Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-10-08
s.zas.o-O 3. as, so ., I77, ,0s2 a!O, 81, So
Total. ROa 81 s5 o5O S. a2s, O57 82s, 0sO O5
Commenting on the foregoing Colonel Gros-

Commenting on the foregoing Colonel Gros-
venor said:
'Ichallenge any advocate ofinhation to meet
the conclusive argument which these tables
present. If the country needs more money
| why does it not take morel On the 18th Of
| January, over eight months ago, Congress pro-
Yided that new banks of circulation could be
organized in any State, in any number, and
with as great circulation as was desired. If
more money had been really needed new
banks would have been formed, or the four thou
sand private and savings banks would have
made haste to enroll themselves as national
banks, and to obtain circulation. Yet only
| seYenty-eight new banks have been organized
under the law, with only S2,S75, $50 circuls-
| ton.
'Is there man so ignorant or impudent,
| except in single newspaper Office, as to claim
| that new banks are not established, nor in
people have not money enough to buy the neces-
sary bondsF' If SO, the first table proves that
| legal-tenders amounting to nearly S29, ,000, 900
have been deposited in the Treasury since June
| 20, 1874, for the purpose of Withdrawing bank
notes to that amount previously outstanding.
| Why, I challenge any inhatiOnist to answer
why is it that nearly thirty millions of legal
tenders are thus thrust back into the Treasury
| if it be true that the people are suffering for
more money and fail to establish new banks
of circulation only because they cannot get
| greenbacks wherewith to buy bondsl Is it pos
| sible to conceive a more complete refutation of
q more impudent falsehOod? Moreover, this
! voluntary surrender of currency was made in
addition to the retiremenb of nearly eight mil
lions of flegal-tenders, as required by law, upon
the issue of nearly ten millions of new circula-
| tiOn to the banks. Of the whole amount no
| less than SIS, ,533 ,351 has been surrendered
since January l, 1873. It was made in addi-
tion to the practical retirement of about fifteen
millions more by the operations of the redemp-
| tion system. The acts OF Congress permitted
| the establishment of new banks, with unlimited
| circulation. Any one of the States, had it
| pleased, could have taken out a hundred mil
| lions of additional currency. But while all the
States took out less than ten millions, about
| ffty-two millions in all were retired from cir
culation by 'the wants of trade Republican
| legislation permitted unlimited expansion. But
| laws of commerce, which Congress is utterly
powerless to repeal, amend or control, caused
voluntary reduction of about forty-two mil
lions in the amount Of currency in use! =
Speaking of the 'more money" cry, he con-
tinued:
"And yet all the Southern States together
have taken out of circulation for new banks
only $3.50, 500, though at liberty to take one
| hundred million each had they wanted; but
those same States have voluntarily thrust back
into the Treasury over five millions (S5, ,lS9,-
1901 All the Western States have taken out
of circulation for new banks only S305, 100,
though free to take as much as they pleased !;
/ but those same States have voluntarily thrust
back into the Treasury over thirteen millions
| ISIS, ,24S SID, more than one-seventh of their
whole circulation! And yet miserable dema-
gogues go up and down, braying and bawling,
as If the light of MONDAY to you were mid
night darkness, as If the intelligent voters of
Ohio were blind and deaf, and idiots besides.
'Look at the facts. This single State of
Ohio has voluntarily thrust back into the
Treasury $364, ,750-an amount larger than has
been issued to new banks in all the North
western States and Territories, Missouri IN
cluded. just 100000 this State has surrep-
dered since July 1, and yet the inhationists
bray among you as loudly as ever. OF the
bank circulation which these States had last
year, Michigan has now surrendered nearly 10
per cent, Indiana over II per cent, Iowa nearly
20 per cent, Minnesota over 20 per cent, iii
nois about IS per cent, Kansas and Wisconsin
almost 80 per cent, and Missouri over IS per
cent. And still there is man who thinks that
the people Of Ohio will believe him and trust
him as their Governor, If he pretends that the
West is suffering for want Of moro money