The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-09-25

= s
} And I'll bet he will. haint afraii
, to bet ten cent bill, that that ma,
j ,Von'tlneyer open his mouth 10 M
q again shout PLEAsuRE ExErr1oN.-
SIfPetersons Magazine.
CONTRADICTION AND THE PANIC.
eaT sherman w.. sherAaa.
In his speech delivered at Gallipolii
General Ewing paid his respects te
Secretary, Sherman and showed from
the Secretary's report that there wal
an imitation and not contraction oi
the currency from. 1866 to 1873 the
year of the panic. General Ewing
said: II StllG Z e|Il1TT II
Mr.. Sherman attempts to make me
appear ridfcnlo ds by asserting that l
attributed the panic of 1873 to the Re-
sumption Act of 1875. That is not q
perversion Of any thing ever said,
but merely q pure invenfion.f 1 have
4 always attributed the panic of 1873 in
chief part to the contraction of the
currency which went on steadily after
1886, causing an expansion Of credits
10 take the place OF diminishing cur
repcy, which credits collapsed in the
panic. -az,,....... s.eg....,,s~.zt
I But Mr., Sherman saws sthe famount
of paper money outstanding on the
30th Of Juno, 1868, was more than it
was on the 3Oth of June, 1865; the
amonnt on the Both of June, 1873, was
$749, 10000, and on the 3Oth Of June,
/ 4 eAsDsD <sf,fN, q III
this assertion by quoting from his
| report, issued from the Treasury De.
partment on the Ist of .Jnlv Last oiv-
| ing the sstotal amount of currency ont
standing at various dates. as follows
June 30. 1885. sasa a,s ooo
june 80. 900
Toto, contr,et;on e2aa 9ss mn
Show;ny d;frarenca hotw co., NJ
Sherr,s,,,s ststorc a. .S"o.c..., ~. .'
tho la.h ~ Tn,s ana he ~ sta.ao,.. ] on
s.nmn-orstor tho OOH - Of n".a. 90 s
over S99a nm mn --- 70. y.
mi thara sra two k;nd. ~ .o,.-
finn hoth ennallv effact;ve ;,, shr;nE-
inc val,,aa. nne 10 hv actnor rAs1nct;or
of the cnrrencv. the othar' he tho
growth of bnsiness the cnrrencv "a.
ma;niny stationarv Tho damand of
hns;nass for c,,rroncu ma " 10 esa;,us,l
10 increase annroximaeajv in nronor-
lion to increase nonniasiGn The 81.
mai cnrrencv in 1858 accord;ng tn th;s
Treasnrv .sfatememt of Mr. SSorman
was sos ner can;ta wb;Ia tbs ac,na1
currency in 1S72 hv the ss,na sstota.
ment. was bnt Si7.S5 ner can;ta he.
inc a reduction of over ona.third
Refore the controction IF onr .,-
rencv onr neonIa ana onr c;s;as ena
our Countries were verv little in debit
as statistics and records and exner.
ience attest. with the contract;nn
which followed mn to 1874 came the
expansion Of credits to ma;ntajr hns;.
ness. The. enormous Grants by the |
Republican partv of public lands to |
promote the premature constrnction
of RAILWAYS combined with this ex-
pausion Of credits to bring on The col.
lapse of l273. from which the conntrv
"a Mr.. Sherman. stated in his sneech
in the Senate in 1874. had in effect re.
covered. when the demonetizat;nn of
silvar And forced resnmnfion in ooid
eet in motion the ainfiuences which
have ahrnnk nrices. naraIvzad indns.
trv and confiscated the nronertv of
debtors and tax.payers.
Mr.. Sherman asserts that not only
had we more currency in 1873 than at
the close of the war, but that we now
have more than we ever had. In this
Treasury Department abatement OF
The lst Of July last he gives thst the
Total circulation ct $743, Sol 600 on the
Let of July, 1879. which is about $14..
81 per capita, as against Sl785 per
.apita on the same day in 1873, and
e28 on the same day in 1865. This
statement Of the, currency now out.
includes $74, GOO, 600 of green.
Dacks withdrawn from circulation and
boarded in the Treasury, and $l25,-
10000 which the COMPTROLLER of the
Currency in his speech TO the Nation.
h Rankers Al Saratora last month saws
Ire boarded bv National Banks. Nj.
sherman Atteinr,ts to snstainR his "a.
,erfion that the cnrrancve is greater ,
,ow than ever hv addino tn the Vol.
,ms now afioat ali the coin In the
rreasurv held for redemption. He
nfoht ii,at as reasonably cf,nnti thel '
,nid In the mountainsy > The coin will {
;tav in the Treasnrv until the, oreen- !
,acks are snrrendered to take its nlace.t r,
md then the oreenbacks will stav' in
,nt;l .tHa coin comes hack again
Nhan ora, 20 .srcnaat; !; no,ythas ntber ia q
,oardad. ana hoth .can not ha conntea ,
8 mart If the c;rcnla,;on !.
Mr Sherno -, nnw asserta tibcsSt tibcSt thart
,s ~ ~ '1a7a ,ras co,snd hv1an
l.taS and ;-roSoswoh,a su.rsncr 9
Lo =. h:s s.a""L 80 IT, Irs;,:., l.
49,. San.4a 49, -, .ha ,c.,. ~
Isnnsrv 2 % 1s71 IN % wh;cb III ha S ssvs s1 ..Mr -
3-rs;SaS. .fi -" a:t;a.. {
a;.a, .s' ~ .nI ,..s "a. :. y, no 3. ,h
...;. .hat I ~. - .,Ssssa nrnr..na, ",,,.n o
,a.l. -. . ~ 800 10 f~s.Su na'an ~ 0hou~aa c
10 n.n;c mon the n"rrencv Gndaod G
"o PAM "PvtA Sn0 fl.oous