Adams, John Quincy, report on par of ex-

change, 28; on Bank of U. S., 99,

100.

40; opposes Bank of U. S., 99, 100;
favors subtreasury bill, 125.
Bibliography, 437.

453; on paper money, 58, 454-
"Asset currency," first suggested by Comp-

troller Cannon, 352; Baltimore plan,
381; Gage's plan, 397; Shaw's plan,
408; general discussion, 427; exam-
ples of, 428-431.

Auxiliary currency, use of 1893, 374.

Banking power by sections, 153, 169, 346,
358, 414.

Bank-notes, see National Bank-notes,
State Bank-notes.

Bank of North America, incorporation of,
59; unsuited for federal purposes, 64,
640.

Bank of the U. S., Hamilton's plan for, 62,
624.

First, charter of, 70, 456; constitutionality

of, 65, 80, 98; influence on currency,
71; operations of, 71; renewal of
charter defeated, 73.

Second, plan for, 80-82; Madison on,
81-82; charter, 82, 475; early mis-
management, 84-85; Cheves's refor-
mation, 85, 89; operations of 84-89,
93: states oppose, 88; Supreme
Court on, 66-69; Biddle's administra
tion, 94-109:
"bank war," 97-109:
Jackson's attacks, 97, 101, 102, 108;
Congressional investigations, 99-101,
105, 108; Kendall and Kitchen Cabi-
net, 99, 101, 105, 107; defeat of re-
charter, 101; removal of public de-
posits, 104-108; branch drafts, 88,
100; great utility of, 95, 104, 110,
111, 112; regulation of currency by,
93, 96, 98, 111, 170, 425: govern-
ment's shares in, 82, 96, 104, 109, 116;
statements of condition, 117, 119; ac-
cepts Pennsylvania charter, 109, 122;
see U. S. Bank of Pennsylvania.
Third, plans for, 144-147; defeat of, 146;
Tyler on, 145, 146.

595; failure of, 24, 49, 416; interna-
tional, 285, 294, 303, 306, 385, 388,
395; impossibility of, 24, 34, 36, 45,
306, 309, 416; Silver Commission,
1876, 282-286; international confer-
ences on, 292-294, 301, 368, 396;
British Commission on, 309-312.
Bland-Allison silver law, 287-290, 563.
Board of Treasury, report to Continental
Congress, 16.

Bond-deposit system, 136, 138, 155; abroga-
tion advocated, 399, 427; defects of,

172, 330.

Bonds, United States, Chase's sales of, 180,

193; payments of, in notes proposed,
210; scaling down proposed, 212;
payment in silver discussed, 286, 288,
289, 291, 300; purchase of, with sur-
plus, 161, 165, 247, 354; authorized
to provide gold for reserve, 224, 403,
560, 578; refunding of, 218, 242, 344,
403; sales of, to obtain gold, 237, 378,
380, 382, 383, legality of, 379; syn-
dicate 1895, 382; held by national
banks, 348, 359; prices of, 348, 359,

391, 411.

Boutwell, George S., Secretary of Treas-
ury, 214-220; issues "greenback re-
serve," 217, 220; opposes contraction,
220; opportunist policy of, 220;
against certifying checks, 329; on
silver, 285.

Branch banking, 89, 139, 143.
Bristow, Benjamin H., Secretary of Treas-
ury, 223, 230.

British coins in use, 11; valued, 13.
British Gold and Silver Commission, report,

309-312.

Bryan, William J., campaigns for "free

silver," 386, 404.
Buchanan, James, President, on banks, 166.
Bullion certificates, authorized, 47, 497.

347, 359, 360, 394, 413.

Banks owned by states, 74, 92, 138, 142;
Indiana, 139; Ohio, 143: Supreme
Court on, 130.
Benton, Thomas H., on change of ratio, 38-

126.

Canada, banking system of, 429-431.
Carlisle, John G., Secretary of Treasury,

371-390; policy on silver, 372; on
deficits, 377; sells bonds to obtain

gold, 378, 380, 382, 383; urges retire-
ment of greenbacks, 381, 384, 389;
plan for bank currency, 381.
Chase, Salmon P., Secretary of Treasury,
177-196; reports, 178, 180, 190, 194;
policy as to banks, 181, 199, 201;
urges national banking system, 180,
191, 320; on legal tenders, 185; re-
view of administration of, 198-202; as
Chief Justice, on legal tender, 261, 267.
Checks, certification of, 329, 330, 344, 546,
569; use of, in lieu of currency, 343,

374.

Circulation of the country, 75, 120, 154,
174, 204, 228, 256-257, 392, 411.
Civil War period, 177-203; influence of, on
currency, 5, 173, 202, 273, 419.
Clay, Henry, on Bank of U. S., 73, 82, 99,
125, 145; conflict with Jackson, 99,
103, 107, 110; opposes subtreasury
act, 125; conflict with Tyler, 145-

147.

Clearing-house, system established, 156,
158; operation described, 156; salu-
tary influence of, 157; exchanges,
volume of, 174, 336, 348, 360, 394.
414; loan certificates, 244, 332, 349,
350, 355, 374-376; table of, at New
York, 375.

New York, and silver, 344, 569.
Cleveland, Grover, President, on silver,

247, 304, 306, 308; on surplus in
treasury, 250; on redemption of notes
in gold, 372, 382; bond-syndicate
contract, 382; on legal tenders, 381,
384, 389.

Coin, purchase law of 1862, 189, 502; re-
vived 1895, 382.

Payment of bonds and notes in, 214, 286,

547.

Coinage charge, 17, 21, 23, 25, 280, 554, 560.
Ordinance of 1786, 16, 454, 455; laws,

1792, 22, 463; 1834, 40, 479; 1837, 41,
485 1853, 44, 495; 1873, 277-280,
552.

Plans, Morris, 14; Jefferson, 15, 584;
Board of Treasury, 16; Hamilton, 20,

591.

Statistics, 33, 50, 51. 52, 275, 296, 318.
Coins, weight and fineness of, 22, 40, 41, 44.
280; see also Gold, Silver, Subsidi
ary, Minor, and Coinage Laws.
Colonial coins, 11, 451; currency, 53.
Compound interest notes, 196, 197, 537, 544-
Constitution, narrow construction of, 4, 145.

construction favorable to sound
money, 273, 418.

Continental currency, 54-59, 453; legal
tender of, 55, 58; depreciation, 57,
58; volume of, 59; redemption of,

59.

Counterfeit detectors, 159–160.
State bank-notes, 90, 160, 177.
Crawford, William H., Senator, favors
charter Bank of U. S., 73; Secre-
tary of Treasury, special report 1820,
29; recommends change of ratio, 30,
31; estimates of bank currency, 77;
efforts to reform currency, 85, 91;
opposes government notes, 86.
"Crime of 1873," 277-290.
Crisis of 1890, 354, 364; of 1893, 372, 377.
Currency, see under State Bank-notes,

National Bank-notes, United States
Notes, Treasury Notes.
Currency Banking vs. Deposit Banking,

141, 155.

Currency certificates, authorized, 219, 331,
552; abolished, 403, 580.

Debt of the United States, see also Bonds,
U. S.; statistics of, 177, 203, 205, 227,
256, 391, 411; validity of, 207, 213;
refunding acts, 211, 218, 238, 242, 543,
551, 581.

"Debtor Class," 216, 268, 306, 387.
Decimal system of money, Jefferson on, 15,
584; Congress on, 16, 454; Hamilton
on, 21, 617.

Deficits, see Treasury, Condition of.
Demand notes, 179, 183, 189, 498, 499, 501,

502.
Democrats (Jeffersonian), oppose Bank of

U. S., 64; favor it, 71, 73, 79-82;
(Jacksonian) oppose Bank of U. S.,
97-109, 125, 145; favor subtreasury
system, 124-129, 148.

Weak policy on state bank-notes, 161,
172; oppose greenbacks, 184: favor
greenbacks, 210, 340; on public debt,
211, 215; against national banks, 215,
322, 340; oppose resumption act, 225,
230, 233: on surplus, 247; on silver,
282, 286, 298, 304, 312, 316, 373; for
free coinage, 386, 404; favor state
bank-notes, 367; on legal tender, 260,
263, 271; coalesce with populists, 386,

404.

of, 1836, 115, 124; Van Buren on,
124, 137: national, 198, 324, 423, 530,
deposits in, 249, 353, 410.
Depreciation of currency, 54, 77, 87, 90, 131,
189, 204, 229, 258.

Distribution of surplus, 114, 122, 123, 125,
484.

Dollar, adopted as unit, 12, 16, 454, 464:
silver, demonetized, 277; remone-

tized, 290, 563; gold as unit, con-
firmed, 403, 406, 553, 577-

Double standard, see Bimetallism.

Elasticity of currency, 332, 352, 370, 406.
Examination of banks, 135, 141, 339, 534.
Exchange, domestic, 87; Bank of U. S.

and, 96, 111, 112, 170; cost of, 112,
131, 337; volume of, 355.

Foreign, 121; par of sterling, 28, 42,

280. 554-

Exports and imports, merchandise, 121,

204, 228, 257, 392, 412; specie, 27,
33, 121, 204, 228, 257, 296; gold, 51,
52, 296, 319, 392, 412; silver, 51, 52,
296, 319, 392, 412.

Failures, 123, 151, 348, 360, 376, 394, 414:

of national banks, 335, 345, 432.
Fairchild, Charles S., Secretary of Treas-
ury, 249-252; deposits in banks, 249;
increases gold reserve, 249, 312; on
silver, 308, 312.
Fineness of coins, 15, 21, 23, 40, 41, 454,
465. 485. 553; see also Coinage Laws.
Foreign coins. in use, 11; attempts to de-

monetize, 17. 21, 26, 468; valuation
and legal tender of. 25, 26, 29, 40,
48, 468, 574: use of abrogated, 48,

497.

Foreign holdings of debt, estimates of, 132,
164, 208, 212.

Fractional currency, 190, 193, 505, 508, 539;
retirement of, 224, 559, 562.
France, on silver, 277, 284, 293, 301, 369.
Free banking, before the war, 136, 138, 152,

155: after the war, 224, 229, 332, 335,
337, 560.
Free coinage of silver, propositions, 232,
238, 281, 287, 298, 316, 363, 366, 386,

405.

Funding of greenbacks into bonds, author-
ized, 183, 500, 503: abrogated, 194,
508; of debt, see Debt, Bonds.

Gage, Lyman J., Secretary of Treasury,

396-408; advocates gold standard,
396, retirement of greenbacks, 397;
safety fund for bank-notes, 397, plan
for elastic currency, 406.
Gallatin, Albert, Secretary of Treasury, on

change of ratio, 35, 37: on Bank of
U. S., 71, 72, 96; state bank statis-
tics, 91, 117; appeals for sound

money, 123.

Germany, on silver, 277, 294, 302; elastic
bank-note system of, 428.

Gold, discoveries, 38, 40, 43; exports and
imports, 33, 51, 52, 296, 319, 392,
412; production, 18, 32, 50, 51, 52,
295, 318, 392, 412; valuation of, 13,
17, 41, 455; scarcity of, 27, 29, 190;
speculation in, 196, attempt to check,
196, "Black Friday," 218; govern-
ment sales of, 225, 229; falling off in
product, 304; obligations, 303; ex-
cessive export movement 1893-1896,
364, 372, 380, 389: conspiracy favor-
ing, charged, 284; premium on, 189,
196, 204, 208, 216, 229, 233, 258;
coinage, 33, 50, 51, 52, 296; notes re-
deemed in, 239, 365, 382, 392, 412;
bond sales to obtain, 237, 379, 380,
382, 383; bars, sale of, 566, 574; propo-
sition to prohibit exports of, 31.
Gold certificates, authorized, 193, 243, 403,
509, 568, 579: first issued, 208; issue
suspended, 237; use of, 418.
Gold reserve, 209, 237, 245, 246, 249, 304,
312, 371, 383, 392, 412: fixed, 243,
569, 578; endangered, 245; impaired,
372; repeatedly restored, 378, 380,
382; protected, 403, 421, 422, 577.
standard, advocated, 37, 39, 45, 285,
388, 398; denounced, 387, 404; con-
templated, 45, 277; struggle for, 363-
405; adoption of, 402, 404, 577; Ger-
many adopts, 277; in Europe, 294,
370. 384.
Government notes, opposed by Hamilton,
63, 173, 639, by Crawford, 86; fav-
ored by Jefferson, 79, by Madison,
81, by Tyler, 148; Chase on, 178,
180, 199: power to issue, discussed,
61, 259-273, 418; see also Treasury
Notes, United States Notes.

Gold

Grant, Ulysses S., President, on the public
debt, 214; on currency, 216, 222, 332;
on resumption, 221, 224; on inflation,
veto, 223; on free banking, 332.
Great Britain on silver, 293, 301, 309-312,
369; action in India, 377, 409.
"Greenbacks," see U. S. Notes, Legal
Tender Decisions, etc.
Greenbackers. 210, 231, 236, 240, 244, 251;
against national banks, 340.

Hamilton, Alexander, Secretary of Treas-

ury, report on mint system, 21, 591;
national bank, 62, 624; on constitu-
tionality of bank, 64, broad construc-

tion, 65; influence of, for sound
money, 5, 74, 110, 425; on govern-
ment notes, 63, 173, 639.
Harrison, Benjamin, President, 309; on
silver, 313, 366.

248, 500, 503, 505, 507, 508, 538;
Treasury notes of 1890, 314, 572.
Legal tender notes, see United States
Notes.

Lincoln, Abraham, President, on currency,

191.

Imports, see Exports and Imports.
Indiana, state bank of, 139-141, 154; banks

of, 158.

Indianapolis Monetary Convention, 397-399.
Inflation, bill of 1874, 222, 332; propositions

1870, 222; of bank currency, 1815,
77; 1837, 134, 151; 1857, 167; 1864,
197; 1870, 218; of silver, 1878, 241,
291; 1890, 254.
Ingham, Samuel D., Secretary of Treasury,
report on currency, 34: on change of
ratio, 35; in bank war, 99; on Bank
of U. S., 111.
Interest, payments by national banks, dis-
cussed, 329, 334; rates, reduction of,

341.

International Monetary Conference, of 1867,
276; of 1878, 292-294; of 1881, 301;
of 1892, 368.

Jackson, Andrew, President, attacks Bank

of U. S., 97-109; veto of recharter
bill, ror; and Supreme Court, 102;
removal of deposits, 104-108; on
"moneyed interests," 109; Kitchen
Cabinet of, 99, 101, 105, 107, 126.
Jefferson, Thomas, coinage plan, 15, 39,
416, 583; approves Hamilton's plan,
21, 623; suspends dollar coinage, 27;
opposes Bank of U. S., 64; favors
government notes, 79.
Johnson, Andrew, views on coinage, 46; on
currency, 206, 209; on scaling debt,

Madison, James, opposes paper money, 61,
Bank of U. S., 64; favors govern-
ment notes, 81, national bank, 79, 81.
Manning, Daniel, Secretary of Treasury,
246-249: on evils of legislation of
1878, 246; on legal tenders, 248;
policy as to surplus, 248; on silver,
305, 306, 308.

Marshall, John, Chief Justice, influence of,
for nationalization, 5, 420; on Bank
of U. S., 66-69.

Massachusetts, early issues of paper, 53:
early coinage act, 451: banks of, 60,
76, 117, 119: Suffolk system, 92,
135, 156.
Matthews's silver resolution, 291.
McCulloch, Hugh, Comptroller, 322: on
government notes, 328.
Secretary of Treasury, 205-214: on

paper currency, 206, 207: contracts
greenbacks, 207, 209, 328; gold re-
serve of, 209; second term, 245:
struggle to avoid silver basis, 246,
on silver danger, 303, 304.
McKinley, William, on surplus, 247; on
silver, 290, 313, 386; tariff act, 396.
As President, still favors silver, 395:
signs gold standard law, 402.

Michigan banks, 138.
Minor coin, 16, 22, 24, 467.
Mint act, of 1786, 17, 454; of 1792, 22, 463;
of 1834, 40, 479; of 1837, 41, 485; of
1853, 44, 495; of 1873, 277, 552.
Money in the country, 31, 47; statistics of,
75, 120, 154, 174, 204, 228, 256, 257,
384, 392, 405, 411.

Money of account, 23, 454, 467.
More money

cry. 226, 255, 274, 328,
337, 340, 367, 373.

National bank act, 194, 510; amendments,
326, 330, 333, 335, 343, 352, 404, 542,
545, 546, 547, 551, 554, 556, 559, 560,
561, 566, 57, 575, 581, 582, 583.
National banking system, 320-360; dis-

cussed. 426, 431: growth of, 356, 432.
National bank-notes, provisions of original

law, 323, 518, 519: intended to super
sede greenbacks, 321; volume of, limit
of, 323, 328. 518, extended, 330, 547.
removed, 335, 560, redistribution, 326,
330, 333, 542, 547, 556, inelasticity of,