## 21 Dec. 1867. N. 394.

### President’s (Andrew Johnson’s) Message on American Currency and Finance.  Zusatz von Marx. Schließen (Ursprüngliche Accumulation at Publick Expense.)

Sagt u.a: „It is well and publicly known that enormous frauds have been perpetrated on the Treasury, and that colossal fortunes have been made at the public expense. This species of corruption has increased, is increasing, and, if not diminished, will soon bring us into total ruin and disgrace.“ „Some of the taxes are so laid as to present irresistible temptation to evade payment. The great sums which officers may win by connivance at fraud.“ He complains that, by the present system of finance, the metallic currency, when collected, is reserved for one class of Gvt. creditors only, who, holding its bonds, receive their interest in coin from the national treasury. „Our circulation now embraces: 1) Notes of the National Banks, receivable for all dues to the Gvt., and by all its creditors, excepting in payment of interest upon its bonds and securities themselves; 2) Legal tender-notes issued by the U. St., and legally to be received as well in payment of all debts between citizens as of all Gvt. dues, excepting imposts; 3) Gold and Silver.“|

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At the beginning of the Rebellion 200,000,000$banknote circulation of the country; jezt circulation of National Banknotes und Legal-tender Notes$700,000,000. Compared with Gold und Silver, nach Johnson, diese $700,000,000 Notes nur werth 350,000,000$, also depreciated by 50%. He then shows that the Production of the Precious Metals in U. States von 1849 to 1867 (incl.) = $1,174,000, amount of specie coined during the same period$874,000,000. The net exports of specie (1849-’67) only $741,000,000, leaving an Excess of Production over Exports of$433,000,000. Then, taking the amount of coin in Treasury, and estimating the amount in National and other banks – in all about $160,000,000 –, and also taking into account the specie in the country prior to 1849, he says there are more than$300,000,000 not accounted for by Exportation, and therefore may yet remain in the country.