Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-09-04
No EpdSiOil 4,

gregate amount OF currency in circulation
III 1865. 1t charged that our statement
of the aggregate amount of paper cur
rency in circulation in 1865 as being
only S704,2lS,03S, and even including
interest bearing obligations like the CON-
pound interest notes, &C., circulating as
currency as only s734,2lS,O3S is untrue;
and asserted that the books Of the Treas
ury show that the currency circulation on
September /, 1865, was S1,996,67S,-
776, against S765, 679,6S5, and therefore
that between 1865 and 1873 there was
forced contraction of twelve hundred mil
/ lion dollars.
We have challenged the Chronicle to
: produce anything in the Treasury report
/ of 1865 to furnish the remotest basis for
the assertion of that paper, and have
quoted from the sixth page Of Sec. Nc
Cullochs report Of 1865 the secretarys
distinct statement OF the currency circu'
lation which fully supports our statement
that there was no contraction Of the az
gregate paper currency in circulation
between 1865 and 1873. aud squarely
overthrows the Chronicles assertion that
I there was a contraction of twelve hundred
millions.
Aud thus brought to the book the
Chronicle repeats Its assertion that the
currency in circulation in 1865 was ST.,
9aG,67S,7T6, although it adds that It's
figures did cover a large amount Of inter
est bearing obligations, but they were in
the main legal tenders and did serve a
currency. And after simply repeating
its assertion, the Chronicle refers TO
some reckless campaign speech to sup
port its position, but again fails to point
out the page or language Of the Treasury
report that furnishes any basis for It's
statements.
We have usually been disposed to pass
over the wild assertions Of our green
back friends as too cxtrayagant for ser
i0us notice, but inasmuch as the question
Of Tact involved in the issue raised by the
! Chronicle Is that on which the whole
'groenback" party structure rests, we
cannot this time suffer the Chronicle TO
ovade the point by resorting to fippant
talk about money kings and "bloatcd
boud-ho'ders. We therefore again call
upon the Chronicle to furnish any proof
from the official Treasury books TO sustain
its remarkable assertion. On the other
hand as proof Of the correctness Of our
statement and Of the monstrous untruth
Of the Chronicles assertion, We call at
tentiOn to page 9th of the report Of See
rotary MeCulloch for 1863, which reads
as follows -
The paper circulation Of the United
States on the 3lst of October | 1863 was
substantially as follows
: Ur',ed States notes and fractional cur .....
rrnoy ft5i ,2lo,UI>
+ Notes Of National BARI ls5gHgQ1
\ Noie- Of State Banks C1,""o"o
TorAt s7ntcIs .0is
4 The amount of notes furnished to the
national banks up to and including the
3lst of Oct. was little over S205 .0O0,-
/ 0uO. but it is estimated that : $4,000, 600
/ of these had not then been put into circu-
lation. In addition 10 the United States
notes, there were also outstanding ST.
! go, 900 FIVE per cent. treasury notes,
and SlT3,0l2,li0 compound interest
notes. OF which it would doubtless be safe
to estimate that ESQ, 100000 were in cir
culation as currency. From this state
ment it appears that, without including
seven and thrce-tenths notes, many Of
small demonation, OF which were in cir
culatiou as money, and all Of which tend
in some measure to swell the Initiation, the
paper moucy Of the country amounted on
: the 3lst of October, to the SUN Of $751;
/ pisces 20.-Sec. McCulloch's Report,
1868.
Now We call npon the Chronicle to let
its readers see what Sec. McCulloch's
official report in 1868 had TO say on the
currency circulation at that time. When
the Chronicle shai give its readers this
official statement and also the official
statement Of the currency circulation in
1873, then it will place before them H.
urcs which conciusiyely show that there
was no contraction Of the currency circl-
lation between 1868 and 1873, and there
fore that there in no foundation for the
claim that "torced contraction caused the
hard times that came upon US IN the lat
ter year. But what shall become Of the
"greenback' party when its only prop Is
/ taken aWay