Now, Mr. President, I will ask the attention of the Senate while I show the effect upon the purchasing value of money of issuing your greenback circulation from the day it was first issued to the present time. In 1862 we commenced the issue of greenbacks. In January, 1862, the premium on gold was 2.5 per cent.; in February it was 3.5; in March, 1.8; in April, 1.5; in May, 1.3; in June, 6.5; in July, 15.5; in August, 14.5; in September, 18.5; in October, 28.5, in November, 31.1; in December, 32.3. It will be remembered that the then circulating medium (which was at that time state bank notes) amounted to about $200,000,000. This circulation was increased during the year 1862 by the addition of $147,000,000 in greenbacks, and that increase of circulation carried the value of gold from 102.5 on the 1st of January to 132.3 on the 31st day of December following. In 1863 the necessities of the government compelled us to increase the greenback circulation to a yet larger extent. We issued during that year $263,500,000 additional, carrying up our greenback circulation to $411,200,000, in addition, of course, to our bank circulation, whatever it may have been. During the month of January of that year the premium on gold was 45.1 per cent.; during February, 60.5; March, 54.5; April, 51.5; May, 48.9; June, 44.5; July, 30.6; August, 25.8; September, 34.2; October, 47.7; November, 48; December, 51.1. In other words, the average rate of premium upon gold during that whole year was 45.2 per cent. I hold in my hand a paper showing the cash value of this emission for 1863. The emission of greenbacks at that time was $411,200,000. The average premium on gold was 45.2 per cent. The actual cash purchasing value of that $411,000,000, during the year 1863, was $283,195,000, and that was the whole purchasing value of that money during that year. Then we come to the next year, 1864. That year, we increased our circulating medium by the addition of $237,900,000, making the whole amount $649,100,000. In 1864 the price of gold was, in January, 155.5; February, 158.6; March, 162.6; April, 172.7; May, 176.3; June, 219.7; July, 258.1, or less than 40 cents on the dollar in coin for your greenbacks after you had carried the amount up to $649,000,000. In August the price was 254.1; in September, 222.5; in October, 207.2; in November, 233.5; in December, 227.5. There is not a man here who does not remember, nor is there a farmer or mechanic throughout the length and breadth of the land who does not remember, that he then paid 60 cents for cotton goods that he had been in the habit of buying for 12½ cents, and that he paid for everything else in the same ratio. The merchant took care that he met with no loss; but the laboring man, the farmer, the man of muscle, was the man who submitted to this great loss, while the merchant and while every man with money took care of himself.