Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-09-27
Democratic Deception---Briok PomeroY's
Financial Figures.

In order to establish the charge that
the financial panic was the result of an
enormous contraction of the currency
a most extraordinary manipulation of
figures has been employed. For ex-
ample, in Brick Pomeroy's manuel
of american Finance, page 81, in order
to swell the circulation in 1864-'66 to
over 81, ,SO0,O00 00,O0O of greenback and
and fractional currency, the following
tables are furnished:
aREENBAcK-cURRENcY STATEMENT.
U. s. notes of January 80, 1874 S43l l7S, "a
u. y. notes of January ~, 1857. 42,6S7, ,966.0O
u. s. notes of October l. 1865. 42sO60, $50 90
U. =. notes of January l, 1866. 426,23l ,3S9.7
Total. us 25s, ,595.59
The amounts of fractional currency
outstanding at the same dates were as
follows:
Fractional and postal currency of
Fractional and postal currency of
june 80, 1865 49,. ..........,... 25OO5, ,S2s.76
fractional and postal currency of
October 80, 1866 ............... 26,O57, 1920
January l. 1866. 6..............,.. 26,OOO, 81
Total. 1OO,C5s, ,595 SO
Grand total. al...................S1 81 SI8 317 l9l AZ
In this fraud to deceive the ignorant
the currency claimed to have been out
standing at four different periods is
added together and a grand total of
four times the actual amount is the
result. On the same plan of counting,
if Brick Pomeroy should at four dif-
ferent times mark down his wife and
four children and add up the result he
would find himself to be the husband
of four wives and father of sixteen
children. Yet his manual is accepted
as standard work on American
Finance" and the figures are quoted
by Greenback and Democratic writers
and speakers.
But Cary, of Ohio, goes one better
than Pomeroy and includes the gray
backs (Confederate) in counting up the
amount of currency in circulation in
1865. Hear him:
Now, my friends, what has been
the contraction of the circulating me-
dunn? In 1865 there were S57 of cir
culating medium for every man, woman
and child in the United States. That
embraces greenbacks, graybacks, one
year notes, two-year notes, the COM
pound-interest notes, the certificates of
Indebtedness and the seven-thirties
How much have we to-day? Nominally
we have about Sl4; really, only about
$12 per head. Why do | say really?
Because there is hundred millions all
the time in the treasury of the United
States. Banks are required to keep 15
per cent. of their circulation in their
vaults"
Counting in the Confederate .'gray-
backs" may be all right. 1t has never
been contracted. Not dollar of it has
been paid. A barrel of eggs was sent a
few weeks ago from Virginia to mar
ket packed in Confederate graybacks,
they being more convenient and cheap
er than wheat chaff Cary counts in
Confederate graybacks, 7-30 bonds, GER
tificates of Indebtedness, ETC., in or
der to swell the per capita to S57,
and then knocks it down by contrac-
ton of the currency to $12. Now it is
well known that at no period in the
history of the nation has the total
amount of the currency .(paper and
coim exceeded S22.5O per capita, and
that is just about the volume at the
present time. Mr.. Cary will require
either to correct his figures or submit
to the grave charge of willful attempt
to deceive the people.