Washington. DC: 20 June, 1868.
2 pp., on folded sheet of engraved letterhead of Fortieth Congress, with vignette of the U.S. Congress. With 2 engraved portraits of President Garfield. 1 vols. 4to. Congressman Garfield on the Currency. Old folds, slightly wrinkled, splitting along fold, in tan morocco-backed clam shell box. Item #247370
“… I am gratified with your approval of the general spirit and purpose of my speech — and can see much reason to hope that the attention to the subject, will, before long, bring the nation to sensible and honest conclusions on finance — The statement in my speech that to double the currency would double prices, is quite likely too broad to be practically true — You will observe that I was developing the general principle which lies at the foundation of currency — and which is likely to be ___ (?) in its application by many incidental causes. I was careful to guard my language thus: ‘… BUSINESS REMAINING THE SAME [underlined], doubling the currency will result in doubling prices.’ As a matter of fact, the supposed increase of currency would increase speculative business — and somewhat increase the demand for currency, so that the increase of prices would not be quite 100 per cent …”.
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