Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-07-26
s7o4,2Is,O3s

Notes Of State Banks 65 0oO 0OC
$7o4, ,2ls ,O3s
In addition to the United States notes
there were, also, outstanding S32. $50. 900
five per cent. treasury notes and SI73.O12..
l4O compound interest notes, of which il
would doubtless he safe to estimate that
30,000,000 were in circulation rs currencv"
So, then, the head of the Treasury De-
partment, and certainly the highest au.
ihorty on this subject, says that the sup.
ply OF money at the close of the war was
S734'2lS.O3S. The fraud perpetrated on
the public by the Nationals is in adding
to the currency proper about billion and
two hundred million dollars in bonds
which were not legal tender and did not
enter into circulation as currency. Every
sort OF bonds is, to-day, used in payment
OF debts and in the transactions of trade !.
30 are bank checks, promissory notes. mort.
cages, corporate stocks and other evidences
of debt or value, and they can M Justly be
clasSed as part OF our circulation medium
ms the kind of bonds which the Nationals
use to swell the currency in 1865. Berkey
admits, as will be noticed, that of the large
amount OF bonds and certificates of indeLt-
edness which he classes with the currency.
only the compound interest" (S2l7 .O24.-
l60) and Treasury FIVE per cents" 1885,
536,99l) were legal tenders, and McCul.
loch says, as qUoled, that only $50, ,OOO.-
600 Of both CLASSES "were in circulation as
currency" McCulloch had every induce
ment to make the fullest showing at that
time, for in that year he first urged upon
Congress the need of contraction and a
speedy return to a financial policy that
would make every dollar worth 100 cents
to rich and poor alike, every day in the
year.
WONDER.
But admitting that McCulloch lied when
| policy urged a showing of "the whole
TRUTH" the Nationals are still confronted
with triumphant contradiction of their
shameless deceptions. The "three-year
treasury notes 1880 000, ,000) mentioned
by Berkey and all infiationists. became
due as follows: S300000000 in August.
1867, and S530,000,000 in June and july
1868. The Secretary says they were paid
in long time bonds at their maturity. be-
sides large part Of other temporary bonds.
making nearly a billion in ALL Berkey
himself says that "these notes were called
in prior to 1868" Now, every reader will
admit that our greatest apparent prosperity
was from 1868 to the autumn Of 1873. So
it appears that Immediately folio,rino the
greatest contraction in our history came frs
years Of our greatest thrift that in the short
space OF two years volume Of "currency"
greater than our entire paper money for
1878 was suddenly destroyed and after
the aking of all this blood how Young
America grew.
THE TRUTH
is, there has been but a small variation in
the volume of money, ma will be seen by
the following table prepared by response
BILE officer, the chief of the Bureau of
Statistics, on November 10th, 1877:
ls66...-- sos, ,o3l 900 S72......$73I s55 Ooe
ls67...... 695o9 OOoIIs73...... 74O, ,799 900
lS6S''''' 67S,745 900 IS74..".. 777 .53s 900 |
lS69'..... 676 sos 600 l875...... 769 $40 Il9 |
lS70..-... $50 s7s 600 llS78...... 7l7.24l,9I2
lS7l"''.. 72l, ,582. .Oe0I ls77...... 6s9.6Is,57s |
The above figures include greenbacks |
fractional currency and bank notes.
Add to the last figures 5000 ,0OO, 900 in |
gold, now in banks and the treasury, ready |
for circulation the moment preenbacks !
rise to par, and we have in this wear of |
trlbulation greater supply of money |
than ever before. The Resumption law |
is to be credited with having clipped |
the premiums from these gold dollars
lars and placed so large n pile within our
reach. The fact is that Republican
Congress, by voted of 127 yeas TO 80
nays, stopped all further contra ction by
the passage OF the following law, January
22d 1868:
" BE It enacted, that from and after The passage
NJ this act, the further reduction Of The cur
rency, by retiring or cancelling United States
notes (greenbacksl shall bs and hereby is pro.
hibited."
But, doubt not, that the National lead
ers will still repeat to their pitiabe follow
ers the falsehood that contraction contin.
ned down to the hour Of the collapse i'm
1873, and that it was the cause thereof.
both DEMOCRATS AND REPUBLICANS
are responsible for ali contraction. great or
'mal ll,previous to 1868. With McCulloch's
report containing the statement of the sum
ply OF currency, | have q0led, before their
ayes, the House of Representatives, on De-
,ember 18th, 1860, passed the following
resolution by vote of l44 yeas to 6 nays
Rssoi0ed- That this L0use cordially eoneHrs in
he views of the Secretary Of the Treasury 10
relation To the ReeessIy Oi a contraction Of the
currency"
The following Democrats are among the
yeas: Voorhees,, Kerr and Nibluck of II
Indiana; j NJ. Ashley, then Republican,.
Finck, of Ohio-Le Bond did not vote; s.
X. Randall, now Speaker; Eldridge and
of Wisconsin Ross and Thorn
on, OF Illinois. The hard times came nj
he height Of expansion. Then both par.
les agreed in saving the wreck by issuing
till more money, and at once S26, 900 900
more grcenbacks were given t0 the storm.
This did no good, Then both parties
lgreed ON resumption of specie payments.
The Republicans passed the Resumption
aw. The Democrats opposed il because
I did not hasten resumption fast encuqh as
declared at their ST. Louis Convention.
The law made banking free and author
zed the destruction OF SO in greenbacks
,nly when there is first issued $40 in Ma.
iunal Bank paper. Sam Carey, the Cicero
Il Nationals, said, in 1875, that this very {
aw provided for she wiidest inGatiOn."
IN TOLEDO
ct ms sec il il is scarcity Of money that
eeps the laborer idle and prevents our
leblors squaring their accounts. The re.
growth Of Tuledo in 1870 and
lie wonderful activity of her interests that
ear is we'll remembered. We will com
nre our money supply that year with
S77, the latest date OF the banks Off.
ial returns. and year of as much dis.
ress as any. For 1870, the figures are US
blows;
Circulation
including S
DEPOSITS. Greenb'ks. =
irst National Rank sl3l 1853 S269 658 Il
econd National Bank 80. 2ll.665 2lO, 500 7
OledO National Bank 80. III 3gT 3OB 36A Al