Nor were the cases quite similar in motive and influence, for although it might be admitted that the entire nation would be benefitted by the ultimate result, the people knew that the process would bring embarrassment to vast numbers and would reduce not a few to bankruptcy and ruin.

It was easy to see, therefore, that as each month the degree of contraction was made public, the people more and more attributed their financial troubles to its operation.
Perhaps, in large degree, this was the result of imagination, and of that common desire in human nature to ascribe one's faults and misfortunes to some superior power.

The effect nevertheless was serious and lasting.

In the end, outside of banking and financial centres, there was a strong and persistent demand for the repeal of the Contraction Act.
The process of funding and paying the National debt, and of contracting the currency, went on with vigor and persistency during the summer and autumn of 1867.

The Treasury statements for the year showed that up to November 1, 1867, the long obligations of the Government had been increased to $1,781,462,050; while the short obligations, other than currency, had been reduced to $441,655,120.63, and the currency in greenbacks, fractional notes and certificates of deposit for gold, to $402,385,677.39.