The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-07

NOtluR StfcuBtu OF 10, ,UUU IN THIS sthte,
and should attempt to prove it by TAX
ing the last four elections when state
tickets were in the field, and adding up
the whole democratic vote cast at those
elections, as follows:
MICHIGAN DEMOCRATIC VOTES
November y 1874 4.....................lO lOo, $50
Apfll ., 1870. ............. .......... Sl,sib
November T. 1876. 6.....................l4l l4l .O95
April :, lSi1.................... $500
Grand To,al......................4so ,i2l
Even the greenest politician will see
at a glance that large majority OF
these votes within two and a half years
were cast by identically the same men !
Democrats are strongly inclined to vote
at every election, and TO vote their reg
ular party ticket; but il would be re-
diculous arithmetic 10 count their num-
bers four fold, aud say that 426, l2l
democrats were all in existence at once.
( Under the rule of Boss Tweed in New
York city, n democratic voter could re-
peat 20 times, and under the manipu-
| lation Of Dan Edwards in Lansing, the
ballots could be changed after they got
into the box, making a difference OF 40
or 90; bnt even Mr.. Jones would not
pretend that table made up of such
I figures would be fair. How can he
pretend that his table Of currency is
fair2
Many Of the same treasury notes
were kept "a bank reserves, deposited
! in vaults, and there never was but one
dollar of them where be reckons
! four dollars. Many notes were burn.
~ sl.fa ,1
therefore should not be counted as ia
circulation at all, although they appear
in the treasury Indebtedness; yet Mr..
Jones claims them as money in the
peoples hands four times over. Many
Of these treasury aud fractional notes
were somewhere in the pockets Of the
people from one date TO another, but
should not swell the aggregate at all,
for the government never owed the
same note but once
The slight differences-equal to on
ly about one per cent on the L. 5.
notes-between tho largest aud small
est amounts for the four periods cover
! ed by Mr.. Jones table show how even
ly the same circulation was maintained.
We have several greenbacks OF the
first issue QS62). and they are frequent
~ met with; but they have not gone
into the treasury since 1870, for IL they
/ had done so the new issue would be
substituted for them Every dollar OF
such rotes appears four times over in
| Mr.. Jones grand total. IL he had
repeated his statements twice every
year since 1865, as he did for lS6i-5. he
would lave shown total circulating
medium of about Sl2, 200, 0O0, 900, on
| Just as good grounds IA he shows one
ings Of his table are incorrect, by the
way; but accuracy IS not the strong
point Of an infationists.
CURRENCY ~ CIRCULATION.
Mr.. Jones disputes the authority OF
Johnson's cyclopedia and the Ameri-
can almanac in regard 10 currency sta
| tistics; but quotes from n speech deliv-
cred by John Sherman in 1870 to prove
the amonnt OF interest bearing debt.
This is dodging the question. We
have referred to IL in previous articles,
but now give the exact figures, rs found
IN Executive document No. OF the
first session OF the seth congress, pages
II and is, signed 10y Hugh McCulloch.
secretary OF the treasury. He states
the entire public debt on Oct. 81,
1886, without deducting funds in the
treasury, as g.. SOS, 5i9, 437. IS, and il is
made up as follows:
ISTEREsT-BEARISG.
Bonds, per cent............ s2ls.9o7.l 100 90
! Bonds, per cent ........... ga lSs. .59l 50
| Treasury notes, Z $40 per
cent....................... ssO,OOO,OOO 90
Compound interest notes q
per cent .................. l73Ol2.l4l 90
Treasury notes. s per cent. q, SD gol 90
Certificates Of Indebtedness.
6per cent. t............ .... @sOscOO 90
! Temporary loan. D per cent
ten days notice ..'........ 99,lO7, 743 40
Total lntercst.bearIng debt q, ,S52 957 ,47V 70
NoN-ISTEREsT BEARrS0.
Bonds and treasury notes
past due. ue....--........-... l,615,Ho W
L. s. notes or ''greenbacks~ s420 100. 500 90
| Fractional currency. ........ 28057 100 20
Total currency .......... S454, 2ls,oSS 20
The latter figures show the actnal
paper circulation Of the government
not drawing interest. The compound.
interest notes, treasury notes, and GER
| tiiicates OF Indebtedness were paid ont
To- some extent as money, and 10 some
extent were sold IN the market, but
none Of this class Of obligations ran
below Sl0, and nearly oil OF them were
for $50 and upwards. Hence they we're
in no way a circulating medium for the
masses. Any man getting possession
/ ~ aUN II Ig.l1
them as long as possible. and whenever
| they got into n bank-where most OF
the currency flows in and out at some
time-they were boarded until maturi-
w. These Of interest-bearing securi-
ties, amounting 10 Sl,l90, SCI, Ts7. 46.
was all either paid of or funded into
| long time bonds at lower interest by
1868 If il was the contraction OF this
miscalled currency" which has caused
the money panic, how did ID happen
that the country stood ID for FIVE years,
or until 1873, without any lanic? The
collapse in railroad and land specula-
tions and the fall in fancy property
ought 10 have taken place five years
before IL did. Is not this so, Mr.
Jones?
Executive document No. 4, first ses-
sion Of the 30th congress, being the re-
port of Freeman Clarke, controller Of
the currency, page 0, says;
National hank notes m circnla-
ti0n Oct I, 1876. fgb............s..tl7l,52l ,52l in3
State bank notes IN circulation. Ts.S6s575
Total bank circulation. 80. s25O, ise as
This, added 10 the treasury notes
aud fractional currency, not drawing
! interest, makes the total amount Of
paper circulation s704. i07, ,5l6.20 in
October. 1865. II never rose at any
time more than IL per cent above this
point. and that was in 1879, the very
year Of The great panic and financial
collapse. Instead OF imitation saving
the harumscarum spcculators and
greedy land-sharks. IL crippled them
by inducing them 10 hold on 10 their
property too long.
We hope Mr.. Jones will get his fu-
ture statistics from the official reports
Of the secretary Of the treasury (which
he can find in the state library, giving
date and page, II he does not like the
abstracts from them in Johnson's cy-