From: "MPCgram" To: Subject: MPCGram 987 Date: Friday, August 08, 2003 10:27 PM =========================================== MPC GRAM =========================================== Covering the entire World of Military Numismatics Series 004 - Number 987 Friday August 8, 2003 Financing War By Warner Talso On the Confederate side of the U.S. Civil War, Secretary of the Treasury Christopher Gustavus Memminger is considered quite incompetent at conceptualizing the scale of finance required for a successful military effort. He apparently was a complete failure at raising taxes or selling long-term debt. To make u; for that, he was simply inactive when it came to finding short-run expedients to compensate. By default, inflationary finance followed, driven at first by the expansion of debt by each of the southern states and then by expansion of state bank money supply and finally by the increase of inconvertible Confederate currency (the notes issued in February 1864 in Richmond, Virginia were redeemable "Two years after the Ratification of a Treaty of Peace between the Confederate States and the United States.") This resulted in hyperinflation. The role of foreign finance was initially more important and more successful for the Confederacy than for the Union, but as the fortunes of war turned in favor of the North, so did the weight of foreign investment in Union debt. It is estimated that foreigners held $150 million of Northern debt in March 1864, rising to $320 million in March 1865, and it is estimated a total of $486 million was held abroad in 1867. This compares to total of interest-bearing debt of $1,816 million in 1864 and $2,681 million in 1865. Although the percentage share of foreign held debt may seem relatively small by any current standards, its weight was sufficient to bear on the Congressional decision made in 1873 to resume convertibility of the dollar on gold standard by 1879. The wisdom of this decision was debated fiercely for the next quarter-century until put to rest by the defeat of Bryan by McKinley in the Presidential election of 1896, the beginnings of gold inflation in 1897, and the passage of the Gold Standard Act in 1900. The lessons of Civil War finance continue to be hotly debated to the present day. Each generation of economists seems able to find in the diverse experiments carried out in both the North and South something that is particularly relevant to the current monetary and financial issues of their day. Concepts, such as bonds, were the basis of WWI and WWII financing. Much of this information came from War Finance, (3 volumes), Brookfield, VT: Edward Elgar Publishing, 1994. =========================================== Editorial/opinion =========================================== Gramsters are an amazing type. A Gramster detected that an error had crept into the list of reservations for Fest V. He then did a detailed analysis of the changes that have appeared in the list. Frankly, I have no idea how some of those errors could have crept in. I have published the list that he thought was the most accurate. Please check the list if you have sent a reservation. If you have not sent it, now is the time! Send us your reservation. We are looking forward to breaking the record for new festers (12) and total Festers (40). =========================================== MAIL CALL =========================================== letters/submissions for Gram 1000 special double issue should be sent to MPCGram1000@yahoo.com Dear Gram, I was at the Baltimore show with my pay book (I have witnesses.right Leo?) I did not get any of the room and time changes and totally missed out on some pay. I ended up attending The Chop Club and I now have one more hobby to support. If I whine long and hard enough can I get credit for being there? As yet I have none of the new notes and I am pouting severely. What about it Boss Fred? Gary (Who has Fours) Hick Dear Gary, You bring up several problems. First, someone who has been a Gramster as long as you have certainly should know who the boss is. Secondly, reread number one. It is particularly true in this case. Basically, I have nothing to do with mini Fests. That is part of the beauty of the mini Fest system, it is fully decentralized. Inded, I have not been at very many of the mini Fests. Finally, and this is a really big problem, you are as close as we have to a chaplain so where can I send you with a problem like this? Edtitor =========================================== CALENDAR OF EVENTS =========================================== http://calendar.yahoo.com/mpcgram Lyn Knight Auction [including major, old-time military money collection] August 20-24 Sheraton Grand Hotel 4440 West John Carpenter Freeway, Irving, Texas 75063 (972) 929-8400. Mini Fest anticipated, take your pay books! August 23 MPC barbeque, in conjunction with above Knight show/auction. Confirmed reservations: Doug Bell, Harold Kroll, David Seelye, Fred Schwan, Sam Feeback, Warner Talso, Neil Shafer, Joel Shafer, Steve Swoish, Marcus Turner, Bruce Potter, Frank Clark. Cost approximately $12 each, bring your paybooks. Send reservations to Doug Bell doug@papermoneyworld.net. August 28, the Charlton E. Meyer, Jr. and Gloria B. Meyer Collection of Holocaust and Camp Money will be exhibited at Holocaust Museum Houston. You are strongly urged to see it if at all possible. (take paybooks to the opening) http://www.hmh.org PCDA National and World Paper Money Convention. November 19-23, 2003. St. Louis Hilton Airport Hotel, 10330 Natural Bridge Road, St. Louis, MO 63134. Lyn Knight auction, consignment deadline September 30, 2003 2004 CPMX February 26-28, Lyn Knight auction. Consignment deadline January 10, 2004. March 5-7, MPCFest V, reservations now being accepted. Reservations entered in order received: Roger Urce#$$, John Cheney#$, David Seelye, Harold Kroll, Gail Baker#, Leo May$$$, Kevin Neidy, Cuneyd Tolek, Warner Talso, Cameron Bueschel, Wendell Wolka, John V. Craig#, John Cheney#, Steve Swoish, Joe Bissell#, Sparky Watson, Nick Schrier, Loretta Freyser, Dick Freyser, Ron Waddell, Robert Drew, Ed Arrich#, Neil Shafer#, Fred Schwan. # new Fester, $ paid. $$ paid single occupancy. Running totals: total 24, new festers 8. Standard rate $148, single occupancy $198, payments may be made by mailing paper instruments of any kind to BNR Press (or MPCFest or even Fred Schwan) at 132 E. Second St., Port Clinton, OH 43452. Payments may also be sent via PayPal (fredschawan@yahoo.com). Once you have sent your payment, monitor the above list to ensure that it has been received and posted). Show n tell: Gail Baker (education@money.org) Travel coordination: Sparky Watson (mcwatson@yahoo.com) Auction items: Larry Smulczenski (skifla@prodigy.net) Exhibits: Joe Boling (joeboling@aol.com) Masstricht April 23-25, Valkenburg, The Netherlands, contact Jos Eijsermans, Box 3240, NL 5930 Tegelen Netherlands ======================================== 2004 scholarship fund Donations of cash and numismatic material will be gladly accepted. Generally the numismatic material is auctioned at MPCFest, but might be sold via ebay or other places. Your scholarship donations help the hobby by sending qualified individuals to the ANA summer seminar military money class. Except for unavoidable charges like ebay fees, 100% of your donation goes to scholarships. Al Glaser RA Medina Warner Talso David Seelye Russ Walsh Joe Boling Harold Kroll Pam West Ed Hoffman Ron Wadell Wes Hardy Dick Freyser Robert Drew Brett Irick Kevin Neidy Brian Giese 2003 Scholarship Donors Ed Hoffman ? RA Medina ? Dick Freyser ?Larry Smulczenski ? David Seelye ? Howard Daniel ? Steve Feller ? Warner Talso ? Pam West ? Mr. 691 ? Leo May ? John & Nancy Wilson ? Max Spiegel ? Gail Baker ? Chris Connell ? Bill Haines ? Joel Shafer ? Mikhail (Misha) Istomin ? Gary Hicks ? Robert Drew ? Tom Warburton ? Larry Lee ? Fred Schwan ? Mark Watson ? Harold Kroll ? Ian Marshall ? Marcus Turner ? Neil Shafer ? Keith & Sue Bauman Contact me at: "Marcus Turner" mailto: maturner@indy.rr.com Checks should be made out to the "Military Numismatists Scholarship." or Marcus Turner 8103 East US Highway 36 Suite 163 Avon, Indiana 46123 USA IMPORTANT SCHOLARSHIP INFORMATION Additional information can be found at the link below. We encourage everyone to print copies of this information and distribute it to those who might be interested. Further you are encouraged to e-mail the pdf document to anyone you see fit. Thank you http://www.papermoneyworld.net/news/Military Numismatists Scholarship Fund 2003.pdf Marcus Turner Scholarships from the ANA: See the following location for an application for financial aid to the summer seminar: http://www.money.org/sumsemfin.html =========================================== MPC ANA Museum Project =========================================== ANA collection of MPC: Thanks to donations from Douglas Bell, Dick Fryser, Ed Beaman, Bruce Peacock, David Seelye, Michael Cummings, Ray Czahor, David Pitchford and Mr 691the ANA MPC collection is current as follows: Series 100 - [50 sen], [1Y, 5Y, 10Y, 20Y all A underprint] Series 461 - 5, [10] cents, [$1] Series 471 - [5, 10, 25, 50 cents, $10] Series 472 - [5, 10 cents], [$1, $10] Series 481 - 5 cents, [10, 25 cents], 50 cents, $1, [$5] $10 Series 521 - 5, 10, 25, 50 cents, [$10] Series 541 - 5, 10, 25 cents Series 591 - [5, 10, 25, 50 cents, $1] Series 611 - [5, 10, 25 cents, $1] Series 641 - 5, 10, 25, 50 cents, $1, $5, $10 Series 651 - [$1] Series 661 - [10, 25, 50c], [$5], [$1, $5] $10 Series 681 - 5, 10, 25, 50 cents, $1, [$5], [$20] Series 691 - [$1, $5, $10, $20] Series 692 - 5, 10, 25, 50 cents, $1 Series 701 - [$1, $5, $10, $20] [50c etc.] = notes donated by Gramsters --Chris Connell =========================================== RESEARCH =========================================== New modification to the database you can now retrieve your password if you have forgotten at the main logon screen. Keep in mind syntax is important. The mpc database has changed its name it now going to be referred as, WW II P a p e r M o n e y D a t a B a s e This is just a hint of things to come If you are having trouble logging on please inform Doug Bell At doug@papermoneyworld.net Papermoneyworld maintains an innovative interactive data base of all military payment certificates. Everyone is invited to enter notes in their possession or that they have observed. Visit the site at: http://www.papermoneyworld.net/user/default.asp this project is financially supported by David Seelye http://www.thempcman.net/, mailto: coinman@rochester.rr.com =========================================== Subscription information: =========================================== You can enter an email address to receive the gram by using the link below. Use this to change your address (add the new one), add a friend or enemy. http://www.papermoneyworld.net/WebMailList/Default.asp ========================================= HOT CONTACT LIST - DEALER & RESOURCE LIST Below is the BNR Press Hot Contact List. This list serves several functions. Obviously it is an outreach by the dealers listed for your business. Most of them buy and sell MPC. Others organize shows or publish periodicals, or furnish information dedicated to this field. They have supported the new Comprehensive Catalog of Military Payment Certificates with their advertising. They deserve your support and patronage! Name phone fax / cell email Allens (614) 882-3937 (614) 882-0662 info@allens.com American Coins & Collectibles (800) 865-3562 American Numismatic Ass'n (800) 367-9723 ana@money.org Guy Araby (562) 945-7891(310) 508-0018 guyaraby@earthlink.net Bob Baker(713) 864-3122 Ken Barr (408) 272-3247 ken@kenbarr.com Fred Bart (810) 979-3400 Dick Balbaton (508) 699-2266 (508) 643-1154 RBalbaton@aol.com Keith and Suzanne Bauman (248) 647 8938 tnaksbauman@earthlink.net Joe Bissell (602) 440-0442 (602) 494-9103 BNR Press (419) 732-6683 (419) 732-6683 fredschwan@yahoo.com Remy Bourne (800) 789-7070 (763) 789-4747 Ed Carne (614) 882-3937 (614) 882-0662 info@allens.com Champion Stamp (212) 489-8130 (212) 581-8130 Cookie Jar Collectibles (301) 604-9225 cjcpi@comcast.net Guido Crapanzano [39] 2-8056228 [39] 2-4459856 Currency Dealer Newsletter (310) 515-7369 David F. Cieniewicz (205) 852-7015 CGC (602) 493-4758 (602) 494-9103 sales@gradedcurrency.com Mike Cummings (863) 603-9899 (863) 603-9880 mpccoin@hotmail.com Cygnet Charters (419) 734-2422 Ray Czahor (301) 604-9225 cjcpi@comcast.net Denlys of Boston (617) 482-8477 denlys@aol.com Doric Coins & Currency (508) 699-2266 (508) 643-1154 FUN (407) 321-8747 Great Lakes Bank Note Company (419) 732-6683 IBNS joeboling@aol.com Essie Kashani (909) 627-3996 (909) 627-2776 kashani10@aol.com Lowel Horwdel (765) 583-2748 (765) 583-4584 horwdel@inshightbb.com Lyn Knight (800) 243-5211 Krause Publications (715) 445-2214 (715) 445-4087 bnr@krause.com Harold Kroll(251) 649-5134 HARBONS@aol.com Leo May (305) 720-0659 LeoMayEnt@aol.com Ian Marshall (416) 445-0286 (416) 445-0286 iam@total.net Memphis Coin Club (901) 757-2515 MPCGram (419) 732-6683 MPCGram@yahoo.com Pomexport Ltd. 1-201-641-6641 / Fax: 1-201-641-1700 E-Mail: Info@pomexport.com // website: http://www.Pomexport.com Bob Reed(504) 361-5684 bobreed@rrcoins.net Fred Schwan (419) 732-6683 (419) 732-6683 FredSchwan@yahoo.com David Seelye (585) 594-1987 (585) 594-2311 coinman@rochester.rr.com Richie Self (318) 868-9077 R. M. Smythe (800) 622-1880 (212) 908-4047 www.smytheonline.com Mel Steinberg & Son (415) 897-1654 (voice and fax) melsteinberg@mindspring.com Military Trader (800) 334-7165 Scott Winslow Associates (603)472-7040 (603) 472-8773 scott@scottwinslow.com George Warner(307) 672-3700 Pam West [44] 0208 641 3224[44] 0208 641 3224 pamwestbritnotes@compuserve.com ======================================= POST / BASE EXCHANGE(PX/BX/NEX) Dump your dupes! Your classified advertisement for items for sale, purchase or trade will be run here for free. Send your ads to the gram. This service is for everyone, most humble dealer or most advanced collector. The point is to make the gram more interesting. In all cases confirm your order via email first. WANTED SECTION: Collectors may submit lists of items wanted for their collections for listing here. Dealers and collectors who have these items, are then encouraged to list them for sale in the above section as a reply. Wanted listings will run for a period of 1 month. WANTED 01; Anyone that has a series 691 $1 dollar note or a $20 note that the serial number ends in 05 I am willing to trade my gem unc same notes plus a bonus of cash to sweeten the trade or am willing to buy the notes out right? I am trying to finish my set with matching numbers Thanks Kevin Please call 248-830-6390 $4.00 Serial number 201; $5.00 Serial number 201; $10.00 Serial number 101; $20.00 serial number 101. Will buy, trade MPC, MFC, FRN notes. Put your for sale notice in the Gram. =========================================== MPC Gram Staff: Publisher, editor: Fred Schwan - MPCGram@yahoo.com Subscription Manager:Doug Bell- doug@papermoneyworld.net Tuesday Columnist : JoeBoling - JoeBoling@aol.com Friday Columnis: Warner Talso: wtalso@aol.com Fest Auctioneer: Larry "Ski" Smulczenski - skifla@prodigy.net Critic:Harold Kroll - HARBONS@aol.com Scholarship Coordinator: Marcus Turner - maturner@indy.rr.com Webmaster & Technical Advisors:Doug Bell "Wiz" - doug@papermoneyworld.net Russ Walsh - russ.walsh@gte.net Fact Checker: Warner Talso -Calendar Coordinator: John & Nancy Wilson - The Boss: Judy Schwan ===== MPC Gram is published by BNR Press and papermoneyworld.com as a free service to the community of military money collectors. Your suggestions, criticisms, complaints, editorial contributions, letters, and even praise are very welcome. The entire contents including linked illustrations are copyright protected by the publishers. In the case of contributors, the copyright is protected on behalf of the creators. Please send all correspondence regarding the gram to MPCgram@yahoo.com. Thank you very much for your participation. __________________________________ Do you Yahoo!? Yahoo! SiteBuilder - Free, easy-to-use web site design software http://sitebuilder.yahoo.com