The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-21
REPLY TO SAM CAREY.
Prom the Charlotte Republican.

Win alt pfoinint lnhut you last Week,
| will proceed to punctuate some of the
exaggerations and misrepresentation
Of that horny handed son of toll "Gen. -
Sam Carey. | will not attempt 10 re-
ply to his oratorical fights. 1t is i'm
possible 10 follow him in that Jove like
shake Of the head, or the superior wig
gle waggle he manifests when he squats
down TO make a point, or when he
shouted in that semi foghorn tone,
"away with all the tomfoolery OF a
coin basisl" but when he descended 10
the realm of fact and attempted TO en-
force his argument by quoting figures,
then j shall endeavor TO 10 show that
in nearly every instance he was farther
from the truth than he was from Gin.
cinnati. He commenced by harping
upon the hard times, and his first state
ment was that "there are 80, 900, 600 Of
people in the United States without
homes OF their own, which, in effect,
computing five persons 30 the house
hold is stating that but 1000, 600 fami-
lies are owners of their homes. III the
man in the moon had dropped into the
audience just then, he would have
thought he had put in an appearance
on a plannet of paupers. This propO-
sition, IL true, has no bearing upon the
/ question at issue, and | only allude TO
I il 90 show his utter recklessness OF fig
ures, and his habit of misstatement
where NJ is wholly unnecessaryto his ar
gument. Taking a single class there
are. at the present time, over three mil
/ lion farm owners in the United State
representing population of over l5,-
millions Of mechanics, merchants, lab
oring men aud Others who were labor
I ing under the impression previous TO
/ Caroy's assertion TO the country that, in
| the language of an Indiana statesman,
''they we're dwelling in homeicides OF
their own," and reposing under their
own vine. and fig tree. There is no
country under the sun where so many
people own their homes as in our OWE,
and az no previous time SO large a pro-
| portion as az present.
When he began 20 discuss the fnan-
cial question he made the preposterous
assertion "there is not coin enough in
all the banks in Europe 10 pay the pa
per Of the National Banks falling due
during the next ninety days" The en-
tire loans OF the National Banks as
shown by the Comptrollers last report
was a little less than $500, 900, 600. Dr.
Linderman's recent work on "Money
and Legal Tender" shows that Europe
alone has 80. 025, 600. 600 of gold aud
silver coin, and this amount would pay
all tho notes held by the National Banks
and leave over three thousand millions
to spare. SO much for this first lunge
at figures.
His next assertion was that ''the
United States Treasury holds but S7l,-
600, 600 Of gold including the gold GER
tihcates. The statement Of the Secre-
tary Of the Treasury, verified by the
Banking aud Currency Committee Of
the House of Representatives, (Fom
Ewing at the head, demonstrates that
on the 18th Of March last. the Treasury
Of the United States held Sl25,0SS, 765
in guld-showing that Mr.. Carey must
have knowingly misrepresented the
facts 90 the extent Of 81, 900. .000-a
very small matter for a man Of Mr..
Carey's lofty imagination
Encouraged by the vooiferous ap-
plause Of the small boys on the front
seats. he continued his exaggorations
by saying that "the United States
Treasury together with the banks, hold
only one dollar In coin for every ten
dollars in paper money now IN circula-
tion. What are the facts? 10 appears
BY the official reports that on the Both
OF October last, the Directors Of the
Mint estimated the amount OF gold and
silver in the United States at S235, 0O0,-
600. II there is ten dollars Of paper
money in one dollar OF coin, the paper
circulation amounts 10 the sum OF 81,
800. 600. 000 As he further on states
the paper circulation 20 be $500, 900, 900
he stands convicted OF a misrepre
sentation amounting TO one aud one
half billion OF dollars, and still | pre-
sumo he is not happy. 4 billion and
half Of dollars OF paper money is mere
bagatelle for a rantakerous dry nurse
for a rag baby.
When he came % his big figures he
proclaimed, with the cheek Of heath
en- god or an army sutler, that the pa
per circulation IN the United States IN
1866 was 81, 1000 900. The actual
circulation at that date according 30
Appleton's Cyclopedia for 1865. page
337, was on the 3lst day Of October Of
that year. as follows:
s = y
National Bank notes .'.'..' ..'...,,..',' lstVtl' 'oFl
state Bank notes ...... ..''.......-.--- eau''ool
Total circulation In sos ..... ...... sIOL9isuss
Bv this it will be seen that Mr.. Carey
either ignorantly or willfully misstated
the volume OF currency az that time 10
the extent Of nearly fourteen hundred
millions Of dollars. 4 cause which
needs such gigantic lying 10 bolster 1t
MP must be pitiable indeed. Verify his
hands must have become horny from
handling such ponderous lies.
Reasoning from the foregoing falla-
| cious figures he asserted that the con-
| traction Of the currency from 81, ,lOO,-
OO0. 900 down $500. .0O0. 600 had reduced
| the value Of all the real and personal
property in the United State two-thirds
/ in value. According 10 recognized au-
/ thority the estimated value OF the real
aud personal property in the United
/ States is $50, 900, ,O00, 900. Ifthis state
ment il true then the real and personal
property in the United States was re-
/ duced 833. .0O0, 600 600 by the mere wip-
ing out OF less than 81 800, 600, 900 Of
paper promises 10 pay, which existed
/ only as we have shown, IN his fertile
]
/ Ell statement? or such simple bricks
as this did Carey construct his financial
edifce IL was after making such bare
/ faced statements IA these that he de-
nounced, TO use his own words, "the
/ damnable financial legislation OF Con-
gress" ar 4 asserted that IL il was not
for his self-asserted piety he would
swear until everything was blue. "
The next statement we shall produce
TO notice was that the circulation in the
United States is only Sl3 pet capita
aud that the national banks being re-
quired to keep in reserve an amount
equal % 10 per cent. Of their cIrcula-
tion, reduced the actual circulation to
ten dollars per capita The first mis-
statement we shall notice is that the
National Banks are not required to
keep fifteen per cent. In reserve FOR
their circulation, but they are required
10 keep Eve per cent. on deposit with
the Treasurer Of the United States 90
facilitate tho redemption Of their own
notes. The law requiring them 30 keep
Is per cent, OF their circulation in re-
serve was repealed years ago, which he
ought 20 have known aud probably did
know. Tho aggregate circulation in
the United States, on the first Of De.
cember last, was in round numbers
S72j. 900, 900, which, estimating the
population at 100000, would give
over S17 per capita, and IL resumption
a a 4. A. a. a. I