The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1874-03-27
the U'ILD-C.9T D.fI,s.
A CHAPTER or EARLY MICHIGAN HISTORY OF
VALUE IL THESE DAYS.

perences OF this State, we take from letter
written to the Chicogo Tribune, by e. Eastman
OF Elgin. Ill.
Michigan was lying snugly in the bosom of
L ncle sam, where II was warmly nursed as a
territory, with
BOY GOVERNOR,
Stevens 7. Mason, less than one-and-twenty
years OF age, recognized by Gen. Jackson as
Territorial Governor. Michigan was then the
favorte place TO which New England BOYS came
TO buy land. Paper-money was freely taken
by Uncle Sam, and his acres went off at rapid
pace, as the paper promises OF the banks to
pay came IN. Money was as plenty as chips ID
the forests Of that most progressive State OF
swanps and oak-openings, and 1t did not much
matter Gu what bank, strong or broken, safety
fund or shnplaster, il il were only printed
bank-bIll OF any denomination,-the larger the
better
Of the few old banks Of Massachusetts, which
ever failed before these days was the Belcher-
town bank,-a rural town OF substantial farm
ers, with 10 commercial business. Here they
had got up bank to issue money, which they
did all according to the charter; and. having
no business, the bank. Of course. failed
Their bills we're printed upon an unusually
transparent paper, tinted red, 80 that this
money might well have taken a significant
name that came after
RED DOG.
This Belehertown Joins Amherst. Mass, that
seat CT learning and morality. one OF the ex-
empiAry youths OF that town came out to Mich
igan TO spy the land and make an investment
lie saw what q wonderful State Michigan was
what vast resources for Yankee genus what
a remarkably singular way they had Of doing
business there; also the great abundance Of
money and the freedom with which it was used
and especially paid out. lie came back as
spy with a goodly report and he brought word
that, 20 free was the use OF money in Michi-
gan, and 20 great was the demand there. these
people were not at all particular about the kind
they received. Specie would not be refused
but bank bills we're preferred, and it dld not
much matter where the banks were located,
East or West, or whether alive or broken, or
the bulls counterfeit EVENT. was all the same
to the GOOD people IN this eminently Demo-
cratic territory, governed by boy-governcr,
aud giving due heed to the sound doctrine OF
"excusive specie currency" And the sober
people OF Amherst gave heed to the report Of
this young man, and they thought favorably Of
the new territory as place for an investment ;
and 20 they gathered up their spare funds and
searched everywhere, and IN their old laid
away leather pocket-books, for the red bills OF
the defunct bank CT Bechertown, which had
at last
FOUND ITS PLACE OF REDEMPTION
n-tLe 6Ackwoods OF Michigan; and they sent
back tie young man, we'll STOCKED with Belch-
ertown ard other New England currency, to
make for them large entries of government
lands. About the same time also-that is to
say, IL 1894, or l635-came also the president
OF The Bank of Amherst, an institution that
stood WELL that redeemed all its issues in
specie when called upon, (Which never hap
pened); and he came tor the purpose OF enter
ing Wild and timber lands In the State OF Mich
igan, and topay therefor the paper currency
OF his own bank. And he found such as suited
him well, and TIE lands on which the pine
logs ars cut tina; furnish millions OF feet OF
Lumber that came INTO the Chicago market
every year from Muskegon. These he bought
OF occupants as we'll as at the land office and
finding the section that suited him, and the
payment being agreed upon, he would sit
down upon stump. take out roll of the
printed sheets of his bank, sign off the requi-
site amount Of bills to pay the price, and re-
ceive a title to his land. Or, the Same form
atty ia the land-ofice OF the district resulted
in the transfer Of title from the government
to the bank president-his signature to the
bills being the pivot on which the transfer
turned. Those were the days just PRIOR to
the coming q Wildcats into Michigan, and
Just preceded, also, very ferocious war
mint OF precisely the opposite genus, which
was
JAcKsoNs SPECIE CIRCULAR.
1t Is very possible that this stern old man,
with the hickory face, sitting in his presi-
dental chair at Washington, had heard how
they we're buying up his broad acres IN the
Territory Of Michigan, and paying for them in
those narrow slips of blue and red paper.
This much he knew certainly, that the lands
were going fast that the grasp OF the specu-
iator was tapping over upon township on town.
ship, fas outstripping the march OF even the
squatter, or the hunter after the DEER and, in
place OF them, the Receivers offices were being
surfeited with the money called "paper prom
Uses H. pay II the process went on, the pub
lie lands would soon be al transformed into
paper, and the ultimate prospect OF redemp-
ton hopeless. at the same time lie knew that
work was getting sadly out of fashion; that
few we're producing anything, not even as
much .as the consumption of food, the majority
living by their wits, or slight of hand in trade;
and according to the philosophy OF this rigid
old hcmespun if this process continued, not
only would the banks fail with their paper on
bis hands, but starvation must be the fate OF
portion of the people. He rose up, and swore
with his fsvorte oath that he would soon mend
matters or make them worse; and be COM
mandsd his faithful Secretary OF the Treasury,
and hIs understands OF the Land Office, to
receive 10 more OF the frail stuff as money,
called rags, but to take only such as Senator
Benton had full faith In viz: gold and silver,
Ia payment for the pubic lands; and this was
the specie circular. The United States bank
had already had the hickory cudgel over its
proboscis, and it was spouting blood. This
other Was blow az the land-snecnIat ors and