Ottumwa weekly courier., 1878-08-07

thing, stands upon the same financial
policy with them--is either greatly
deceived, as many are, or is madly
blinded by an ambition that withers
all his promptings toward the right.
Another Weaver Misstatement.
We have given much space to the
correction of Weaver's statements,
because the mis-statements are serious
ones and there are those who may be
misled by them. We ask careful at
tention to it and after having done so
let every reader Judge for himself
whether it was an error the General
fell into himself, or a studied effort on
his part to most wofully deceive his
hearers, and to this feature of the case
we invite candid, unbiased, but yet
rigorous judgment. Here is a full
extract from his speech at Newton,
Ia, on the evening of June 10Th last:
at will be seen that this is true by
reference to the law. BY the act OF
Jan. IA, 1915, page II, report Of the
treasurer for 1876, the limit to the
volume of national bank currency
was repealed, and the volume left to
be determined by the wants of the
country. The law of 1874 authorizes
the banks to withdraw their currency
in whole or in part; and by the act
known as the resumption act they
have the authority to initiate the cur
rency to any amount they please, an
unlimited amount. Now that is a
dangerous power. In theory we will
at once reject it. This system would
be rejected by any business man. We
have had it in vogue since 1874. We
have had it in operation under a gen.
eral banking law. We have had ii
since the passage of the law in 1874
down to the present time SO far as
affecting the volume of currency is
concerned. On page 66 of the treas
urer's report for 1877 we find that on
the 18th of December Congress passed
a law to regulate this contraction OF
the currency. The gentleman then
read from said report showing the
amount of contraction of currency fol-
the years II, 10, ia, IA, 10, '76, as
follows: Destruction of the currency
for the year 1871, $24,3A,0i7; 1872,
$50, ,21l, ,720; 1873, $36, ,433, iii; 1874,
s49, ,939,64l; 1875, sl37,697 ,G96; 1876,
sos, ,S40,O6s.'
You see it is a very elastic currency
Under these two laws they have the
right to initiate or expand the volume
of the currency. Here right in the
midst of financial trouble and dis.
tress, and this banking law organized
for the laudable purpose of aiding the
people in their distress, these banks
under that law, and empowered by
that law, contract the circulating me-
dunn, right in the midst of all this dis
tress. Since the panic began we have
been having a fearful contraction O.
the currency under the banking sys
tenn. This is dangerous power which
you will not long continue if you Car
get rid of it, and the way to get rid o
it is to vote for men who are opposed
to it-opposed to this national banl
system. That is the way to get rit
of it, and you will never get rid of j
by voting for republicans who stant
pledged to perpetuate that system, ant
stand pledged to perpetuate the pub
lie debt"
The above extract contains full
and clear statement of the subiec
J matter to which we desire to refer
and nowhere else in that speech doe
he qualify what he says above or il
any sense alter the meaning plainl
deduceable from the extract.
Now reader how much did the Ger
eral tell the people the national ban
money had been contracted in the 81
years he names? We have footed u
tiie amounts given ulic conrractio
: of the currency for each year, an
l find the sum to be 1877 ,466, ,435. Wi
4 any sane man deny that Gen. Weave
l represented to that audience an
> sought to make them believe that nj
tional bank notes, during these 81
!, years, had been reduced in amour
over 377 900, 900: Certainly not. Wi
a any sane man say that man of Gei
. Weaver's intelligence did not kno'
, when he told this tale to his Newto
q audience, about how much bank note
: were in circulation? No; he did kno'
beyond question. Well then? TIL
government has never had $377 600
900 national bank notes in circulation
: and if there had been such contra
ton as the General stated there woul
: have been necessity to issue SON
i, more to make up the Generals COZ
! traction figures. There was outstant
. ing June 30, 1878, Of national ban
notes, according to the official stat
: ment of the department., 1924, ,5l4 %
@ There was outstanding June 80, 1s7
: by the same authority, s299, 500 ,G2
and on June 80, 1871, $3lS, S,26l ,24l.
, we see that instead of a contractio
/, there has been an increase of frol
six to twenty-five millions during I'll
years named.
: But again, the same report the Gel
i eral read from showed the fact tn;
V the volume of currency had increased
:, and showed that he was retiring MOI
greenbacks than ever were in circul
q ton, besides that same report shove
e that the redemption of these old not
e was simply replacing of them wit
new ones. This he does not state. Di
3 he mean to conceal the fact? Reade
r judge for yourself. James Gilfillal
e then Treasurer of the United State
!. on the 1st day of November, 1877
S made report to the Secretary, an
e which forms part of the Secretary
$ report, as follows, touching this ma
0 ter of redemption, for single year:
: "Of the amount redeemed and a
: sorted $l5l ,342, 200 being fit for circ1
l lation was returned to the bank
: while 500, ,51S, 600 being unfit for circul
ton, was delivered to the Comptrol
er of the Currency for destruction an
replacement of new notes."
Now, all this was before the Gene
al, in the same book he was readiI
> from. He has been for several yea
. studying these financial tables; |
certainly has some intelligence, an
again we ask, did heknowingly, vii
fully seek to deceive his audience,
{ was he himself deceived? The Gel
r erals attack upon the system of banl
0 ing is as fallacious as his figures, bl
t we must defer attending to that nov
as our article is quite long enough.
o The State Leader Speaks--lt Is n,
/, Happy.
/ Last Saturday, the fourth day aft
n the democratic convention was he
that nominated Gillette for Congress
q the State Leader, the State democla
ic organ as well as the organ Of Il
, Seventh congressional district, ha
: reflected and finally it spoke out i
2 well-digested thoughts. 1t is decidet
n ly cool on Gillette. We are profount
: ly sorry. We are sorry, because "
: very much desire the bartering, gan
Al