Daily Los Angeles herald., 1879-01-11
specimen Bricks.

charact rized by common sense
si5 "a iotism are disposed to take
esaspine view of the future Of
s e'aaltry, now that our currency
a8as. R lout any coercion or vio-
ioneBs 1ached par, o practical re.
81 p..ol which was anticipated
By Ga business community some
weeks before the time fixed
byit ,r that event to take place.
taa er day we had occasion
1 re5at the extravaganza Of the
Is of q sound currency.
Judge Peel, gentleman who de-
lights to favor his fellow citizens
with his profound views upon vari-
Gus matters and things, appeared
in the Star of the 9th inst, under
his own proper name, In q series of
the most extraordinary misstate.
ments, coupled with virulent epi-
thets applied to his opponents. The
Judge had, in yesterdays Star,
what purported to be reply to our
remarks on his previous lucubra.
tlon. In the last he totally evades
the question at issue. In order
that Judge Peel may know the pre-
else length, depth and breadth of
the absurdity in which he INDUCED
last Sunday, VIC will quote a por.
tion Of his remarks:
Let Us take q common sense
view Of the situation, and see II we
can discover from whence this
great prosperity IL to come. In the
tirst place, the national debt has
not been reduced. The Secretary's
figures show small reduction; but,
~ usual, 1t will be seen when all
the outstanding liabilities Of the
government are presented that we
are . little deeper in debt to-day
than we were twelve months ago,
with this difference against us:
During the past year over four hun
dred millions OF n01-interest bear.
Sng greenbacks, which were used
a. circulating medium in COM
merce, have been taken out of cir
culation. and four hundred mill
lions of interest bearing bonds
have been handed over to the bond
holders, upon which the people
must pay interest in future. There
10 no prosperity In tn'-, nor any
thing that will lead to prosperity.
Here VIZ have a colossal mis-
statement made by man who has
undertaken to instruct the public.
He makes the astonishing aver
ment that four hundred millions Of
grsenbacks have been retired from
circulation by the Secretary of the
Treasury during the past year, aud
replaced by United States interest
bearing bonds; when, as a matter
Of fact, the whole greenback circu.
latlon OF the United States Is many
millions less than the sum named
by Judge Peel as having been re.
tired.
Sensible of his mistake, Judge
Peel, in yesterdays Star. attempts
to shift his ground. 1t appears he
did not mean greenbacks, but Ma
tional Bank notes. He says:
Iu regard to the amount of cur
rency retired, l will suggest to my
friend of the HIRALD that every
National Bank in the United
States, and there are hundreds Of
them. deposited government bonds
with the Treasurer and drew ninety
per cent. of their value in curren-
cy. Upon this currency they went
to banking. From the day that
Congress passed the act to redeem
the first bond, which was payable
In currency. and issue bonds to be
redeemed in gold, these bankers
have been returning their ninety
per cent. in greenbacks and re.
deeming their bonds and exchang-
ing them for bonds payable in
gold. During the past year many
OF these banks have settled up
their accounts with the govern.
ment aud ceased to exist.
The Judge has simply thrown
himself out of the frying pan into
the fire. The sum total of the re-
tirement of National Bank notes
during the past year don't begin
tn amount to tenth OF his four
hundred millions.
s AS an Instructor OF the masses on
-r' finances we can't pro-
Tn his
4