Autograph Letter, signed (“J.A. Garfield“), as Congressman from Ohio, to J.A. Cowing of New York, regarding Garfield’s speech on currency and finance. James Garfield.
Autograph Letter, signed (“J.A. Garfield“), as Congressman from Ohio, to J.A. Cowing of New York, regarding Garfield’s speech on currency and finance

Congressman Garfield on the Currency

Autograph Letter, signed (“J.A. Garfield“), as Congressman from Ohio, to J.A. Cowing of New York, regarding Garfield’s speech on currency and finance.

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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