Scott—Labor Conditions in Massachusetts, 1860-70. 169 
fell from $28,326,918 in-1857 to $15,168,015 in 1860, a de¬ 
crease of nearly 47 per cent. During the same period the value 
of exports from the United States as a whole rose from $362,- 
960,682 to $400,122,296, an increase of over 9 per cent. Im¬ 
ports into Boston decreased about 12 per cent. Imports into 
the country at large decreased a little less than 3 per cent. 
These bits of evidence tend to show that Massachusetts was still 
in the shadow of the panic and that she was not as well off as 
the country at large, in 1860. 
Among the causes of economic disturbance during the war 
period were the enlistment of great numbers of laboring-men, 
the stoppage of trade between North and South, the constant 
fear of military disaster, and the issue of paper money. Of 
these, the last was the most potent in bringing trouble. The 
enormous expenses of the war necessitated the issue of paper 
currency, a measure which was, in reality, the exaction of a 
forced loan. Owing to lack of confidence in the government the 
greenbacks depreciated in value, or—to put it the other way 
around—gold was at a premium. Dewey gives a table showing 
the average annual value in gold of $100.00 in currency, from 
1863 to 1878. 10 Not until December 17* 1878, was paper cur¬ 
rency quoted at par. * 11 
1863. 
1864. 
1865. 
1866. 
1867. 
1868. 
1869. 
1870. 
$72.9 
64.9 
49.5 
71.2 
70.9 
71.5 
72.7 
81.1 
1871. 
1872. 
1873. 
1874. 
1875. 
1876. 
1877. 
1878. 
188.7 
89.4 
87.3 
89.3 
88.4 
87.8 
92.7 
97.5 
The results of the depreciation of the paper currency were 
far reaching, but it is here important to us chiefly on account of 
its effects upon wages and prices. The comfort of the laboring- 
man depends largely upon these two factors. If prices are high 
and wages are low he is likely to suffer. If, on the other hand, 
wages are high, and the purchasing power of money is consid¬ 
erable, it is probable that he is in fairly comfortable circum- 
10 Financial History of the United States, p. 376. 
11 Financial History of the United States, p. 375. 
