The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-05-17

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THE nifsssal sss#sssls tsts fssfn sisasssAssss.
~ stessHuss' iissa waa A. ft.lIa~s,
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s~fssHwssss "a iHas sAseANsSs ii sssa -
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~ fsssAsst Hss&s katsssA -
'Tss*aH8 ~. HMats8 s@sttA8F@fs4 lssA4a -
NV ios tlr urusf that The sht,rgrn
isstns II the alasr ssAi.mrnt constitute.
,att III th. currency NJ the time nsm.,l
Ahpnl the ilrst fnnr items thsre ran In
nn dispute.
1laht lhe TN notes rs,hatitni.sl ratl
~ tlr currency III that time W. eniinl
the following testimony
|. Hon 4, T. spinner. then Treasury
NJ the United Ntst.s, says: aThr ..3t
treasury notes ~ere iniemlsd, prepared,
is@n.I nnd usc.l ~ currency. !
q President tirani, In his message al
December, is1a, saia.
During the last four years sffpm t.l
~ III the currency Inns bccn contracted
wv thc withdrawal of The y per rrns, der
hiicaies, compuunl.intcrest nolcs and
no bonds outstanding on the lsh ii
March, iAtip, oil Of which took the place
~ legal tender In tho hank rservrs te
the extent VI ssjIO, ,OOO, GO"
Il, Hon. w. L. Fcs~en,ieM, Secretary
~ The Treasury ia 1864, In an Official
communication, says. This statement
nlao shows the currency items operating
70 initiate prices m follows Aud here
follows Hat III NIL TIC disputed items In
our statement. including thu 1.:IO notes. !
And Secretary Fcssenlcn concludes with
these words and figures: up 10 June
30. isGI, total imitation paper issued,
OIL, la5, NJ, ,O3t." iScc Hpani,ing's His.
tory u Legal Ten.lor, y. los.
4. Hon. II. u. Hpaml.ling. author Of
the llistory of Legal Tender" an.i
Member of Congress In lsG2B and for
years afterward, in tho above. named
work says. "All of tho channels of
circulation were wcll.fillcd NJ with
Rr.cnhack notes. Compound interest
notes, certificates Of indebtedness, etc.,
before the National. liank net got fairly
into operation, ]"
4, Tho following /. tho testimony of
one of tho members of Il prominent
New York firm, In response 10 4 spe.
citie inquiry fron tho editor OF the IL.
ter Ocean, Chiengo:
ot,icw y, TnAruAars. HrsrtH A Co..
Nos. A'r. ttn snd s01 hn~xMy,
NV Noak. Ans.e.
Referring ~ Your note os the ssh inst, Ash
Inv II IN my experience the "ro-ealled 7-aO
treasury nntcs, di or did not circulate a. money
IN the ordinary transactions of commerce..
hasu t. say that they did 80 circulate. and ~tr.
rucetscd atid pAid with thu same freedom ~ tho
.reonhaek. we're, and to All intonis aud pnr.
posua formed part nf thu circulating medium
~ tho country. cMAn. i. Hrsrfn.
u. The following In the testimony OF
a gentleman ri large experience NJ iner.
chant, manufacturer, banker and Mem.
ber of Congress, elected In tho same
manner m above
risrr NATIONAL HasN.,
EttfAHstu, ". L., Aug. ~. i
In compliance with Your request uf the sth
Inst. that should define tho relative position
of tho 10 treasury inlss 10 tho general ,oI.
uinu III currency Ii, inGb. | have III SAY that
WAS then dali, M tlia habit of receiving aud
paying pist the ssne III the conduct u my
dtnAry business, thu nHine ~ greenbAeks, aud
esteemed their peculiar characteristics lbcing
conducive ~ elasticity m not ouly forming 4
currency h,il carrei,e, of especial merit.
AMOS CLARK.
We think this array oi testimony with
n gard 10 ,hc character aud uae made OF
the 7.30 notes as sufficient 10 convince
any one less stupid than mn ANA that
they constituted a part of the currency.
These 7.aO notes have NIL been converted
into coin-bcAring bonds, and most of
them now liz IN the vaults Of the foreign
Hhylocks.
With regard 10 the compound. interest
noter ia addition 10 what il above nl-
Lucc.l, VT have only to say:
|. They were made legal tender for
the express pnrpose Of qualifying them
to pay debts and circulate NJ money.
That il what lcgnl tender means.
Z. They did circulate among the pco.
pie. There IN scarcely merchant who,
n In business In lh65 q, did not handle
them, receive them, and pay them out
m money.
The 4 per cclt. certificates were also
legal tender for thu same purpose, were
used III tho snmr manner by the people
and were NJ considered by officials of
the Treasury Department, In their on.
cial communications.
Tho latest official ngnrcs we have nj
hand In regard 10 the circulation mrc
tllnHe given below:
tMu. NJ ~ CIRCULATING MsntN strr. I. 1877.
ttfttHbaeks outstanding .4.t4ftt.s...4e Ms,0u,tuT
Prse.iopsl snrrc,,.s. ,neinana silver. a,iia,iit
Tatal sept. 4, in1I ..ss.,a.t4...t T.9Nsa, ,.as
.su',s.''aa iro'. sep' !, 'rea, y Her', =. u. Il.
In the inc II tin fgures mud testi.
n,ony VA have presented II seems i'm.
possible that nny ono should declare
tlat there hna been no contraction III tile
currency hnt such declarations arc
made and W. ARE required To meet thcm.
And here IL tho other side of the pict.
nrc which will nhow for whose benefit
this systematic robbery III TIN people is
being made:
Tl.r bonded indebtedness II the Unit.
ed States On thc Jlst II Octol,rr, 1896,
wins.
MI per cent. honds ..,..t.. ....s.s.t glase2,aia
fsss per esi's. hsilsls 9iss0I, ~,
IosAI honds /. Id 7dD. .Gi7
On which the yearly intcrrst, tho
greater part of which was payable In
legal-ten.lcr notes, md not In gold, was
m follows:
uu per rvnt, hutsds t.,4.....tt,, T5J 7ao ~
TN psr eent. butisls ts4..,..,.ttt fuyiu, tSs 1A
Annual interest IN boii,ls taT GAt. .iua. N
According 70 the pnblic-drbt state-
mcnt for Ang. III. 1877. tho total bonded
indcbtnesx II the country was m fol.
lows:
MI per rsnt. bonds tsit AL ,u6O M
flss psr srnt. hutslA. .tt4.t,..... TUa 2d AAD tAl
tuurs Ands a-hAt per rent. hutds IN, I'M tOI. ~
~~~.~ @s=s
fuai ai....,s,tt9s.s,t,s.., u, ,fs, MI Ttsl ts
On which the yearly Interest is:
TN t4r cent. bonds I'm NIL al ~
I'm pFT rFus, banHs tss.ss.,t.ssst.t hoslA1s3j1tW
Tn N rsr cent bond~ .4s.s,.....tt,. v.Jls Mu.eu
sa~sm& &4ms~@
Tslai ...,..t........st.,..t.. WI. .Jts tat. .s4
nHaArlIlf AffpN