This meant that all currency was issued and controlled by the national governments, although they still maintained United States gold reserve to support their currencies. The Tsar declared that if France or Britain gave help to the South, Russia would consider this an act of war. The conservaties won an important victory in the passage of the famous Resumption Act of 1875. They would then spread the word through the media they largely controlled that the lack of a single gold standard was the cause of the hardship which ensued, while all this time using the Contraction Act to lower the amount of money in circulation. Neither side was fully in agreement with this result. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government’s greatest creative opportunity. Had not the European money-trust intervened, it would have no doubt become an established institution.”. This law provided that on January 1, 1879, all greenbacks would be redeemable at full face value. These forces did not want to receive payments in cheap money and opposed any government policy that would lead to inflation. 1, Within three years, with 30% of the work force unemployed, the American people began to hark back to the days of silver backed money and the greenbacks. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. Between 1862 and 1865, the U.S. government issued more than $450,000,000 in paper money not backed by gold (greenbacks) to The money changers were pressing for a gold standard because gold was scarce and easier to have a monopoly over. When people lose their homes someone else wins them for a fraction of their worth. Many older Greenback notes are now extremely valuable. In 1891 a major fleece was being planned. Andrew Jackson´s response gives us an interesting insight. During this time, the Continental Congress did not have taxing authority. “Right after the Civil War there was considerable talk about reviving Lincoln’s brief experiment with the Constitutional monetary system. A compromise was reached in which $356 million worth of greenbacks would remain in circulation. The value fluctuated according to the North’s success or failure at certain stages in the war. At the Christian era the metallic money of the Roman Empire amounted to $1, 800, million. The American Bankers Association secretary James Buel expressed the bankers attitude well in a letter to fellow members of the association. The continued gold standard made this possible. The Second Banks head, Nicholas Biddle was quite candid about the power and intention of the bank when he openly threatened to cause a depression if the bank was not re-chartered, we quote. The factory bosses were somehow convinced to tell their work force that business would close down if Bryan was elected, and everyone would lose their jobs. See your congressman at once and engage him to support our interest that we may control legislation.”, American Bankers Association, James Buel said what this statement exposes is the difference in mentality between your average person and a banker. Before the Civil War, the only money issued by the United States was gold and silver coins, and only such coins ("specie") were legal tender; that is, payment in that form had to be accepted. “On Sept 1st, 1894, we will not renew our loans under any consideration. During the 1800s, even commercial banks in Canada and the United States issued their own banknotes, backed by their promises to pay in gold. W.Cleon Skousen. In the late 1800s and early 1900s, countries legislated their exclusive monopoly to issue currency and banknotes. By end of the war about $450 million was in circulation. 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