Lot 130
Garfield, James A. When the Civil War began in earnest, gold and silver coins all but disappeared from circulation, and in 1862 the U.S. Government began issuing bills (called greenbacks) and fractional currency, and in 1863 authorized National Bank Notes. After the war, people, backed by Republican leaders like Garfield, clamored for the return of "hard money," or specie. In 1875, the Republicans successfully pushed through a bill requiring payments to be made in specie. The Secretary of the Treasury began accumulating gold and silver for this purpose, when people realized that their greenbacks were backed by gold and silver, they were reassured, and since the notes were more convenient than coins, they came into popular use and continue so to this day.
This excellent content James Garfield ALS shows his support for resumption of specie payments immediately following the election of Grant as president. The U.S. started issuing paper money at the conclusion of the Civil War. Garfield was influenced by public opinion to push for payment by gold or silver. 20th President of the United States, 1881.
Autograph Letter Signed as Congressman. Two separate pages, octavo, Hiram, Ohio, November 9, 1868, to W.C. Davis, saying that since the presidential election has been settled victoriously, and that he thinks it is time to resume specie payments. Garfield writes:
'Your letter of Sept. 9 like nearly all my letters has been lying unanswered during the campaign. I quite agree with you that we cannot both sell our gold and resume at the same time, and now that the Presidential election is victoriously ended, I hope we may go earnestly to work to reach specie payments. I am not so wedded to my plan of resuming specie payments that I cannot appreciate any other, but I believe the bill which I introduced and advocated in my speech of May 15 would without much shock or hardship bring us to specie payments, and we ought to make every exertion to get there during the next two years. Hoping we may have wise and prudent consels, and a safe deliverance from all our difficulties… ".
Fine.
Estimated Value $1,250 - 1,500.
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