The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-07-21
=. !SiiDDcrY .SdDi.o
HIS CONNECTION WITH LAKE SUPERIOR ENTER
PRIsES.
Correspondence of the Chicago Tribune.


Correspondence OF the Chicago Tribune.
MARQUETTE, Mich, July mr.. Tilden's
connection with enterprises in the iron region
of the Upper Peninsula of Michigan, so far as
made known, does not rebound to that Presi-
Dental aspirant's credit. The papers have pub
Gshed some accounts of the issue Of what was
known as the " Iron Currency" and the state
ments made in that regard are generally true.
he New York Nine. at Ishpeming, Mich, is
not corporation. Mr.. Tilden owns, however,
more than two-thlrds Of that valuable property.
From the time II was opened, large amount
OF " currency" has been issued. At first the
drafts-for such the currency really amounted
80, though engraved in the smllltude of bank
bills-were drawn at sight on q. W. Smith,
Mr.. Tilden's private secretary, at New York
Alter the panic OF 1873, still further issue
was made; but instead OF sight" the words
at sixty days sight" were printed on the bills
a corporation in which Mr.. Tilden is also large
~ interested. but does not publicly manage
the Iron Cliffs Company, at Negaunee, Mich,
Issued still more currency" than the New
fork had done. The drafts were at first drawn
- at sight, but in the "push" OF 1878, they
bad " -Four months after date" printed on their
Lace. still another Incorporated company. OF
which Iilden is a member,-The Michigan Iron
Oompany,-had been issuing drafts IN the sim
4liude OF money. Before the craeh of 1873
these drafts had been paid at Buffalo, N. Y,
10y the sales agent, but after that memorable
set afoat, and considerable OF 1t is still unre-
deemed. inclose 81 bill OF this Company az
sample. Don't pass it on any Of Tllden's adj
mirers. for Judge O'Grady pronounces IL a
bastard and Tilden declines to be recognized
as It's putative father.
Let me say parenthetically that none of
these issues OF bastard currency" bore inter-
est, go that over and above the large amounts
annually lost, worn out, and burnt in acci-
dental tires, thesa companies made large
forced loan OF the people for which they paid
no interest; and may add the people at large
were compelled, because the better currency
was displaced by the poorer, to do business at
an additional expense on account Of the dis
count charged on iron money by the bankers
beyond the losses sustained by failures.
But 1t may be said that Mr.. Tilden should
not be held responsible for the issue of tho
Iron Cliffs and Michigan Companies iron
money. senator w. III. Barnum, OF Connecti-
cut, warm supporter OF the Democratic NOM
iDee, and another hdrd-money Democrat man
ages the Iron Cliffs Company, and the Michigan
ls bankrupt; but IL cannot be denied that
Nh Iilden Is the active manager OF the New
York Mine, nor can il be controverted that
Tilden received his share OF the profits accruing
on the issue made by the other companies.
But let this go. The subject has been ven
tilsted
Mr. T., after his eficacious bari had placed
him in nomination, was serenaded by the Jack
sonians, and, in his response to the compli- |
ment, he took occasion to say, 1--WE are all Ia |
boring men," etc. Ii was good speech, If my |
recollection serves me, and calculated to warm |
the hearts Of his co-laborers in the mInes fur |
naces, workshops, etc., towards the chief ''pud-
der In the iron currency, the mixer" in rail- |
road bonds, the " founder" OF land-sale swim
dies, the :. crusher" Of political opponents, the |
topman" on the BARI the bank boss, or
some other known employment in the manu-
iacture OF iron or the accumulation OF capital,
held by the prince OF demagogues.
have said that Mr.. L. was stakeholder in
tne Michigan Iron Company, and that that cor
poration is in bankruptcy. Up to 1873 the
Company had been declaring dividends after
tnat, the two furnaces at Clarksburg and Green
WOOD failed TO yield profit. The currency al
luded TO was issued in lieu OF money TO wood
choppers. laborers, furnace-men, charcosl-burn.
ers, etc. D"in-
! It didn't LID, prove boon 70 the laborsrs for it
Companys stores. Occasionally. horever The
promlssory notes OF the Company were given
TO settle labor CLAIMS. The Michigan Comnsnv