Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-07-05
Reply TO G.. w. Lee-Currency not
Contracted.

| y az INT iHluule Vi uIs lcLlei OCiOAO
he touches upon anything to which
we had referred. Our only object
was to do what we could to arrest the
spread of wrong information. We
knew that his publication conveyed a
wrong impression. whether so intend
| ed or not. His letter in the HERALD
is more guarded but it is calculated
to greatly mislead. IL comparing the
condition Of the country in 1865 with
the present year he says:
according to the public statement of Ooto.
| Der 81, 1865, we had outstanding bonds, prin-
cipal and interest payable in coin, ST. 1853, 769,-
| 6l5. The report of May 81, 1877, shows our
bonded debt 81, 6S2, 1854, $50 showing an in~
crease of our bonded debt in twelve years of
1927, OBS"
II Mr.. Lee had told us what pub
lie statement''he referred to we might
be able to guess whether the figures
given as bonds payable in coin were
imposed upon him or whether he is
endeavoring to impose them upon the
public. They are, perhaps, a literal
truth. IF Mr.. Lee were endeavoring
to give strangers an idea of how light
ly the people of Grant County were
taxed and should say they pay only
50 900 in County taxes, he would
tell pretty near the truth. But if he
should fail to tell of the other taxes
state, town, &C., he would leave a
very erroneous impression upon the
minds of the strangers. In the quota
ton above if he means anything he
means to have his readers believe
that the people are much more bur-
dened in 1877 than they were in 1865
with the debt and interest of the
United States. But when we turn to
the Report of the Secretary of the
Treasury for 1865, we find that the
interest debt instead ofbeing 81, 1885,
769,Gl5, was $2,l97 ,643,734, besides
over six hundred millions of certifl :
Gates, Texas bonds, temporary loan
and United States notes. The inter-
est averaged about 6.62 per cent. The
U. S. then had to pay over one hun
dred and thirty million dollars of in
terest, while it now pays less than one
hundred millions annually. Whoever
follows Mr.. Lees statement is there
fore following delusion.
But Mr.. Lee continues
sOn the 31st Of October, 1865, the report
shows a circulation among the people in green
backs and treasury notes of 81 ,644 ,799 ,S25 sc;
On May 81, 1877, S479, Coz 072; showing a
contr action OF the peoples money in the twelve
years, of s1,l7I, III 1853, Co.
What report" Mr.. Lee refers to
we do not know. He should have
told us when he wrote those startling
and ridiculous figures. Two weeks
ago we cited Mr.. Lee to the last Re-
port of the Comptroller of the Treas
ury for light upon that subject. He
comes down from his former state
ment about twenty-nine millions with
dreadful precision. The people have
over eleven hundred millions and sc
cents less currency than in 1865 ! AS
the Comptroller's report may not be
at Mr. Lees hand we now again cite
him to the Report of the Secretary of
the Treasury for 1865, which he will
find in the Congressional Globe, Part
5, for 1866. He will there see
that the whole amount of United
States notes (greenbacks) and frac-
tional currency, circulating among
the people" was 1854, 218,038.20.
This covers the whole amount that
Mr.. Lee can Justly claim as the "peo-
pies currency" How, then, does he
get his ST GA, 100, 825.66? As we
know what his answer would be, we
will give it for him. There were
compound interest notes out to the
amount of Sl73 ,012,14l. Interest
notes compound interest notes-and
Mr. Lee calls them the peoples mon
ey! Then there were Treasury notes
due in '67 and 'G8 to the amount of
$3.50, 100000, and they drew Z $40
per cent. interest. That was more
peoples money" And there were
So, $50, 901 in treasury notes that
| drew 5 per cent. and were to be paid
at the end of the year. This does
not yet make the amount claimed by
Mr.. Lee, but the balance is not worth
| looking after. None of it is money
and treasury notes are not green
backs. Mr.. Lee speaks of these as
Circulating among the people," How
much did they circulate? How many
people ever saw compound interest
note, a $40 per cent treasury note,
or five per cent. treasury note The
fact is they did not circulate. Those
who could afford it laid them
away to draw interest just as they do
bonds. They were mostly in notes
of $500 and 81, 900. What use would
they be among the poor people for
currency? Some of the smaller notes
were stintedly used for currency.
They passed around among the
poor until they had accreted
a respectable sum of interest.
Then rich men took care of them.
The Secretary Of the Treasury's re-
port for 1865, whose interest was to