The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-07-13

Let me say parcnthetically that none
of these issues OF "bastard currency"
bore interest, 20 that over and above the
large amounts annually lost, worn out,
and burnt in accidental fires, these com
panics made large faIced loan of the
people for which they paid no inter cat;
and may add the people at large were
compelled, because the better currency
was displaced by the poorer, 10 do BUSH
ness at an additional expense on account
OF the discount charged on iron money by
the bankers beyond the losses sustained
by failures.
But it may be said that Mr., Tilden
should not be held responsible for tho
issue OF the Iron Cliffs and Michigan
Companies iron money. Senator W. II.
Barnum, Of Connecticut, n warm support.
er OF the Democratic nominee, and an
other hdrd.mOney Democrat manages the
Iron Cliffs Company, and the, Michigan
is bankrupt; but It cannot be denied that
Mr.. Tilden is the active manager oil the
New York Mine, nor can 1t be contro.
vcrted that Tilden received his share OF
the profits accruing on the issue made by
tho other companies.
But let this go. The subject has been
ventilated.
Mr.. T., after his etlicacions bar'l had
placed him in nomination, was serenaded
by the Jacksonians, and, in his response
to the compliment, he took occasion TO
say, ave are all laboring men," etc. 1t
was good speech, il my recollection
serves me, and calculated TO warm the
hearts of his co.laborers in the mines,
furnaces, workshops, etc, towards the
chief "puddlerP in the iron currency, the
"mixern in railroad bonds, the founder"
OF land.sale swindles, the 't!crusher" OF pc.
Iitical opponents; the "topman" on the
bar'l, the "bAnk boss" or some other
known employment in the manufacture
Of iron or tho accumulation Of capital,
held by the prince Of demagogues.
have said that Mr.. 7. was stock.
holder in the Michigan Iron Company
and that that corporation iSin bankrupt
cy, Up 10 1878 the company had beer
declaring dividends; after that, the
two furnaces at ClOrksburg and Green
wood failed to yield a profit, The cur
rency alluded to was Issued in leu oil
money to wood.Choppers, laborers, fur
nace.men, charcoal burners, etc.
Itdidn't prove a boon to the laborers; fol
twas not generally acceptable except al
the company's stores. Occasionally
however, the promissory notes Of the
company were given TO settle labor
claims. The Michigan Company, in
which Mr.. Tilden, in the bankruptcy re
cords, is shown to hold ITO shares, strng
gled through 1874, but In 1875 made
an assignment, and finally iell into. the
United States Bankruptcy Court Liza
bilitics to nearly halt-million were
found TO exist. Nearly $4,000 Oh this
amount was due 10 the laborers who had
made money for the stockholders in the
brighter days for iron.workers. During
the interim between the companys evi'
dent insolvency and the last throe, promi'
nent men in the country, and in Chicago
and Boston, who were stockholders and
Directors, made an effort to raise, by
proportionate assessment on the stock, an
amount sufficient to pay the labor claims.
The Hon. L. BreitfnG, the Hon. II. ].
ColEHll, Secretary and Treasurer, Messrs,
Aeeker, Of Chicago, Fay, Of Boston,
and others, made an earnest Of their APP
probation OF labor claims by agreeing to
contribute their proper share. Mr.. Brei'
tang vent East and secured the co.opera,
ZION Of all the stockholders, save one
~ their honest endeavor TO pay the la.
boFer his hire, The agreement, however,
WS on tho condition that all the stock
holders contribute proportionately to the
fund. MIR. Tilden was the last stock.
holder invited into The arrangement. He
utterly refused to contribute one cent,
.i me STOCK was non.aSsessable, but under
Miehlgan law the Directors and stock
holders are individually liable for labor