New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-06-23
"SHINPLAsTER SAMUEL"

The Cincinnati Enquirer, the great Demo-
cratic organ of the West, has been investi-
eating the crooked ways of Samuel j.
Tilden. and has fixed upon the shrewd little
reformer the irreverent cOgnomen of "Shin-
plaster Sam" 1t appears that in 1863,
while honest patriots were fighting the
battles of their country, Mr.. Tilden secured
the lease of large tract Of land in the
iron mining region Of the Marquette PENN
sula of Upper Michigan. He then pro-
ceeded to organize what he called the
New York Mining Company, himself own
ing three fourths of the stock, his
partner. Mr.. J. B. Smith, and gentleman
of Marquette, owning the other fourth. The
company prospered amazingly, and became
power in that section of country. 1t was
the policy of the company to employ mar
ried men, to compel the miners to trade at
the company store, reducing the workmen
to condition of dependence approaching
serfdom. The boldest stroke for for
tune undertaken by the mining COM
pany was to issue bogus money, which
became known on the peninsula as iron
currency. The Tilden Mine Company is
sued over 100000 of this wild cat cur
rency, and. By paying it to laborers
forced it's circulation. These promises to
paw were current at the Tiiden stores, and
men vino spent all of their earnings in that
direction needed no other currency. Falling
| into the hands Of strangers, it could only be
redeemed through broker, who was in the
ring and took it at heavy discount The
| whole scheme was one of grand currency
initiation. 1t was the biggest rag baby ever
born in this country, to say nothing OF
| the criminality of issuing unauthorized
money and the conspiracy to defraud the
| United States of the internal revenue
| tax of one-twelfth of one per cent pad
by banks and bankers on circulation. Fol
lowing the example Of the Tilden company,
other mining companies in Marquette issued
wild cat money, and when the revenue
officers were finally aroused to a sense OF
duty in the premises, the circulation Of
these promises to pay were assessed in the
aggregate at $lOO, 100000. The penalties
we're remitted by cunningly devised act
of Congress rushed through on the last
night of the session, March 3, 1875.
The initiation bubble finally burst through
the action of other inf1ationists, men knowr
as counterfeiters. The wildcat community
was flooded with we'll executed counterfeit
notes on the iron currency Office, and three
persons were arrested and imprisoned fo'
making and issuing the notes in imitatio,
of the bogus currency. At the trial thu
Judge instructed the jury to return verdic
of not guilty, which was accordingly done
upon the ground that it was not criminal t.
counterfeit. currency that was not money
In charging the jury Judge OGrady use'
the following significant language;
The court is clearly of the opinion tha
the issue of all these notes and irUn cul
rency, so-callsd, is illegal, contrary to tn
statute. and that they are void upon thel
face. They bear not only the ear-marks
but all the principal features OF ban
note. and are utterly worthless for the pul
pose OF circulation. They can not be tn
subject of forgery; they are spurious
q | worthless, bastard currency. The Objectio
is sustained. The court has been OF thl
| opinion for the last five years, though tn
question has never before been presente
tor it's decision This kind of paper ha
driven out a better currency, Just as tn
| ciipped and sweated coin of William tn
. | Third drove out of circulation and use tn
golden crowns of England.
The motive of the Enquirer il bringin.
: this matter before the public a. this tim
is questionable 1t is evidently done to il
: lure the prospects of Mr.. Tilden at the S
Louis convention. The plan will fail, II
those who will urge Mr.. Tilden's nomin
|. ton will do 80 tor the polite purpose
). carrying New York. The record OF tt
man is not important in such party
:. little Samuel will lead. Anything to bel
Hayes. Hard or soft money is all the sam
@ Tilden will be even put forward as hal
money candidate, in spite of his millions
a Marquette shinplasters. and will be cheert
d as the workingman's friend, in spite OF
n corporation mining store.