The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1860-10-04
John s. Barry as a Financier.
From the Jackson Citizen.

From the jackson Citizen.
The purblind Democracy are exube-
rant in praise of John S. Barry as
great fnancier-in fact they make his
ability in this line the ne plus ultra of
financial policy. Now, where is the
evidence of this ability? They say he
took the Government, with bankrupt
Treasury and extracted it from debt
and carried on the Government. This
is true and it is not true. So far as
silver and gold was concerned, there
was none in the Treasury when Mr..
Barry was made Governor. But it had
circulating medium known as State
Script" which was issued by the State
and passed with the effect of currency.
There was large amount in the Treas
ury and in circulation, which was re-
ceived for Railroad tolls and paid out
again to defray expenses of the State
Government. The preceding Admins
trations had expended all the available
resources of the State in building the
Central Railroad to Jackson, and the
Southern road to Hillsdale, and John
S. Barry's Administration reaped all
the advantages in the way of tolls and
receipts, and with this and the reissue
of State Script, his first Administration
was sustained. So the hue and cry
that the Treasury was bankrupt was
not true, literally, for the State had re-
sources. sufficient to pay its expenses.
John S. Barry created none of these
resources, they were provided by his
predecessors; he simply used them-not
a very great display of financial ability
that, to simply use the current receipts
so far as they went to pay the current
expenses, and allow the rest to circulate
in the shape of unpaid interest debt
for the successors to pay.
Again they say he reduced the State
debt from six millions to two and hall
millions. This is another untruth.
Gov. Barry never reduced the State
debt one hundred thousand dollars, and
in fact not one hundred dollars. In
their estimate the Democratic papers
include the withdrawal of the State
Script, which was really no part of the
State debt. As to this Script, we may
as well explain. During the Admins
tration of Governor Woodbridge, the
State was laboring to extend her Rail
roads, and having neither money mol
credit, issued the State Script, which
was made receivable at par for Lands
taxes, and upon the Railroads. There
was then neither currency, capital, pro
duce or business in the State, from
which to gather revenue, and the whole
advancement and prosperity of the
State depended upon the extension o
the Railroads. Itwas then considered
and the sequel proved it to be wise
move, to issue this Script. 1t secured
the opening of the Central Railroad tt
Marshall and the Southern Road t.
Hillsdale. This done, business sool
began to prosper, produce was sold a
better prices, and the proceeds OF th'
Railroad went far towards sustaining
the Government. As soon as this err
of prosperity began to dawn, and foreigl
currency began to flow into the State
the Script was redeemed and withdraw
from circulation. This was during tn
Administration of Governor Barry, AM
was the result of the improved finan
cial condition of the people rather thai
any display of financial ability by Johl
S. Barry. As to paying and redeem
ing any of the State loan bonds, tn
two Administrations of Gov. Barr
never paid or redeemed a single dol1a'
So much for this evidence of his fnar
, cial ability in his early administratlo
of the affairs of this State.
We now come properly to bis che
stroke of financial policy, his attemI
at reputation. 1t is well known tns
in the negotiation of the FIVE millio
loan, by Gov. Mason, the Democrat
f predecessor of Barry, the bonds OF tn
State were deposited with bankin
!, institution known as the Morris Can'