The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-08-26
C. A. ATKINSON, Sec'y pro tenn.

GU Will unQ nOSGS OF nOWllnS nnan-
cial idiots on the street corners who
would hazard their bottom dollar, if they
had one, that the Republicans have
grertly contracted, or reduced, the
amount of currency within the past year
or two. Hon. VIM. Lawrence is mem
ber of Congress. is thoroughly posted,
and no honest, intelligent Democrat will
dispute the following statements made
by him at this place:
WHAT THE REPUBLICAN POLICY IS NOT
I'may be permitted to state what the
Republican policy is not, so far as it is
evidenced by legislation, statistics, and
official declarations of purpose.
The Ohio Democratic platform very
falsely asserts: THAT the contraction of
the currency heretofore made by the Re-
publican party, and the further contrac-
ton proposed by it, with view to the
forced resumption of specie payment,
has already brought disaster to the bust
ness of the country and threatens it with
general bankruptcy and ruin"
In answer to this l say:
l. There is no existing law which re-
quires any contraction of the currency.
On the contrary the 'free banking law"
and an increase of the circulation of ex-
isting banks, whenever the law shall be
complied with and national bonds depos-
tied in the Treasury as security for the
new issue of bank notes.-the bank notes
to equal ninety per cent. of the par value
of the bonds. There can be no reduc-
ton of the greenback currency unless
there be an increase of national bank
notes, and then only to the extent of
eighty per cent. of the new bank notes,
and no reduction of greenbacks even
then below $300,000,000
If the fractional currency is redeemed
its place will be supplied with a currency
more valuable, and when final resump-
ton comes, the same result will follow as
to greenbacks.
2. In the last six years from July l,
1869. to July l, 1875, there has been no
contraction of the currency. There has
been an increase, as will be seen from an
official statement showing the currency
in circulation on the Both of June of each
year, which l will read, as follows:
Greenbacks,
fractional cur
rency, demand
notes, COM
pound interest
notes, one and
two year and
National coupon notes Total
bank notes. of 1868. Circulation
1869. 1926, ,312 l69s391, ,649, ,55Ss6S6, ,961 ,71S
1870. 293, ,4O6, ,407 39S, ,430, ,562 691 ,S36, ,969
1871. 309, ,76l 93S 397, $685. 652 707, ,461 $50
1872. 1913, ,793,687 399, PAS, 1868 728, ,039,O ,O4O
1873. 34O012,974 401, ,527, ,267 741, $40 241
1874. 339, ,547,7 ,764 428. SAT ,693 76S, ,O95, ,457
1875. 351 ,S69, 00S 421 .237 ,050 773, LOG O59
In June, 1868, the total paper circula-
ton in all forms was $742, ,26S, ,297, which
is $30,S37;76l less than the circulation
now.
The highest point ever reached was in
1866, 1896, ,665, ,666, but that included COM
pound interest notes, .$172, 369, ,941, which
were issued for an emergency, were tenn
porary in their character, and redeema-
BILE on short time. Deducting this, the
real currency then was but 1924, ,295, 1876.
The currency now, after deducting out
standing compound interest notes, $371,-
| $40, is $772, 7346SS, which is $4S, ,438, ,963
more than it has ever been at any period
in our whole history. l state only the
facts without now discussing the expedi-
ency of the volume of currency.
In practical effect the currency has
been largely increased. During the war
paper was deprecated so that gold sold
during a part of the time at premium
of from 45 per cent. upward. Since the
war paper has gradually appreciated, so
that its purchasing power has increased
80 per cent, and this is equal to an in
crease of the currency. Resumption will
increase it still more.