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When the war ended, the national debt consisted of two parts: the bonded, and the unbonded or floating. As public sentiment demanded the reduction of the debt, it was decided to pay the bonds as fast as possible, and contract the currency by canceling the greenbacks. Contraction went on till 1868, when Congress ordered it stopped.
January 1, 1866, the national debt amounted to $2,740,000,000, including the bonded debt of $1,120,000,000, and the unbonded or floating debt of $1,620,000,000, that part made up of "greenbacks," fractional currency, treasury notes, and the like. Two problems were thus brought before the people: 1. What shall be done with the national bonded debt?
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