Publisher's Synopsis
Excerpt from A History of the Greenbacks: With Special Reference to the Economic Consciences of Their Issue: 1862-65
Apologies must be made both for the bulkiness and for the fragmentary character of the following monograph. These defects are due to the same cause: an attempt to utilize all the well-authenticated statistical material bearing upon the subjects treated. The amount of labor entailed by this attempt was so large that I have been unable to carry the discussion beyond the first four years in the history of the greenbacks. Even within this brief period two impor tant topics are passed over. Nothing is said of the effects of the greenbacks upon foreign trade, and no comparisons are made between American and foreign experiences with paper money. The former topic is omitted from lack of time to get the refractory statistical data relating to it into significant shape; indeed, my dealings with the figures incline me to doubt whether any other than a speculative treatment is feasible. As for the latter topic, I soon discovered that foreign comparisons presented too large a subject to be dealt with as a side issue in such a monograph as the present. Moreover, the consequences of the abandonment of the specie standard in which I have been most interested are such as can be traced only when one has much fuller information regarding prices, wages, and the like than are available to the student of foreign experiments with inconvertible paper currencies.
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