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MoneyWhence It Came, Where It Went$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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The Money War

The Money War

(p.78) Chapter 7 The Money War

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter examines the controversies surrounding money and banking in the early years of the new American Republic. It shows how the U.S. Constitution restricted the right of coinage to the federal government and forbade both the states and the national government to issue paper money. It then coinsiders the issuance of Treasury notes by Secretary of the Treasury Albert Gallatin in the 1812–1814 war, while Salmon P. Chase, Secretary of the Treasury under the Lincoln administration, asked Congress to authorize repeated issues of greenbacks. The chapter also considers Alexander Hamilton's application for a central bank that would become the Bank of the United States, which competed with other banks. Finally, it discusses the establishment of the Second Bank of the United States and the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States.

Keywords:   money, Treasury notes, Salmon P. Chase, greenbacks, Alexander Hamilton, Bank of the United States, banks, Second Bank of the United States, Andrew Jackson, Nicholas Biddle

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