The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1873-11-14
dunn had been then contracted. 1t then
consisted of

United States notes, greenbacks aud
fractional currency. $685. 76S, ga 75
National bank notes outstanding lst
November, S67.................. 800. lO3. 5000
iotal- OBSERVATION-DISCLOSURES. s5Si.sI2.6IO o.
to which we add the sum of temporary
loan certificates and other notes serving
the purposes of currency, amounting to
292, 6S1, 40 GA, and the sum of the cir
culating medium will be found to have
then reached $3.50, $50, 113. 80, and shows
a contraction by the Secretary of S372,-
354, 179.2S i'll its total amount. This was
pointed out at the time during the de-
bates of the Board of Trade Conven-
ton which met at Boston in June, 1868.
An article in the atlantic RcrieW, for
May of this year, renews the same argyll
nent.
This was the first approach to specie
payment The country at large had
felt the pressure of the screw, but had
not been able to discern precisely from
what quarter the pinch came, the con-
traction being confined to those outside
forms of Treasury obligations, which,
though not currency in the strict ac-
ceptation of the word, were still used as
such i'll the larger transactions of trade
and financial exchange. When, in a
time of general pressure, the currency
itself became the subject of the pruning
knife, the country not only felt the
knife, but saw how it was handled, and
refused to submit longer to the "heroic
treatment. Up to this period, July,
1868, it will be seen that the debt itself,
that is the funded debt, though mate
rally re-arranged, had been slightly in
creased. In July. 1865, the sum of the
indebtedness not used as currency, was
Sl,93l ,0il,2ll.e9, OF which SS3O, o0O, 900
Were i.3o treasury notes. In 1865,
July, the same class OF debt reached
-, lJ4, Sb4, S4i.2S OF which Slil l,OOO,Uo0
and some fractions, OF 1.3O Treasury
notes, an increase of S2OO, 1000, 900.
During all tins period the entire IN
eepteuiess u lp oi dan the ireasur' ttn iaiieh
rom ,n g. 90 ,oo''' 10 SZ,o2o,o.o'-
4'":o'' 4 4ecrease ol 'ooo'oo" 30.
tHeche" III HIS eliofto 10 hPPioach
i"i'iier 10 Si'ecle p,iEillSiit ny dIrect CON
traction, tIe country haVihS uistihcliy
SHOWN us determination 10 gro" up
70 ihe ENSUING ~ cIIcuL'1ioii no without
lut!iier chnhHe' Mr: Mc'niloch sci NM
sGh ~, 10 "olA |" rtouGe 'ie o Gcot itseii.
shortly after he left Office returned the
amount as then outstanding at 3. 4S9.-
0O2 IsO IS n total reduction since the
inouorratiou Of his policy of s1g3 423
39S 63 The conntry will some dny
reconpiya tbe fulI measure of tbe scr
VICES that this brave Secretary rendered
in the bepipuing of sunh n wise policv
The administration of Gen Grant
,,1a. ~ po,,,ou ,oIIomo1 a. roI;or
~ -, a.. -
W. ~ .S'ota, io,;,,S '10 uri
=. 'an, h Iii, raod
IS ,.i,,a,;.', ,s ,.,I,.a,,,,,,o,,, ;,,Ia,,.,,I
VI /" ~, III .tn ~. III. iu-a .hnro Ia
va ,ii, '.te .It "'n4, a.' r - ;7h, I
- af e59n nSo so
MI. occfc'a'F it!chafdS"n mas con
tiil'tet iaitAitiilF ant" bravery IN the s,Anie
uirectloh. Nus feu"c'ion Siiirc oulS
alone reaches tile sum oi 81 ,lo9''!''
the total REDUCTION since loo' reachihs
the sum oi SciS. 80, 1'"'Z'' ana leaving
the uept "i,hll 'ile eas'i' -Iiaiiase9
hgife i, Oh n, u niue over Two lhousailu
miiilons. ihis mas peeli tue S'c"''" up
tr""c" 10 Si'''t pt9"'e"-
The country is now ready for the
third great series of steps toward re-
sumption. II we have now grown
up to the sum of our circulating me-
dunn, now is the time to prepare to
introduce some solid strength into that
rppIr1ln1 NJ hon CrnlI and nnrrpnpV Hn1t
at par together and money is abundant,
Il gradual withdrawal OF currency Will
not be felt, since gold will fill its place.
Values Will remain unchanged ana re-
sumption will gradually become possi-
bic. When god has fairly taken Its
place Ill sufficient amount to warrant
the experiment, there may be legal re-
sumption, and the people may then
decide which OF the two currencles they
prefer-GreenbacEs or national bank
notes. The exchange of greenbacks for
the national bank currency will be easy.
The Treasury will only have to redeem
the bonds on which the bank issues are
based, paying Tor them with convert,
loie Sreehpack currency WHICH "ouiu
tnus become lhe ohiy paper money III
anu oyH 10y ndn ,he same process
eAtlhguish S1oo'ooo'Voo ol tie ohited
states deDtra uesirSple hHanciai oPer-
aIioh III ilse'i.
Are we ready Tor this last step? the
fhird dpprOdch to specie pGyDttHts. 1t
seems that we are not far from 1t. Our
exports are enormous our Imports are
ii9ht' alIu n proin,se 70 pe an.ail ioi 1'In.
aIIou IL IS otber rasnltFthev nerforce
49,. $50 onn.ron. tba;r bro;nnss Gnid ;S
faIi;no and wouid long AGO have toucbed
a", - mo;nt Cav ! Lnt for tba mis-
tnLan pi,, y, ,"linr | Of tba Secretary Tie Oc-
t"her statemant shows tbnt while his
1nI1 hoIopca fell from GS7 1QD 600 as IL