Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-07-19
Gen. Cary's Remedy for Hard
Times.

?
Times.
General Carey's enthusiasm in be-
half Of the ''greenback" has led that
gentleman to make some most extra
ordinary statInents relative to the
"contraction of the currency" '.in-
suficency of currency" amount per
capita in circulation,'' &c. &C. The
same extravaganza OF statement in
dulged in at Stevens Point by the
General more recently, was INDUCED in
to q larger degree if possible at Port
age City, whereupon the editor of the
Register very pertinently corrects a
few of the plumbers in brief review
of the speech by the ALE s. e,ker.
We clip from the Registers columns.
The great point made by Gen. Cary
his speech here last week was, an in-
suficiency of currency with which to
DO the business of the country, and as
a consequence trade, commerce and
manufactures were in a laaguishiug
condition, and all the ''hard times
the country IS experiencing, was the
logical result of the contraction of the
currency" which he assured us had
| taken place TO the amount of 81, $780,
600, 000i He contrasted our volume
of currency which he placed at S12 30
per capita, and then proceeded to fig
ure it down to 500 per capita, act
ualIy in circulation with that of
France, which he stated to be sos 90
per capita. He carried the idea to
the audience that the currency of
France was similar to our greenbacks,
issued by the government, aud that
under its financial policy France had
already paid its enormous debt con-
tracted during its war with Germany,
and ''greerbacks" there were at par
with gold.
We have no objections to anything
that Gen. Cary said against the con-
traction of the present volume Of
greenback currency, for we agree with
him fully in demanding that the furth-
er retirement of them ought to be
stopped; but what we do object to is
the PRONUNCIATION Of an erroneous state
ment Of facts, and using them as an
argument to mislead the people.
In the first place the government of
France has never issued single dol
lar of currency, but the whole circula-
ton is put out by the Bank Of France,
private corporation. Instead Of
there being $1,000, 100000 of French
''greenbacks' in circulation, amounting
to $58 per capita, the entire issue
amounted June 7, 1877, to S486, 000,-
600, or less than $13 per capita. { in
stead of $3.50 while our own circula-
ton amounts to about SIC per capita.
So we have the currency Of the two
countries as follows
France. S0,0dO,CGO ......$13 per capita.
United State, .677 ,0U0, GO0......16 ="
In this estimate we have not given
the coin Of the countries because we
have not the figures at hand.
Again France has not paid her
debt of 81, 600, 100000 she obligated
herself to pay to Germany, She has
paid Germany, 1t is true, but she Dor
rowed the money to do it with, and
now owes other creditors She Dor
rowed 5000, 000,0 600 oil the Bank of
France alone, and the balance of capt.
talists. She has been actually paying
her debt at the rate ofS40, 100000
per annum, and that is all, which is at
a less rapid rate than the United States
has discharged its war debt.
We have on several occasions shown
that there has not been a very heavy con-
traction of our currency. While OPP
posing any further contraction Of oul
greenbacks, we do not think it is well
that the public should be deceived by
erroneous statements, for the cause OF
greenbacks no more than any Other
cause can be promoted by false fgares
Those who are entrusted with the
making Of the laws, are not deceived
by them, although the people may be.
and thereby be induced to clamor fol
something they dou't want. We re
assert that there has not been a con
traction of one hundred millions Of
dollars (much less fifteen hundred
milIions) since the war. By figuring
IN interest bearing treasury notes, de.
mand notes, bearing compound inter
est, and other evidences of debt, al
bearing interest it can be made to APP
pear that there has been such a con.
traction as Gen. Cary asserts. But
the plain reply to it all is. these treas
ury notes, etc., which bore interest
never circulated to any considerable
extent, as money IF 1t be asserted
that it did, then our reply is that it il
still just as available for circulation
for it has simply been changed into
bonds bearing lower rate of interest
than the notes did, and therefore apt
to circulate The real truth is, neither
the notes nor the bonds have been useC
to any considerable extent as currency.
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