The Atlantic Monthly, Volume 14, No. 85, November, 1864: A Magazine of Literature, Art, and PoliticsVarious
History
The Atlantic Monthly, Volume 14, No. 85, November, 1864: A Magazine of Literature, Art, and Politics
Various
American periodicals
Another circumstance told for them, too. The accession of Maryland had
fulfilled the conditions for the acceptance of the Confederation so long
held in abeyance, and the finances were taken from a board and intrusted
to the hands of a skilful and energetic financier. Robert Morris, who
had protested energetically against the tender-laws, made
specie-payments the condition of his acceptance of office; and on the
twenty-second of May, though not without a struggle, Congress resolved
"that the whole debts already due by the United States be liquidated as
soon as may be to their specie-value, and funded, if agreeable to the
creditors, as a loan upon interest; that the States be severally
informed that the calculations of the expenses of the present campaign
are made in solid coin, and therefore that the requisitions from them
respectively, being grounded on those calculations, must be complied
with in such manner as effectually to answer the purpose designed; that,
experience having evinced the inefficacy of all attempts to support the
credit of paper-money by compulsory acts, it is recommended to such
States, where laws making paper-bills a tender yet exist, to repeal the
same."
Another public body, the Supreme Executive Council of Pennsylvania,
dealt it another blow, fixing the ratio at which it was to be received
in public payments at one hundred and seventy-five for one. Circulation
ceased. In a short time the money that had been carted to and fro in
reams disappeared from the shop, the counting-room, the market. All
dealings were in hard money. Gold and silver resumed their legitimate
sway, and men began to look hopefully forward to a return of economy,
frugality, and an invigorating commerce.
Public-domain text, read in full here on John Shaqi.
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