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1858. Not illustrated. Excerpt: ... But there are other ways in which the circulation of a country may hecome redundant as well as through bank expansions; and your committee think that the history of the United States within the last ten years presents a striking instance of it, and of the remarkable effects that may flow from an increase in the circulation chiefly made up of the precious metals. From the best sources of information there is reason to believe that the total circulation of the United States amounted to $222,000,000 in 1837, of which $149,000,000 was supplied by bank paper, while the remaining $73,000,000 only were metallic. After the revulsion of 1837, the volume of currency continued to diminish until about 1844, when it amounted to not far from $175,000,000, of which $75,000,000 only were bank paper. The volume of the currency then augmented slowly until 1848, just before the golden streams from California began to flow in upon us, when it amounted to about $240,000,000, of which $12S,000,000 were supplied by the banks, and $112,000,0 0 were metallic. Since that time it steadily increased until in 1857, when, there is reason to believe, it exceeded $600,000,000, of which not far from two-thirds were metallic--a state of things differing widely, indeed, from that presented twenty years before, when two-thirds of the currency in the nation was composed of bank paper. It would seem, however, from the history of our railroad enterprises and their dependent speculations, as if an influx of gold was no less stimulating to them than the old expansions of bank paper. The utility of railroads was early understdod in the United States, but your committee think that it was not until 1831 or 1832 that any had been completed. In 1836 a number had been in successful operation in diff...