The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-09-02


Your own eyes have seen it. Your county
IS as prosperous rs any in the State
Your lands are rich; your people are la
borious; your industries are varied. Tell
me, IS not every industry very greatly
depressedP ? Are not laborers suffering?
Compare this condition with forme,
years. The failures were:
No. of Failures. disabilities.
1868 .,',... .,,,.., 495 S7,S99,000
1864 ..,..,.. Gl0 S,59900O
1860 ....,,....,. $50 l7,625,000
As against 1877 failures with $74 4OOO,-
900 liabilities in the first six months of
this blessed year 1875. Business was &C.
tive; labor was employed; wages were
high; capital was productive. The taste
for physical comforts ws gratifed be.
yond all preCedents The advance in
material well-being passed almost be-
yOnd imagination.
4 appeal again to your know edge of
what passed under your own eyes. And
in this state Of things several gentlemen
in our State, and notably our worthy Re.
publican candidate for Governor, thinks
it the highest duty Of patriotism to go
from one end of the State to another to
tell the people their currency is rag
money" "irredeemable shinplasters," no
money at all, Its credit is tainted" If
the Government is dshonored, who dis
honored it If its credit is tainted, who
tainted it?
remind you that from 1861 to this
hour, the Republican party has had pos
session of both Houses of Congress, and
of the Presidency. So far as legislation
has had any eftecl on this condition of
things, the Republican party is RESPONSE
BILE for it,
What is the cause, and what the rem
edy? Mr.. Sherman and Mr.. Taft boldly
say the cause is too, much money in the
country, General Hays is prudently
silent on the subject. The Republican
platform approves the Republican hnan-
cial policy, which we know has been con-
traction.
The Democratic party declares that
contraction Of the currency has been the
cause of the suffering; that the business
and indebtedness of the country which
| had been adjusted to the enormous cur.
rency of 1866 have been compelled to
readjust themselves to a currency of
$750,000,000; that this has induced losses,
stagnation Of business, failure, and de-
mands that this olicy of contraction
should cease, and the volume Of currency
should be kept equal to the needs Of
trade as organized.
Mr.. Shermnn says the statement that
the currency has been contracted is false,
Mr.. Taft, more polite, says it is en- error.
General Hays again prudently says moth
ing. The New York papers say there
has been an actual expansion since 1865
of $7S,0O0,000.
| repeat the statement have hereto.
fore made that since 1865 there has been
q constant contraction of the currency
and, with your permission, intend tC
prove it. This statement that there has
been No contraction is new thing under
the sun. Last year the assertion that
there had been great contraction was
made over and over again. 1t was the
foundation of our platform and of oul
argument No man denied it; NO news
paper denied it. Senator Sherman was
in the canvass; he did not deny it. Gen
eral Hayes did not deny it. The cleo
ton of four additional Democratic Con-
gressmen-the Democratic majority o
seventeen thousand in Ohio last fall
have frightened them. They are afrait
to fight openly on that line again, anG
now they deny what they then so readi
| ly admitted.
In my speech at Gallipolis l said the
various issues of paper-bank-notes
greenbacks, certificates and other notes
some bearing interest and some not
but all serving as currency in one way ol
otherwise, in 1865, reached an enormous
sum, stated by some authorities to bt
more than twenty-one hundred millions
Mr.. Sherman admits the figures, bu
denies they in any manner supplied the
place of currency. A critic, more ablt
than friendly says " 1t is the height o
inaccuracy to say these notes and Certiti
Gates were serving as currency in ont
way or another" The Cincinnati Gazett
of Wednesday, 25th, says the imitation
since 1865 has been $l36,000,0 900, and del
icately includes those who do not assen
as impostors." This touches my hon
esty in public discussion Let us havu
the proof
The Gazette says the currency was, il
1865:
Legal Si326S7N OK
Fractional 25OOOU0
Bank Notes "..,..,..,....., l1l,OOtU
| -
u. $685. 90
1t does not account STATE banks,,..,.,.". GoOOU0l
Nor excess of Bank NoIe, .........,....". lttvjw
/ S79OvO,OO
Not any of the other issues which wer
used as currency. The report Of the Sec
retary of the Treasury for 1865 complete
ly answers the Gdzdte'8 tables. Tn
question really is whether the interest
notes and certificates were used as cur
rency.
October |, lSG5-The report of the Sec
retary for 1866 states the various out
standing issues, October 81, to be;
United States Notes and Fractional
$I04,2l6
National Bank NOteS.,...,........... lob,OOO,UO
State Bank Notes..""......"....,..... 65,OOU,NVO
s7O4,2lSYOSs 2
He states there were then
| outstanding per cent.
Treasury NOtes.,....!....S 30 535, 800
Compound interest Notes l730l2 l40
sos $1,000
OF which he estimates In circulation
as currency .........,........,... SOWOOOO
|
s734,2lS,O3S
He states also that there had beel
furnished to the National Banks up to anC
including 3lst October little over S205,
100000; but it was supposed there wer
in circulation only $lS5,000,000, leaving
so OO0000 in the vaults of the banks
The Secretary adds: From this state
ment 1t appears that without including
the seven and three.tenths notes, man,
Of the small denominations of whici
were in circulation as money, and all o
which tended to swell the initiation, tn
paper money of the country amounte,
October 81 to the sum of S734. 2lS. .03S ~