Harper's Weekly was one of the most influential publications of its day. The editorial below touches on so many issues of the day and many of which relate to today's opinions by contrast. The editorial original is in italics; my added commentary and background in   blue  and  not in italics.  Harper’s Weekly, Saturday April 24, 1858 THE PACIFIC RAILROAD Mr. Benjamin seems to have given this measure its quietus. The Senate, may, of course, reconsider the vote by which it has deferred further consideration of Sen. Green’s bill till December next, but it is not likely. Small as the majority was in favor of Mr. Benjamin’s motion, it is a majority which is likely to swell. (Sen. Judah P. Benjamin D-LA, a leader in New Orleans’ Jewish community and later the only intelligent member of the Confederate cabinet.  Last seen at the end of the Civil War in a row boat heading for a blockade runner with the remnants of the Confederate treasury. A brilliant lawyer,...

Shinplasters and Greenbacks  The Origin of the Specie      Before 1863, the Federal government did not issue    paper money . The Federal government minted coins only , referred to in bulk as “specie.”      Specie was real money; “bank notes,” paper money issued by banks  promised payment to the bearer in specie when presented.   President Andrew  J ackson’s  vigorous campaign in the 1830s to  create  a national bank had been bitterly fought and defeated by the banks.  Now, they remained  lightly regulated if at all, so some banks reserved adequate amounts of specie in their vaults to cover bank notes they  issued,  and others did not.        This produced a dizzying amount of exchange rates  for people carrying paper money.  Newspapers published exchange rates – c alled discount rates—of banks from one state to the other. South Carolina banks might  be ...