Description:

JAMES A. GARFIELD
(1831 - 1881) Twentieth President of the United States, Union army major general, assassinated while in office. Great content A.L.S 'J. A. Garfield' as a U.S. Representative on official letterhead, 2pp. 4to., Washington D.C., January 15, 1869, to E.W. Bakewell of Illinois regarding the contemporary issue of paper verses hard currency and inflation. In part: '...we differ so widely in our financial opinions. For 23 years previous to the War our coin and paper circulation in this country did not average $10.00 a head to the population. It is now $17.00 a head. Still you think we have too little money. Before the war many of the states maintained a system of free banking, and all the paper money was pushed into circulation which could be used. Whenever the total amount exceeded $10.00 a head…[caused] inflation which produced panic and breakdowns...In such a condition the more we have the more we want. Think of it for a moment; if every paper dollar in the United States were taken to Heaven and 70 cents of specie left in its place man knows that the money of the country tomorrow would have the same purchasing power that it has today. How much better it will be then for us to make our dollars what they profess to be on their face rather than to increase the number of them and thus make each one less valuable...either we work our way back to specie payments slowly...or we shall go on until we come down at a bound and strike the bottom...I prefer to put on the brakes rather than to run off the bridge...The talk of repudiating our debts is both absurd and disgraceful...' Moderately toned with chipping around the margins, most notably at the top right. The second page with signature mounted and trimmed with irregular toning and glue residue. Throughout his political career, Garfield favored the gold standard and decried attempts to increase the money supply through the issuance of paper money. In 1868 he gave a two-hour speech on currency in the House, widely applauded as his best oratory, and he advocated a gradual resumption of specie payments rather than paper money that could not be redeemed, as he writes here. A great letter showing insight into one of the most debated issues at the time.

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August 26, 2021 10:00 AM EDT
Elkton, MD, US

Alexander Historical Auctions LLC

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