The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-10


said that "ordinary tyranny, oppres-
sion, and excessive taxation bear light
ly on the mass OF community, compar-
ed with fraudulent currencies and the
robberies committed by deprecated
paper money" 10 is bad enough to
steal Webster's language: but when it
is mutilated and its whole meaning
changed by a vile demagogue, the in
suit can scarcely be appreciated. Cary
had better keep ont Of Massachusetts,,
where Webster's memory is held in
some reverence.
jefferson and Calhoun are both drag
ged in by Gary as supporters Of his fin
ancial views. but they always condemn
ed every kind of irredeemable paper
currency. What they consented to
was the issue of government treasury
notes, bottomed on special taxes, re-
deemable in limited time, and never u
legal tender. They believed that in
time Of war this government note sys-
tenn was better than any bank curren-
cy; indeed. that the banks could not
carry the government through war.
Jefferson and Calhoun were greenback
men. without the legal-tender feature
or the unredeemed promise.
HoNEsT-MoSEY LEAGUE.
Cary hurled his bitterest sarcasm at
the honest-money league OF the north
west, which he declared 10 he in favor
OF currency Of national bank. notes,
dispensing wholly with greenbacks.
There ia not a word Of truth in this,
for the platform aud address of tho
league simply demands "a currency OF
coin and paper of equal value and
equal purchasing power, the paper
convertible into coin at the will of the
holder. This Is substantially the on
ly money Of the constitution, and the
only money recognized or known 10 the
government mp 10 the second year OF
onr rebellion. Every president of the
United States, every secretary OF the
treasury, every statesman Of the least
note or influence, is on record against
irredeemable paper, such as Sam Cary
advocates. He may abuse the honest
money league and couple il with ma
tional bank-notes, but he lies and he
knows he lies when he says so. The
existing law, passed by wicked and
corrupt congress" preserves 1916, ,OOO.-
900 OF greenbacks for the use OF the
people, all to be equal TO coin.
The republican senate during the
late session OF congress passed an act
making greenbacks receivable for tariff
duties, but il was strangled by the
democratic house. They did not wish
the greenbacks to be equal TO coin,
and the paper currency of the coun-
try TO be Thus fully honored. The
republicans have always been friendly
10 the greenback, and have defended il
from all its enemies, especially from
those who would drag il down to a
level with the rags OF the southern con-
federacy and OF other ruined or knav-
ish governments.
CIRCULATING MEDIUM.
Cary declared that in 1865 we had
| Sj7 per head of circulating medium
/ for the population Of this country,
while now we have only Sl2 per head.
! His estimates are enormously out Of
/ the way, y,-three times or more too
\ large for the circulation in 1865, and
/ - per cent too small for the ciTcula-
! tion now. He counted i'm 1865 all the
/ short-time bonds of the govei nment as
/ currency, including the 1908. which
were never a legal-tender, were only
! payable To order, were redeemable in
three years, had coupons attached, aud
were paid out 10 the soldiers in "A few
instances rather than keep them wait
ing for greenbacks. lie said the 7-:}0s
were like the greenbacks." which is
an ahOminable falsehood and he knew
/ it. They were at least one half larger.
without counting the five coupons
which were attached at their first issue.
| The six per Sent compound-interes
and the one and two years five per
cent. notes were n little larger than
/ greenbacks, and were a legal tender for
/ their face value, SrciMiiBg the interest.
! The circulating medium Of the country
I in 1865 was 1888 ,3lS, $50. including
! S23G, 900, 900, 900 OF interest-bearing
notes from one 10 two years old, and
mostly boarded in banks. Now the
circulating medium, including coin
/ mot in use in 1869, is about SOS, ,00O,-
600. Before the rebellion the highest
point ever reached was S207. 102, ,l77.
The average now per head is about
SIG. 30, while in 1865 il was SlS.O9, ac-
cording 90 the American Almanac. Es.
timated by its purchasing power there
was Sl6 por head IN 1865 aud there is
about SlG. % per head now.
A single question put 10 Mr.. Cary
would have exploded his theor,, and il
is this: 1t the hard times are caused
10y scarcity OF money, why is interest
40 much lower, both for the govern
ment and private parties now, than it
was at the close OF the war? Reducing
the circulation ought to raise the rate
of interest: but with good security you
can borrow in Michigan to-day plenty
| Of money al or : per cent. where IL
used 20 bring 10 or - in 1865. The
trouble is, a general shaking mp Of con-
fidence now by the assaults Of Cary
! and hls crew on the public credit, aud
willingness 10 lend only on the sound
est security, which always commands
money at low rates. Fill all the peo-
pies minds with Cary's inhammatory
notions, and the capital we have in
money would flee away 10 safer COM
munites.
LTEs ABOUT NATIONAL RANKS.
Cary said that all the money in the
country is now boarded up ia national
banks. None is held 10y farmers or
business men, nor can il be obtained
| by them. At the same time farmers
are selling countless thousands of
bushels Of wheat daily and getting cash
for IL from the banks. Business men
are building aud improving with mon
ey obtained from the banks. Lansing
wears n cheerful aspect, for trade is
| good, there are dozen houses now 90
ing mp, and more employment for la
Dor than has been usual at this season.
He stated the capital Of the national
banks Of the country at 800, 900. 000
aud their discounts at 81, 200, 000, ,OOO.
The comptroller of the currency, in
December, 1877, reported the national
banking capital at $3.50, 600, 900, being
20 per cent more than CRY stated. and
the loans and discounts nj SSsS, ,0O0,- :
900. being 26 per cent less than
Cary stated. But tins is coming
nearer the truth than he does in most
Of his statements. The total property
Of the people Of the United States IL
about $4,000, 900, 600. aud Cary pro-
tends that one-sixtieth part OF this
property in banking capital has COB
bled all the money! Pray how are
the banks 20 make those enormous
profits on their circulation which you
talk about. unless they part with their
notes? They cannot eat their cake and
} keep II too.
CIRCULATION AND TAXATION.
Cary declared that the people OF the
United States pay Sl7 taxes per head