Report of the Secretary of the Treasury on the State of the Finances

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Excerpt from Report of the Secretary of the Treasury on the State of the Finances: For the Year 1865If the war could have been prosecuted on a specie basis, there would doubtless have been a considerable advance in the prices of those articles which were in demand by the Government, but inasmuch as in the con dition of our political affairs extensive credits could not have been estab lished in Europe, the tendency in this direction would have been kept within reasonable check by the out¿ow of coin to other nations, which would have been the natural result of the advancing prices in the United States. On a basis of paper money, for which there was no outlet, all articles needed for immediate use, of which it became the measure of value, felt and responded to the daily increase of'the currency, so that rents and the prices of most articles for which there has been a demand.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.