Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-09-07


| of one per cent on all currency issued. No one
| has right to issue currency, except BY making
| prescribed deposits with the Banking Department
| at Washington, and otherwise complying with the
| laws. Tiden's companies did not comply with tho
law in any respect. For eleven years they cheated
the Government out of the taxes on millions of
dollars of currency, and added to this crime the
worse one of suboi ming Government agents. The
| currency was printed from steel plate engravngs,
In imitation Of bank notes, and filled in at two,
four, or six months. $40 Iron Ring currency
| note with only two months to run, worth more
| than of the same amount with six months to
| run. Of course the poor laborers were more and
| more crowded into taking notes at long time. The
following is miniature sample of bill:
!: Ten Dollars.l [Ten Dollars ]
+: OFFICE OF JACKSON IRON COMPANY
: NEGAuNEE, Mich, Feb. |, 1874 )
{: Four months after date, the Jackson Iron
: Company promises TO pay to Henry Mercy, or :.
. bearer, ten dollars
: Payable at tine Compsnys Office, Negaunee,
: for value received. HESgr Mercy, Agent.
This currency was redeemable only in the wilder
ness. 1t had no value outside Of the territory.
The necessities Of the miners compelled them to
barter it away at large discounts The stores Of
Wetmore and Tilden furnished the shears to do the
fleeing
"At the New York mine, the men were kept out
of their wages for months. They were compelled
to trade at the store controlled by T1LDEN
WErMOKE, and then they were charged enor.
nous prices
The profits to the Ring consisted In the interest
saved; the shaves due bills when redeemed be-
fore maturity; the advanced prices charged for
goods sold, and the taxes withheld from the
Government. A large amount of these bills were
Of lost and never presented for redemption.
These we're clean gain The illegitimate profits
are estimated have netted the ring $l00, 900 per
annum, and Tor eleven years
AMOUNTED TO 81 loo, 900.
Of these illegal transactions the Brooklyn Argus
recently said:
"Tilden is appealing to laboring men. He says
that they must have plenty of work. good wages
ard prompt pay Let see how he pays bis labor
ers. Mr. TiIden has been, since 1868, the largest
owner of the jackson and the New York Iron
Companies located on the Michigan Peninsula He
| EN- loys thousands Of miners and laborers. When
Saturday night came, did he pay them in hard
money which he talks so much about? No. Did
he pay them in greenbacks for which he has sucn
a contempt? No. How did he pay themf Why
with illegal currency manufactured by his OVID
agents. due four months after date, and redeemed
in merchandise at 100 per cent profit
"Hemmed in by great lakes on the North and
the East. by q wilderness on the South, and by
Indians the West, these hard-'aboring men were
FIRST swindled out of four months interest, and
then compelled to take illegal currency, re-
deemabie only in the woods, which was good for
nothing when sent to their families at the East
and which could only be disposed Of at the stores
of the sharpers, in exchange for their hats, boots
clothes, tea and sugar, at tremendous shaves
Reduced to cash these laborers received only about
half price for their toll. while Tilden was raking
in his millions"
TILDEN DARE NOT ENTER MICHIGAN.
from the Chicago Tribune, August II
"Ths is Tiden's record in Michigan, State
(which he dare not enter, lest he should become
.amenable to legal proceedings upon numerou
Judgments entered against him in the Courts"
ASKING TEE COURTS TO PROTECT An ILLEGAL
BUSINESS.
The Cincinnati Enquirer, an influential Demo
cratic newspaper, says that the Ring Issued SlOO,
600 900 of this bogus currency. In 1874, Peck,
Crucial and Wheeler did a thriving business for .
time, in counterfeiting it. They were indicted,
but as it was no crime to counterfeit "bogus bill
the complaint was dismissed, and Judge OGrady
said:
"The Court is clearly Of the opinion that the
tissue Of ali these notes and iron currency, ESQ
"called) is ILLEGAL, CONTRARY TO THE
"STATUTE, and that they are void upon their
"face. They bear not only the ear-marks, but all
"the principal features Of bank note, and are
"utterly worthless for the purpose of circulation.
"THEY CANNOT BE THE SUBJECT OF FOR
"GERY; THEY ARE A SPURIOUS, WORTH
"LESs, BASTARD CURRENCY"
Issuing "spurious, worthless and bastard cur
rency," is pretty hard business for Presidential
candidate to be engaged in. During the same
year. two unbribabe revenue officers, Gavit and
Finny carried samples of this ''bogus currency to
/ Washington, and commenced legal proceedings
against the ring. The penalties Incurred amounted
70 over 81, 100000. The crime is
STATE PRISON OFFENCE.
Following is the statute Of punishment:
ono PERSON. association, or body corporate.
" whether public or private, 'except such bodies
corporate as are shall be expressly authorized
"by law to do regular banking business and to
issue bank bills, shall issue any bills notes, due.
81 bills, drafts, or other evidences of debt in the
I" simiitude Of bank bills, or to be loaned or put
in circulation money, or to pass or to be used
"as currency or circulating medium; and every
'PER>ON AND EVERY MEMBER OF SUCH
CORPORATION who shall violate the provisions
" Of this section shall be punished by IMPR1SON-
"ME\T IN THE STATE PRISON not more than
% three years, or in the County Jail no. more than
"one year, or by fine not exceeding $1,000. or
" both, in the discretion of the Court; and any
such corporation shall thereby forfeit all its cor
"porate rights and privileges"
The counterfeitng and the terrors of the law put
an end to the 'bogus" currency business. But the
Ring" still had to fight or be imprisoned They
secured stay Of proceedings on one pretence and
another, until they struggled Relief" bill
through Congress.
TILpES's RELIEv BILL.
An Act to authorize the Secretary Of the Treas
curry to adjust and REMIT CERTAIN TAXES
"AND PENALTIES claimed to be due from
thinning and other corporations
"Be it enacted by the Senate and House Of Repre-
sentatipss Of the United States Of North America, in
Congress assembled. That the Secretary Of the
Treasury be, and he is hereby authorized and
directed to SETTLE AND RELEASE any claims
for taxes on circulation of evidences of indebted
"ness made against any mining, manufacturing OF
"othcr corporations, WITHOUT PENALTY" DC
ga true copy from o copy certified by the Chiei