GREENBACKS AND BONDS. 537 



Treasury notes, (Act March 2, 1861,). . . .$ 20,153,455 



Demand notes, (Acts July 17, Feb. 12, 1872) 60,000,000 

 Non-interest bearing legal tenders, (Act Feb- 



ruary 25, 1862,) .......... 400,000,000 



Treasury notes, 7-303, (Act March 3, 1866.) 806,900,750 



Temporary loans, one year certificates . . . 259,168,327 



Treasury notes, payable in two years . . . 153,471,450 



Compound interest notes ......... 193,756,080 



Three per cent certificates ........ 52,120,000 



Fractional currency ..... . ..... 45,961,295 



"This amount was issued directly by the government, 

 and was exclusive of State bank circulation, which was in 

 1863, according to Fawcett, $238,671,210. The largest 

 amount of circulation outstanding at any one time was 

 September i, 1865, an( ^ was as 



United States notes .......... $ 433,160,569 



Fractional currency .......... 26,344,742 



National bank notes .......... 185,000,000 



Compound interest legal tender ..... 217,024,160 



Temporary loan certificates ....... 107,148,713 



Certificates of indebtedness ....... 85,053,060 



Treasury notes, 5 per cent ....... 32, 536,951 



Treasury notes past due ........ 1,503,920 



State bank notes ........... 78,826,575 



Last issue 7. 303 ............ 830,000,000 



Total, ....... $1,996,678,770 



Such was the birth and growth of the greenback. 

 We have already (in the Chapter on Contraction) indicated 

 the beginning of its decline. 



Another unjust and, we might add, criminal attack 

 upon the greenback was the so-called Credit Strengthening 

 Act of 1869. Upon the back of every note issued was the 

 following sacred pledge of the government: 



"This note is a legal tender at its face value for all 



86 



