Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-03-31

after their Issue, were at premium, aud we're
no more a part of the circulating medium than
gold and silver. Mr.. Pendleton must, there.
FORE admit that these notes did not circulate rs
currency. The currency was therefore uaie
up of greenbacks, national bank notes, end
fractional currency, and of these there y lnr.e.
Vmount outstanding than ct any former tiue,
to-wit:
Greenbacks.... sI326s7OOO s37is4ioG7
tracuonal.......... 25OO5,OO0 II, ili 3
National bank notes.......... llOOOuO0 3o..ii.J,J
TotaI............. ......s s62s, ,6g2, 900 s76tgSsT
G2aGoa ,acD
.,..-si36.2iG IL
In addition to the increase shown it shonld
be stated that the change in the law in regard
to bank reserves has added to the volume Ok
active currency. In 1865 the banks were re-
quired to keep 25 per cent. of their circulation
locked up in their vaults That amounted in
1865 to S42, 100000. In subsequent years it
amounted to more as the bank crculaIion in
creased. On the lst of January, 1870 the re-
serve was S87, 100000 Now the banks are not
required to hold any reserve on account Of cir
eualion. Thus nearly SO millions have been
virtually let loose, and if We add. ts+s the eX-
cess shown above, we have the following CONF
parison:
Total circulation in 1s65...."-.s62s $4,000
Actual available circulation. S5S5, ,00d
TOTAL circulation in Is75.....-.. 76i,9os,Si7
Actual available circulation. S52 408 317
Increase equivalent tO...... s26o, ,4Gs,8l7
Itis true per cent. certificates were issued
at one time, and banks were allowed TO count
them in their reserve, but gold certificates arc
now counted in the same way. Leaving out the
interest-bearing evidences of debt, which were
never legal tender, and they could not be
called currency at any time more than they
are to-day, we 6nd a large actual in
n all
talk about contraction, the Republican party has
been guilty of imitation. Even in the resump-
ton act of last winter initiation is provided for.
Banking made free to all, and it was pro-
vided that for every 500 of bank notes issued
only $50 of greenbacks should be withdrawn,
and that in no event should the latter he con-
tracted below 300 millions. Now If the country
needs currency, as Cary says and AS Pendleton
insists, there is no law TO prevent il, but very
plain law 10 permit il. Suppose people holding
bonds should deposit them with the Secretary OF
the Treasury and get 300 millions of circulation,
what would be the result? The Secretary could
not withdraw over "a millions of greenbacks.
That would leave $50 millions of bank notes,
800 millions greenbacks, and As millions frac-
tional currency-995 millions altogether. Now,
if currency is scarce us alleged, and national
banking is such good thing as the Democrats
say il is, why is IL that the currency is rot forth
coming2
2. There is not enough money to meet the
wants of trade, we are told This is a wild as
serton, destitute of the shade of a shadow OF
foundation in fact. Every fact that can be
quoted proves the reverse. We have already
shown that if currency was needed there is an
easy way to supply it to the extent Of the
bonded debt, and If il were needed il would be
profitable TO supply the want. The fact that
National BanS3 are voluntarily contracting
their currency is proof enough that the issue OF
paper money is overdons, like a good many
other branches Of business. Let the demand for
currency increase, and the supply will grow last
enough.
3. The Democratic speakers seek to create the
impression that the adoption of the Ohio
Democratic policy would initiate the currency.
This we call the great delusion. There are men
simple enough TO believe it, Adventures who
have speculaIed until tney are on che verge of
bankruptcy grab at this idea a drowning
man would catch at straw, and with about the
same desperation and as little reason. II Allen,
as the old gentleman calls 1t, or the Democratic
ticket, as Thurman states il, should carry Ohio
by 100000 that would not add one dollar
10 the currency. Congress alone could
do that, but Congress wouldn't Tho
present House is largely Democratic, but
IL would not pass bill 10 initiate the
currency II will not even elect an inhAtionist
as Speaker But even il the House should in
hate, the Senate would defeat the measure.
But even If the Senate aud House should both
vote imitation, the President would veto the bill.
So that there could be no practical Imitation
with Grant in the White House, aud be will
stay there until the 4th of March, 1871. lula
ton is therefore, out OF the question, except
in the way already provided by law, alau that
way is wide open TO ans body who can put up
bonds. This is perfectly plain. There never
was more idle capital in the United Sta es than
at this time, aud as banking is free, and, as
Democrats say, u is very Profitable the currency
would he rapidly and largely inflated, II there
was demand for even the currency already
/ available for circulation. But there "a aak 80