The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-07-21
Grue Norti)erner.
Paw Paw, MICHIGAN, July 2l,\ls76.

The Lansing Republican has compiled from
official sources statement OF the exact facts
concerning Mr. Tilden's connection with the
ahinplaster currency OF the Upper Peninsula,
from which we take the following:
ION October 8, 1864. there was filed In the
Office Of the Secretary OF State in this city, the
articles of ASSOCIATION OF the Iron Cliffs Mining
Company. The stockholders were Wallace Is.
Ogden, who held 1000 shares, /. w. Foster,
400 shares, and Samuel j. Tllden, Is, 900 shares,
each share being OF the par value or $25. Mr..
Tilden therefore owned 9S per cent. OF all the
original stoch OF this company, or S465,OOO par
value out OF $500, 600.
This mining enterprise was extremely profit
able. According to the annual report made
September 16, 1874, and sworn to by s. j. TIL
den, director, now on file in the Secretary of
States Office, the real and personal estate, I'M
provements and credits at that time amounted
10 81, l97, $40 80, and the total debts to s770,-
775 20, thus showing an increase Of 1926, 573-
SO in the property above the 100000 capital
paid in, besides the dividends declared in ten
years business.
- But Mr.. Tilden was not satisfied with these
enormous profits. He caused to be issued the
sum OF "a, 094 in shinplasters printed OF
The size OF ordinary bank bills, and closely imi-
tating them with "green backs to make them
look like United States money.
" This paper was paid out to the laborers and
but was really not redeemable until seventy
DAYS after presentation to the treasurer at New
York city. This made the shinplasters worth
only from 80 to 50 cents on the 81 in trade
through that section OF the upper peninsula
where they were taken at all.
" The act of Congress approved June 3Oth,
1864, section ITO, declares that duty OF one
twelfth OF one per cent. each month shall be
paid on the average amount OF circulation is
sued by any bank, association, corporation,
company or person, including as circulation all
certified checks and all notes or other obliga-
nsed az monev,
Furthermore, stringent law on the statute
book Of Michigan Compiled laws of 1871, Sec
ton 7744) forbids the issue Of any bills, notes,
due bills, drafts, or other evidences OF debt in
the slmilitude OF bank bills to be loaned or put
in circulation as money or q circulating me-
dunn, except by regular banking corporations;
and makes any person or member OF any cor
porstion violating this act liable to three years
imprisonment or fine not exceeding 81 ,000.'
When some counterfeits Of this rag currency
were discovered in 1874, and the Iron Cliffs
Company sued the counterfeiters, they es-
capped, under the instructions Of Circuit Judge
O'Grady to the jury, because such bills could
not be the subject OF forgery. They were q
spurious. worthless, bastard currency not pro-
tected by law.
- Dissatisfied with the profits he could make
on an unlawful currency-one which compelled
the holders to wait seventy days for payment
after presentation-Mr. Tllden kept back the
specific tax levied under the laws Of the State
of Michigan, to which his company owed it's
corporate existence. The Iron Cliffs mine
made no reports for the year 1868, 1869 and
1870. such as required by our compiled laws,
S2s55 and the auditor general, under act Of
January 49, 1885, was obliged to assess the tax
by estimating the product. Taking the product
OF 1868 as basis, he figured the tax to be paid
for 1869, and taking that of 1869, he figured the
tax for 1870. In 1871, for the first time in
three years, the company made report OF its
product, such as is required every year, but it
paid none of the tax for these three years until
July 20, 1872, and then it paid 1904 IS in a
lump. Half this amount was returned by the
state to Marquette county, where the Iron
Cliffs mine is located, under section OF article
10 OF the constitution. Mr.. Tilden had kept
the people Of that county awaiting his con-
venience for payment Of three years taxes, in
which they had half interest.
All these facts are drawn from the official
records Of our State or OF the United States"