Forty Years of American Finance: A Short Financial History of the Government and People of the United States since the Civil War, 1865-1907

By Alexander Dana Noyes | Go to book overview

CONTENTS
PAGE
I. -- THE INFLATION PERIOD1

Reasons for writing the history of the past thirty years -- Distinctive character of the epoch -- Industrial expansion of the United States after the war -- Opening up of the West -- Rise of the American grain trade -- Origin of the nation's currency problems -- The Legal-Tender Act -- Purposes of its authors -- Congress resolves to retire the legal tenders -- The Contraction Law of 1866 -- Hugh McCulloch and the anti-contractionists -- Congress revokes the Contraction Law -- The Presidential campaign of 1868 -- The repudiation plan and the Public-Credit Act of 1869-Inflation at its worst -- The panic of 1873 -- Defeat of the Administration party -- Congress passes the Resumption Act.

II. -- THE STRUGGLE FOR RESUMPTION23

Character of the Resumption Act -- Its large grant of power to the Executive -- Its vague provisions -- Problems of its administration -- The question of a gold reserve -- John Sherman in the Treasury -- His career as legislator and administrator -- His skill in financial negotiation -- His relations with the banks -- Congress threatens the Resumption Act -- It passes the Silver-coinage Law -- Declares Government bonds payable in silver -- Sectional breach in the Administration party -- Attitude of President Hayes -- The elections of 1878 -- Gains of the Administration -- Final preparations for resumption.

-vii-

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