Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-08-07
Tho National Meeting.

Hall, and announced that although
he was not the great expected one
foretold 10y John the Baptist, yet
he was prepared TO advocate, what
is rightly termed, the irredeemable
and population system, as adopted
by the National or so called Green
back party. He stated that he was
stranger, and had no one to in
troduce him, but that he had cheek
enough to introduce himself. He
turned out to be person named
Robinson, from Detroit, and was,
we believe, an hired agent of the
National party. His argument
was, that the hard times and de-
pressed state Of business through
ont the country, were caused Ivy
contracting the circulating curren-
cy from 2,0OO,O00,000 to about
$500, OD0,0 200. To bring about good
times and restore the prosperity Of
the country, he advocated the is
suing of some s2,O00,O00,000 of
paper money. He didn't propose
TO issue paper money rcdeemable
by the government, but to have the
government Issue printed paper,
marked so as to signify that it was
to pass as ono dollar, or five dol
lars, or ten dollars, or n hundred
dollars. Now this, as our readers
will readily understand, is not n
greenback currency, but a low
species of "white horse" currency.
A greenback hears on the face Of
it, promise by the government to
pay its value, in fact it is note
without interest, issued 10y the gov
eminent, and is received by the
people, because they have faith in
the ability of the government to
make good its promises. The
money that the Nationals propose
to have the government issue, is
nothing more nor less than "white
horse" currency which is never to
be paid.
The speaker declared that this
"whitc horse" money was not an
irredeemable currency, but rs every
sensible person can plainly see, it
is nothing else but irredeemable,
and that of the worst kind.
In regard to the immense con-
traction of the currency, and its
disastrous effect, he challenged
a denial, and wanted us "to put it
in pipe and smoke it," This is
what we propose to do, and we
will examine the statement, which
he gave as his principal fact, and
see if it will bare smoking.
To commence with, he places the
amount of currency, in circulation
before the contraction commenced,
at 50, 600, 100000. The official re-
port of the U. S. Treasury Depart
ment, states that the largest cir
culation Of paper money, was in
1865, when it amounted to $685.
31s,6s5. Now which Of the two
statements will our readers believe,
the declaration of the hired orator,
or the official statement of the gov
eminent. We believe that our
readers will give the government
statement the preference. So much
for smoke one.
Mr.. Robinson stated that the
currency had been contracted to
about s3O0,OOO,000. The govern.
ment official statement of the
amount Of paper money in circu-
lation, in 1873, puts the amount at
s6ss,597, 275. Again we ask which
statement viii You take, and we
believe that you will give the gov
eminent the preference. So much
for smoke two.
OF the paper money in circula-
ton in 1873, the government re-
turns, for July, places the amount
of legal tenders, or greenbacks, nj
s346,743,2S3. The remainder oil
the paper money, in present circu-
lation, is nearly all in National
bank notes, the amount, June 80
1878, being s324,514,3S4.
In addition to the s6Ss,000,00(
of paper money in circulation, the
government has coined, since The
passage of the Resumption act
January 25, 1875 and mp to july
10, 1878, the cum Of s52,795,779 IL
silver money. Of which s40,4l4,53t
is in circulation, and the balanc,
was in the Treasury, July 10.
The contraction Of the paper
money can not therefore have beer
more than about $500, 600, 900. and
in connection with the contraction