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Sale 38 Lot 608

JAMES A. GARFIELD Lengthy A.L.S., 2pp. 4to., Washington, Dec. 11, 1873, to Edward Carey, Esq. at the New York Times. In part: "...In answer to yours of the 8th...I give you in brief the results of my investigation made in 1871, of the amount of currency used by three classes of banks...the first was the clearing house transactions of New York, which showed that...the aggregate of the exchanges was 273,661 millions of dollars. While the balances were but 44,207 other words the latter sum represented all the money that was even nominally used in...that vast amount of exchanges...In the second group, I analyzed the total receipts during six consecutive days of thirty two of the leading city banks of Boston, New York, Cincinnati, St. Louis, Chicago and Cleveland. I found that of $154,959,685 aggregate receipts only $18,770,708 were in cash...". Garfield concludes his research by stating "...Money is used rather as change than as the great instrument of trade...". Trivial paper loss at top edge with no loss of text, glue stain remnants on the top edge of the verso, else very good.
Estimate $ 800-1,000

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