Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-01-08


low the actual necessities of the peo-
pie. We have no more currency,
per capita, now than we had before
tie war. while the demands for IL
are increased at least one hundred
per cent. In 1862, we had an ag-
gregate circulation Of S390,035, $50,
with a free population of 28,078,0 51,
being about S13 so for each person.
We have now an aggregate circula-
ton of bank notes, fractional curren-
cy, and coin amounting to SITS, 1885,
OPT. From this must be deducted
20 pre- cent. reserve, $3.50 $50, 005,
and 7 per cent, for the loss of curren'
cy by fire and otherwise. $50 863 951
making total of 1907 763, $50 which
deducted from the aggregate circu.
lation, leaves 1891, 1881, as the act
ual circulation. Our tree population
now is not less than IL 100000,
showing that in reality we have
currency amounting to bat about
S14 for each person. In France the
currency amounts to about S25 to
each person, and in Eogland to sl9.-
so, and yet here, where the demands
for currency are more than tenfold
what they are in either France or
England, we have bnt about one-half
the supply of France, and about
two-thirds that of England. Never
theIess. with those facts plainly in
view, Eastern bankers AID capitalists
have, as rule, been camerous Tor a
further contraction OF the currency,
and Congress and the Government
have been disposed to listen to this
demand, the effect Of which was to
greatly enhance the value of every
dollar of currency at the expense OF
the price of land, manufactured ar
Licles, merchandise, labor, and all ar
ticles of trade OF course, if the
capitalists dollar Of currency can be
dou bIed in purchasing value it is a
nice thing for him, but it r4ust prove
disastrous to persons whose capital
is invested in business or in real es-
tate. The capitalists woald be en-
riched by il, but the laboring people
and business men would suffer.
In view of these and many similar
facts, the great producing masses of
our people demand an increase in
the volume of currency at the earli-
est possible moment. They demand
also. that such increase shall be made
upon just and equitable principles
that there shall be no privileges
granted to one association of capital>
lists which cannot be enjoyed by an
other like association. In short,
they demand law by which any
association Of capitalists, by comply
ing with the terms Of said law, may
be supplied with currency or green
backs TO the amount OF bonds depos
tied with the Government. In this
woy no exclusive privileges can be
granted, and the people can have a
currency which, so far as volume
is concerned, may be regulated by
the wants of the people-by the law
of demand and supply,-and We
shall have no more panics occasioned
by inability to secure currency upon
proper securities. The country to-
day needs at least double the present
amount ofits currency. We concede
that such an expansion may not be
for the best interests of capitalists
and bankers, but il is demanded by
the great mass Of the people whose
means are limited and whose inter-
ests are promoted by full supply
ofcurrency Every person who does
not loan money is interested in such
increase, and this interest is so gen
eral and pressing that Congress
cannot resist it, though surrounded
by wall of gold by the money
changers of Wall street.
A Washington dispatch to the
New York Times further says re-
specting destroyed currency. One
question which seems not to have at
tracted much attention, but which
has an important bearing on the
monetary troubles, is now receiving
notice here. That is, how much Of
the currency that has been issued
by the government and banks has
actually and absolutely Withdrawn,
by having been destroyed or lost
1t is not possible to estimate thi-
loss accurately, but that large quau-
titles have been burned in great fires
and sunk in wrecked vessels is well
known. Besides, the ordinary loss
of small amounts has been in the az,
gregate for several years very large
sum. The total amount OF currency
that has thus been taken out of the
nominal amount ef currency that Is
ia circulation amounts to many mil
lions. 1t is not believed that enough
of the legal tender reserve Of forty
four million dollars has been paid
out, or will be, to make good the
amount lost. These facts will be
made the ground of strong appeal
to Congress by Western interests for
an increase of currency.
FATAL AcCIDENT.-On Wednesday
the 18th, inst, Mr.. George Lud wick,
a miner in the employment of Non
iorf Topp Dc Knoll, at Centerville in