CORRESPONDENCE BETWEEN BANK NOTE

INFLATION AND LAND SPECULATIONS

LINE A. ESTIMATED VOLUME OF STATE BANK NOTES
IN CIRCULATION IN MILLIONS OF DOLLARS

See Gallatin's Estimate for Period of 1811-1828
Recorded by Gouge P. 61;

'DE WEY'S FINANCIAL. HISTORY of the
UNITED STATES P 225 for Subsequent Years
No Reliable Data are Available for Years before

1811.

THE INFLUENCE OF THE UNITED STATES BANK ON
THE VOLUME OF STATE BANK ISSUES FROM 1818 TO
1830 IS VERY APPARENT

LINE B, UNITED STATES PUBLIC LAND SALES IN MIL
LIONS OF DOLLARS.

SEE DONALDSON'S PUBLIC DOMAIN, P.17

30

20

Money inflation in the
United States

Murray Shipley Wildman

ABLE DATA