The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-08-04
ICorrespondence n, Y. Times.l

Correspondence n. Y. Times.
DETROIT, MICH, Saturday, July Is.
TTLDEN's EXPERIENCE As A "HARD MONEY
Not a great deal of space will he re.
quired 10 give in sufficient detail the
Michigan exploits of Samuel J. Tilden,
"hard-money" Democratic candidate for
President, and to show that he is fully
entitled to he known as "hard-money"
man, for years ago his Michigan money
was very hard TO get rid of, and extreme
ly hard upon those who were compelled
TO receive it in exchange for their labor.
To pull all this in bold relief before the
people it is necessary TO say that the
peninsula of Michigan is richer in iron
ores than any other region in the United
States. Years ago English capital be-
came interested in its development, and
among the first, the largest, the shrewd-
est, most successful and most unscrupu-
lous of these investors was Samuel j.
Tilden, the "refGrmer." Amonghis first
operations in this region was one which
brings forcibly to mind the ancient
fence" who, having bought some pearls
from small boy who had stolen them
from his mother, patted him approvingly
on the head, and said: But next time
bring the diamonds, my leetle poy;
pring me diamonds, my goot leetle poy."
Among the most profitable of the early
iron mines was the Cleveland, the grant
of which was one square mile of land.
Years ago the company working it had
as bOOk-keeper one A B Harlow, who, as
a consequence of his confidential rela-
tons with the company, discovered that
forty acres adjoining their llnd was much
more valuable in ore than.any they own
ed. The then owner had no suspicion
of the value of his possession, and Har-
low bought it in his own name for the
paltry sum of s35. Learning this, the
Cleveland Company demanded the trans
fer of the purchase to them, but in reply
Harlow fled TO New York, and sold out
to Samuel Tilden for a royalty of
twenty cents ton on all ore mined, and
out of this transaction canNthe NJ
York Iron Mining Company, which
made Tilden not only an iron master,
but a manufacturer ofthatpeculiar kind
of bogus money which soon became
widely known, and is yet remembered
with feeling akin TO sorrow" by its
thousands of victims as "iron money"
BEGINNING To MAKE CURRENCY.
During the early part of the war Til
den, who could moi attend 4 war meeting
in New York, saw an opportunity to turn
some indifferent honest pennies in the
West, and seized it. There was a scare
ity of currency, and Tilden, in common
with other mine-owners, began to man.
ufacture and issue shinplasters. But ne
was among the first, and his notes, which
were on their face those of the New
York Iron Mining Company were the
hest engraved and most handsome in the
peninsula. They were exact limitations
in appearance of bank notes, but were
nothing more than promissory notes is
sued for various dates, from one TO six
months, and for various sums, from one
to ten dollars. They were issued in
such immense quantities that Tilden
alone soon had 100000 in circulation
and as the iron companies would meet
their obligations in the peninsula in
nothing else, greenbacks in that region
speedily became curiosities. This "iron
money" was, of course, utterly worthless
as a circulating medium, but as the
miners could get nothing else they were
forced to take it, and as they were COM
PEELED TO exchange it for all the necessa-
ries of life, the shopkeepers and merch-
ants in all the region were in turn forced
TO take it. Here came the pinch on
which Tilden had shrewdly calculated
which was no inconsiderable part of
those millions which would enable him
TO send barrel, or barrel and halfof
monev-authOrities differ in this point
to St. Louis, with which to purchase
nomination rs an administrative re-
form candidate for President of the
United States. The situation was so
simple that even less subtle mind than
that of Tilden might have grasped it
The iron money" had to go out of the
peninsula to renew the supplies which
had been purchased and consum-
ed with it. Knowing this fact, and
knowing that when it got to Chicago, St
Louis, New York and Boston, or any
other emporium of trade, it would be
subjected to tremendous shave" the
shop-keepers naturally added this shave
to the price ofeverything they sold the
miners, who in the end were the only
sufferers from the cheating financial sys.
tenn which Tilden established to get a