davidaulloa/AmericanStories huggingface dataset:
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
A BIG STRIKE
impending August 18th 10 the
0Av Sat fap H.

Impending = August 18th 10 the
Day Set for It.
NEW YORK, July "a. - Bryce &
Smith, wholesale liquor dealers, Front
street, this city, have failed. Liabil.
tiles estimated at $26O,OOO, q large
part of which is due to confidential
friends in New York, although there
are debts in Illinois, Kentucky and
Cincinnati. The assets consist of
stock and open accounts the value of
which cannot now be determined.
A Wilkesbarre letter in the lri-
bune gives the conversation of gen.
tleman engaged in . manufacturing
business in one Of the northern coun-
ties of Pennsylvania. He says the
chances are that we shall have much
more serious trouble within the next
two months than that which came
upon us so unexpectedly last summer,
preparations being made for . simul-
taneous
STRIKE ALL OVER THE COUNTRY,
on the railroads, at the mines, and in
many Of the largest manufacturing
establishments, and nothing but the
utmost vigilance on the part of State
authority, and such preparations ~
will make it possible to crush out
such movement instantly will pre-
vent one Of the worst calamities that
has ever befallen this country. The
fifteenth of June had been actually
fixed for the strike and An outbreak
would certainly have taken place
then or soon after, but for prepara-
tions made to preserve the peace
by Governor lHartranft when he
called out the militia and made ar
rangements to obtain uniforms
and equipments for them at
Frankfort arsenal. Those who
were to manage the strike called .
committee meeting in Philadelphia
and voted to postpone the attack to
10Th of August when It was hoped
the country might be taken by sur
prise.
A Chicago representative of the
strikers, ON his way to New York,
stopped at Hornellsville and said to
his friends: "They ought to take the
property Of the rich, and they ought
especially to break open banks and
take all the money and divide It."
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

General Meyer, the head Of the
Government Signal Service, gives an
explanation of the fatality Of the heat
in st. Louis. 1t is simply thus: The
city is situated upon lime rock and
densely built. The rock and the
bricks get heated and make the ail
hot. Now in dry air the perspiration
from the skin will evaporate. But q
st. Louis the air is continually moist
and therefore does not carry off the
surplus heat which comes as perspira'
ton from the body. Besides, hot
damp air is very unhealthy to breathe
when, again, st. Louis is situated
where there is very little wind Il
carry away this fatal atmosphere.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

THE Republic well says: Butler
wants to pay the bondsin greenbacks.
So do we. An honest greenback is as
good as coin, and we mean to make
all greenbacks honest. The bonds
are payable in coin. Greenbacks are
payable in coin. One is as good as
the other. Both bondholders and la
bOfers can take their choice. When
the bondhOlder gets coin for his bonds
the laboring man shall have coin for
his greenbacks. We are opposed to
one kind of money for the money
lender and another for the people.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
Gen. Garfield, in . recent address

Gen. Garfield, in recent address
to party of Ohio editors, said
"During our late war General Nc
Dowell, one of the noblest, most &C.
complished soldiers of the Union,
was most unjustly assaulted by q
group of war correspondents, who
represented him to the country as in
competent, drunken, and perhaps
disloyal. 1t was circumstantially y
stated that on one occasion he was so
drunk that he nearly reeled from his
horse. As consequence, he rested
for q long time under this cloud OF
cruel and unjust suspicion. He is al.
most the only adult man ever knew
of whom it can be said with truth
that he never tasted spirituous liq.
uors, tea, coffee or tobacco; and ye,
several millions of his countrymen
were made 10 believe, and perhaps
many of them still believe, that he
lost the battle of Bull Run in conse.
quence Of intoxication."
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

According to the official statement
of the Treasury Department., there
were 1922 2,514,2 ,2S4 i'm national bank
bills, and $346, ,6S1 ,016 legal tender
notes (greenbacks) outstanding on the
30th of June, 1878. Including fraction
al currency, ETC., the total paper mon
ey now in circulation is $685., ,597 ,275,
and of silver coin about $40, 900, ,OOO.-
Chicago Journal.
A word now to those who would at
this time destroy the banks while we
are about to resume. AT present the
government proposes to redeem its
greenbacks in round numbers S347,
600, 900, in cOin-the banks to redeem
as they now do, their bills in legal
tender notes. Suppose the bank notes
were replaced with greenbacks, max
ing the total amount of legal tenders
out, in round numbers, $671 ,OOO, 900;
could the government resume with SO
large an amount of legal tenders
afl0at, with $150,00O,O 900 of coin on
hand. 1t is exceedingly doubtful, to
say the least, and we should say it is
impossible and would be impos-
sible for long time to come under
such a state of facts. Let resumption
be effected and afterwards in due time,
II 1t shall be found that as nation we
can hoat 500, 100000 of greenbacks
and redeem them on demand, then
will be the only time we can dis
pense with bank notes entirely. So
great a revolution in our monetary
system at this time as destroying the
bank notes and substituting legal ten
ders, would work such a widespread
financial disaster as we have never
yet heard of. These great financial
changes are never wisely made, ex-
cept they be done with the greatest
care and prudence. They must be
made by degrees as facts shall demon
strate the possibility of their being
done without disaster. First let re-
sumption be effected and made secure
and permanent and then let us see by
careful study and experience if the
government can float the necessary
currency. If it can and such course
shall be deemed advisable, we shall
by no means be found wanting in
wisely and judiciously looking for a
better system of paper money than
we have, if such system can be
found. We frankly admit that if the
government can float the necessary
greenbacks at par in coin, it seems to
have some advantages, though we are
not prepared to say from our knowl-
edge of finance that such would be the
best system. But until resumption is
permanently attained it is the height
of folly to make SO radical a change as
to dOaway with bank notes. Itwould
indefinitely postpone resumption, and
this result would throw into confusion
all our business and commercial rela.
tions, paralyze our prosperity and
bring great distress upon the whole
people, and the distress would fall
most heavily upon the poorer classes,
who were least able to avoid disaster
and the least prepared to endure it.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

ANOTHER bigger man than Grant.
The Raleigh IN. C.) Observer declares
that JEFF Davis is ''the full peer OF
Ulysses s. Grant, or Rutherford B.
Hayes in all the rights Of an Ameri-
can citizen, as he is their superior in
all other respects"
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

The State of Iowa has 553,9 chill
dren Of school age, and Missouri hai
1851 lows employs 81 more
teachers than Missouri. The aver K
duration of the public schools Il
Iowa 10 double that Of Missouri.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
HERE is one Of the Registers conun

HERE is one of the Registers conun-
drums and it is a good one and very
applicable. 1t has been applicable
in Wapello county:
That principle of human nature
Explain the fact that man will
ok for the greenback party, howl
@g about hard times, simply for his
board, when he can go into the har-
vest field and get his board and two
dollars day besides, for the much
nObler work of binding wheat"
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

Arrangements are being made for
the location Of . new Welch colony
In Grant township, Sioux county, this
fall.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
United States issuesI
----N Notes OF
Legal ten Frsctinl nation'l Agi
lder notes currency banks. gai
The decrease in fractional cnrrenc,

The decrease in fractional currency
has been fully made up by the issue
of subsidiary silver coin. The legal
tender notes in excess of four hun.
dred millions were issued for the re.
demption of temporary loans and
were provided for, as we have seen in
the act limiting the legal tenders to
that sum. Under Secretary McCul.
loch, in accordance with the directions
of Congress, f0rty-four millions OF
legal-tenders were Withdrawn, TWEEN.
ty-six millions of the same being re.
issued after the panic of 1873.
CONTRACTION PRECEDING RESUMPTION.
1t is claimed by greenback advo.
Gates that much Of the distress since
the crisis of 1873 is attributab BILE to the
contraction of the currency followi
the passage Of the resumption act
January Il, 1875. That there has
been some diminution Of the volume
of paper money since the passage of
that act is readily admitted. But,
considering all the circumstances, g, our
surprise should be, not that there has
been so much, but go little Of even
nominal contraction. That contrac-
ton should follow imitation is per-
fectly natural and in accordance with
monetary laws. 1t has been so Mt
every period of the kind in our his
tory. In preparing for resumption
after the crisis Of 1887, the New York
banks reduced their circulation from
$25, 100000, January l, 1887, to $l2,-
10000 January l, 1888. After the
crisis in 1857, and before resumption,
the paper circulation of the country
was reduced from $2l3.7O0, 600, as it
stood on the first of January that
year, to $l55, 100000 January l, 1858.
The bank of France in preparing for
resumption during the past year,
contracted its circulation $73.OOOOOO
Had our paper circulation in 1873
been controlled by the laws Of trade,
it would have diminished much more
rapidly than it has, and we should
have reached q specie basis and the
restoration of confidence much SOON
er. From the table already given
you have the course of the circulation
for twelve years past. Ifthe increase
of specie, which already forms a val
liable part Of the circulation, in the
form Of coin certificates and as bank
reserves, and the appreciation in the
purchasing power Of the paper mon
ey, be taken into consideration as they
ought to be, there has been expansion
rather than contraction, "a shown by
these treasury statements:
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

must be taken into account. During
the year 1866 the value of the green.
back dollar in gold ranged from As to
13 cents, the average for the year be.
Ing 63 cents. The average for 1866 was
Z! cents, for 1867 ~ cents, and for 1865
u cents. The gold value or purchas-
ing power of the maximum circula-
tion in 1865 % 1 have stated it, includ-
ing 60 millions Of state bank notes,
was less than six hundred and twenty
millions of dollars. Interest bearing
securities we're rapidly drawn from
circulation by being held for interest.
by payment, ami by funding, so that
before the close of the year 1868, they
had disappeared. The -thirties,
the largest and latest issue, went out
as follows, being funded in accord
ance with the law authorizing their
issue:
sEvEN-THIRTIEs OUTSTANDING.
December 81, 1864, $lO3, ,456, 600
July 1, 1860, CSC, 1867, ,O5O
December 81, 1866, s3O,OOOOOO
July l, 1865, SO6.25l. $50
December 81, 1866, 676,S56.6
July l, 1867, 4SS.647. 400
December 81, 1867, 24O'29i' 100
July l, 1868, 37.7l7,65O
December 81, 1868, 2,i749OO
July l, 1869, l,l66, 500
1t should be borne i'm mind that
whatever controversy may arise as to
the extent that interest -bearing secur-
ities entered the circulation, they had
practically disappeared before the
close of the year 1868, and the five
years that then intervened before the
crisis of 1873 are generally thought
to have been the most prosperous in
our history, and during all this time
It seems that the country was ignorant
Of or Indifferent to the "remOrseless
contraction" which had occurred pre-
viously, if it occurred at all. The
simple truth is, if we fairly consider
both the volume and the value of the
paper money in circulation for the
last twelve years, and the increase Of
specie recently, there has been a
steady augmentation of the circulat-
ing medium, so that W hen specie pay
ments are fully restored at the begin
ming OF next year, we shall have
more, and, taken together, better
money than we have ever had before.
The course OF the currency since
1865 is shown by the following Off
cial table from the report of the
OUTSTANDING AUGUST 1, 1865, TO DE-
GENDER l. 1871.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

% ,o&o 5yi ,0l0
While Of this Indebtedness 1884,
l3S,959 were q legal tender, it must
be borne in mind that $3.50, ,97S, 800
were interest-bearing securities. The
fractional currency outstanding at the
same date was $26, ,344, ,742; and the
national bank currency $l76,2l3,O55,
making with all the legal tender q
sum total Of 1885,, ,695, ,l56, or, subtract
ing the interest bearing gal tenders,
$685., ,8l6, 1865. The only point on
which there can be dispute is as to
the extent that these interest bearing
securities entered the circulation. 1t
is customary for greenback authori-
ties in order to show that there has
been vast contraction, to include also
the $3.50, ,0OO, 600 of seven-thirty notes.
But these bore interest at the rate of
seven and three-tenths per cent. per
annum, payable at not more than
three years from date. or exchangea-
bic for six per cent. coin interest
bonds. The Secretary of the Treasu-
ry, In his report for 1865, estimates
that only $50, ,OOO, 900 of the $2O5, ,549,-
O4O one and two year notes and COM
pound interest notes outstanding Oc-
tober 81, 1865, were in circulation.
Mr.. j. 7. Power, chief ofthe warrant
division of the treasury department,
in note written May 10, 1878, says
"The one and two year notes Of 1853,
the compound interest notes, and the
seven -thirties of 1864 and 1865, being
interest clearing, neper entered into
the circulation to any considerable er-
tent" 1t is q well known fact that
these interest bearing notes were
speedily gathered up by banks and
capitalists generally, and held for the
interest, or funded into six per cent.
gold bearing bonds. II we take the
proportion Of one in six given by the
Secretary of the treasury of the
amount in circulation of the particu-
lar notes named and apply it to al
the interest bearing securities that
could be included 90 Q part Of the
circulating medium, 1t would give 1
sum Of about 100 millions of dollars
This added to the circulation prope,
which was in round numbers 1885,.
100000, would give ~ the maximum
circulation the total of 1876 millions o.
dollars. Furthermore in considerin I
the paper money In circulation ct any
ltime since the war, the depreciation
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
The National Banking System.

The democracy of New England,
so far rs it has spoken in State con-
ventions, declares against the Nation
al Banking System on the ground that
it is . monopoly, and is sustained to
the detriment and at the expense Of
the General Government. 1t is de-
manded that the circulation of the
national banks be Withdrawn and re-
placed by an issue of Treasury notes.
Those who advocate this policy hold
that the Government would save the
interest on the bonds which banking
corporations have deposited with the
Treasury to secure their circulation.
Inasmuch as the amount of such
bonds is $346, 100000, it may be as
sumed that the Government is not in
q position to pay so large part of its
bonded debt ut once.
Doubtless the majority Of the stock
holders Of national banks and espe-
cially that portion who are called
bankers would offer no objection to
the redemption Of their circulation
by Treasury notes.
THE SIMPLE FACT
that the circulation Of the national
banks has fallen from $3.50, 1874, 600
December l, 1874, to $500, ,OOO, 600 at
at the present time proves that the
profits of circulation are not so great
as to make it an inducement for
bankers to keep their money employ
ed in the business. Men do not with
draw their capital from business
which affords large profits.
But
THE QUESTION OF MONOPOLY
and the profits OF national banking
can be more definitely solved. The
par value of the United States bonds
held by the Treasury for security of
national bank circulation is $346, ,243,-
600, Of which about tSO,OOO,OOO bears
6 per cent, $2O0,OOO,OOO 5 per cent,
and the balance 4 and AZ per cent.
The annual interest on these bonds is
SIT ,S58,25l. The amount of bank
currency issued upon the bonds above
mentioned is $3ll ,6l9, 1875, on which
there is tax of one per cent, called
the tax on circulation, amounting to
So, ll6, 1872. From the gross amount
Of circulation must be deducted 5 pei
cent, the amount retained in the
Treasury as . redemption fund, leav.
ing $296, 6,O3S,235 as the available
amount of money to be used in bank.
ing purposes. The average rate oi
interest throughout the country is
per cent, and estimating the income
of the circulation at that rate, VIZ
have $23,683,O59. The above may bs
more concisely stated a. follows:
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

From the above it will appear that
the value of circulation to national
banks, could their money be kept
loaned out al the time, would be
about -, 100000 on q capital Of oyer
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
ASD4. as5 OS.

Instead of contraction the figures
show an increase of $47, 600, 600, which
would be still further augmented il
the purchasing power or gold value
of the paper was taken into account.
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31
Extract from Hon. ChaS. Boards
ley's Admirable Speech at LIE.
on, Iowa, July 20, 1878.
A True Statement Of the Nations q
Finances from 1891 to the
Present.

This question as to the great con-
traction of the currency Is one of
fact and can be determined by an in
telligent reference to the official state
ments made from time to time by the
treasury department. At the out
break of the rebellion, in 1861, the
paper circulation of the country
amounted to two hundred and seven
millions of dollars. The exigencies
OF the war soon exhausted the re-
sources of the treasury, and at the ex-
ira session of Congress, in July, 1861,
the first issue of treasury notes was
authorized-fifty millions in amount
and subsequently known as "old de-
mand notes." An addition of ten
millions was afterward February,
1862 made to this issue and the
whole declared to be lawful money
and a legal tender. These notes were
Withdrawn, 80 that at the close of the
war in 1865, less than half milton
dollars were outstanding. The first
legal tender act was approved Feb
ruary 70, 1862. 1t provided for the
issue of $3.50, 600, ,0OOlegal tender notes
subsequently known as greenbacks.
July Ii, 1862, an act was approved
authorizing the issue Of $l5O,OOO,O 600
more legal tenders. Postal and frac-
tional currency was authorized by
the acts of July IL, 1862, and March
3, 1868, the whole amount not to ex-
cecd $50, 100000. By joint resolution,
approved January II, 1868, the Sec-
retary of the Treasury was authOriz-
ed to issue another one hundred mil
lions of legal tenders, and by the act
of June 30, 1864, it was provided that
"the total amount of notes issued, or
to be issued, shall not erceed s4OO, ,OOO,-
GOO, and such additional sum not ex.
ceeding $50, ,OOO, 600 as may be tempo
rarily required for the redemption of
temporary loans" 1t is to the credit
of the country that this barrier (fixed
at $685., ,OO0, 900 after the panic of '73)
to the unlimited imitation of legal
tender paper money still remains up
on our statute books, and it ought not
to be removed until we have return.
ed definitely and irreyocably to the
hard money doctrine OF the cOnstitu-
tion that there can be no legal tender
except gold and silver coin.
OTHER LEGAL TENDERS ISSUED.
Some forms of interest bearing in.
debtedness were also made q legal
tender, but all designed to be and
were temporary in their character,
and entered but slightly into circula.
ton. Thus there were ..one and two
year notes, Of which there were is
sued respectively SA,520,OOO and
$l66, 10000; and compound interest
notes, of which $266, ,595, ,44O were is
sued. Temporary loans were made
as the demands of the treasury re-
quired. According to the report of
the Secretary of the Treasury the
public debt reached it's maximum
August 81, 1856, when it amounted to
$2,S45, ,997 ,626, composed as follows:
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

Nes income ON capital. l.."-..-.. Gas. .S25, ,l84
The same capital (thc b0nds) ut per
cent per annum would earn.......... 90, ,069, ,s28
Difference, representing profit on CIR
lnlafian ask QoG
Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-07-31

ATLANTIC CRY, N. j., July 90
The Potter Committee met this morn
ing, aud there was larger number
than usual of auditors. Gen. Sypher
recalled, said he could now say he
had seen Senator Sherman's sigma
ture in autograph albums. Witness
told Of the opposition to Packard in
the convention which nominated him
for Governor, and of the lukewarm-
ness of many prominent republicans
during the canvass, they holding that
undue influences had been exerted "a
secure his nomination. In converse.
tion with republican speakers wit.
ness learned that at Feliciana, Mon.
roe and Shreveport stones were
thrown at them in addition to other
indignities. Witness said to the bes,
Of his recollection he thought when
Weber showed him the Sherman let.
ter it was in the Handwriting of John
Sherman and was therefore genuine
There was no reason why the ma
tiOnal ticket should run behind tn,
State ticket. Many republicans wer.
opposed to the bayonet policy which
uAu IOst tuo several north
ern states and injured the republic
ans of Louisiana. Witness is not
Hayes republican. We were divide,
on Wheeler. He, with his compro
mise sold us out In 1872. We don
believe in compromises in that coun
try, giving everything to our foe
and getting nothing in return.
Il Potter asked whether the alleea
tions Of fraud and intimidation wer
not made after election, and witnes
; replied affirmatively. Charges of in
J timidation were made by republican
in parishes where their vote had fall
: en- of. Witness said the democrat
+ conciliated the coiored people b.
, buying their votes a la New York
I They were very afiectionate toward
! colored men, giving them equality il
I the street cars along with the white
. and In the public schools.
II Ex.Congressman Money testifie,
. that there was NO bulldozing in Mad
) ison in 1876, and the result was tha
the usual republican majority ther
{ was increased over one hundred
. There was NO dispute before the n
!. turning board regarding violence, il