Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-08-07

before the contraction and after.
In 1865, the s9s3,31S,6s5 Of paper
money was worth, in gold, $685.
256,35l, and in 1873, the s6SS,591,
275 Of paper money was worth, In
gold, 1854. 465, SOL, or nearly as
much as the large paper circulation
Of 1865.
The value Of money is its pur-
chasing power, or what you can
get for II, and, as our readers very
well know, that they can buy as
much Of the necessarics of life for
one dollar, now, as they could for
two or three dollars in 1865, it fol-
lows that one dollar, now, is as good
two or three dollars was in 1865.
Take for example barrel of pork.
In 1865, it cost $50 per barrel, and,
to-day, rs good pork can he bought
for sl2. 1t thus follows that man
who has sl2, to-day, is as well off
as the man who had $50 in 1868.
When we add TO the paper money
in circulation, at present, the mil
lions Of silver coin, we find that
the money in circulation, at pre-
sent, has far greater purchasing
power than it had in 1865. 1t
therefore stands to reason that the
depression of business can not be
caused by the scarcity of currency.
The Nationals state that the cur
rency was increased to an cnor-
nous extent by using the seven
thirties of 1864 as currency, and
that the soldiers were largely paid
with them, and that their withdraw
al was part of the contraction
Mr.. Robinson made the same state
ment.
The Secretary Of the Treasury,
in his report to Congress, in 1861,
gives the official history of pay
ment made TO soldiers in seven
thirty notes. After stating the
difficulties he had met with in OBJ
tanning money without resorting to
the issuing of grecnbacks, for the
reason that the money market was
flushed with circulation" the
Secretary said:
Failing to raise the means re-
quired in the ordinary mode, and
urged by the conviction that the
large amount of suspended requi-
sitions, swollen to more than $780,
10000, should be reduced, the
Secretary resolved to use all the
means at his command to pay so
much at least as was due to our
brave soldiers, who were suffering
from the long delay in satisfying
their just claims, but still continu-
ing to serve their country with I'M
flinching courage and uncomplain-
ing devotion. To effect this object
he was compelled to replace the
whole amount of five per cent. notes
which bad been cancelled, amount
ing to more than $50, 100000, and
even to slightly exceed that sum.
More fully to accomplish his pur-
pose, the Secretary resolved to
avail himself of wish expressed
10y many officers and soldiers
through the paymasters, and offer
ed, to such as desired them, seven
thirty notes Of small denominations, :
He was gratified to find that these
notes were readily taken to large
amount, our gallant soldiers in
many instances are not only re-
ceiving them with alacrity, but en-
pressing their satisfaction at being
able to aid their country by loan
ing money to The government.
The whole amount Of notes thus
disposed of exceeded 100000 900
and the Secretary has great salts
faction in expressing his belief that
the disposal thus made was not on
ly a relief to the treasury, but
proved benefit to the recipients
in affording them a safe and raitta-
Die Investment, and an easy mode
of transmitting funds to their fam
lilies"
This shows that the seven-tbirty
notes were paid to the soldiers not
as legal tender, but to avoid an in
furious imitation; that the soldiers
accepted them as an Investment;
and that instead of the immense
amount said TO have been issued,
the amount was less than twenty
one millions.
AS further proof, the following
from the Congressional Globe, of
1865, part /, second session, Thirty
eight Congress, pages85O, will show
that it was not intended by the
Congress that passed the bill, to
Issue the -tbirties as currency
Mr.. Stevens.-"But lest he 1.-THE
Secretary Of the Treasury might
issue under this authority some
seven-thirty notes, interest bearinp.
the committee of Ways and Means