River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-04-25
GREENBACKS.
BY A. EARTHMAN

The reports of the local elections,
lately held, are proof of the fact that
the GreenbackerS are aSsiduouSly at
work to advance their cause, while
the friends of an honest currency and
a safe financial policy are content with
folding their hands and quietly look
ing on. Is this the proper course to
pursue We believe that, if the mass
es who have neither time nor opportu-
nifty to give the financial problem that
close, scrutiniZing investigation which
the subject demands, are informed as
to the precise condition of things, the
greenback cause must fall of it's own
weight. This information cannot be
spread by inaction ON the part of those
who deprecate the idea. OF, flooding the
country with an irredeemabie paper
currency; by no means. What is re-
quired, is work-constant, incessant
work. We may as we'll understand,
that the advocates of cheap money are,
by no means, satisfied with the passage
of the silver bill; this they consider
simply the entering wedge, to be fol-
lowed by other, more momentous
measures.
To this end no stone is left unturned.
The most unmitigated falsehoods are
iterated and reiterated with persls-
tency worthy of a better cause. The
| words of officials, the official records
the fact and figures contained In those
records, are twisted and contorted and
belied in a manner astonishing to all
who have any regard for historic truth.
To illustrate
The hard times through which we
have passed, are ascribed to the con-
traction of the currency; and for
proof, we are told by Greenbackers
throughout the land, that the report
of the U. s. Treasury Department for
1855 shows the existence of paper
money in the country to the amount
of 81 ,0OS, 647 400; and that ~ 1877 the
report shows only 1924, S2S.294 This
statement is paraded before the peo-
pie as fact, and people are asked TO
| believe it.
Let us investigate these figures. In
| the report of the Comptroller of the
Currency, accompanying the report OF
the Secretary of the Treasury, are found
these items Legal-tender : Notes,
1892, ISL, 604 /; Old Demand Notes,
S402, 965: Fractional Currency, S2o,-
344. 742: making total of U. S. cur
rency of $3.50, 505,3I1, on the first OF
January, 1866. The same report
| shows that the notes of National Banks
including Gold Notes, amounted to
| SI76, 2l3, 955 thus making an aggre-
gate paper currency of 1888, ~, 700, or
/ only one-third of the amount men-
toned by our greenback friends. FOR
| the year 1877, the Comptroller reports:
Legal-tender Notes, 1854, 400, S92, oid
| Demand Notes. &63, 702; Fractional
Currency, SIS. 1852, SIS; National Bank
Notes, including Gold Notes. S31o, 2ot,-
23I: thus making total of S69i, If
/ 400. on S55, 394, I34 more in 1877 than
| in 1865.
Atno time in our nations history
has the circulation of paper money
4 amounted to the sum given by Green
hackers it reached its highest at the
close Of 1874 when it amounted 10
$751;. 591, 165.
The above is only one of the many
unwarranted statements made by the
advocates of irredeemable paper cur
rency-statements which, unless con-
/ tradicted, undoubtedly find many be-
1 levers. Others of the same sort may
be considered hereafter.