Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1882-07-22
NORTHERN TRIBUNE.
SATURDAY. JULY %. 1882.
national Bank curreacy.

The following matter-of-fact state
ment from the pen of N. A. Cunning in
regard to the national bank currency,
recently published in the Mason News,
should be read by every citizen interest
ed in an economical and safe monetary
system:
The last issue of the Lansing Journal
contains an article on the currency
question that for clear ignorance and
lack of argument has no equal in its col
umns for many years. claim, with the
facts and figures to substantiate me,
that the national bank currency is the
cheapest currency the nation ever had;
and, also. if it had not been for this cur
rency and what grew out Of it, the war
of the rebellion would never have been
decided in favor of the north. Further,
that it has furnished the government
a revenue over and above its cost. These
are strong grounds and cannot be mis-
taken by the editor of the Journal or any
one else who desires to look into this
question. Money, national debts, and
greenbacks have been discussed from
points not tenable, and it is high time
that republicans took the stand and
claimed that the debt was right, the cur
rency the best we ever had, and defy con-
tradiction. All arguments against these
propositions consist in vague theories
and suggestions as to what might have
been. He states that $350,OO0,OOO of ma
tiOnal bank currency have cost the peo-
pie in interest $772,00O,OOO. How? BY
not having the bonds upon which issue
was made taken up and greenbacks,
without interest, issued instead. why
not keep on and say that the whole ma
oh oh ham
nOn-interest-b bearing greenbacks? Then
he should occupy the same grounds with
the most rampant irredeemable green
hacker.
When this national currency was in
troduced, February, 1863, the nation was
in peril. Greenbacks had been issued
lust the year before, February, 1862, for
the first time. With every issue all kinds
of produce and war material advanced
in price at such rapid rate that 1t SEEM
ed to do no good. Every fresh Install
ment of greenbacks was swallowed up
in the additional margins asked. The
/, LOYALTY of all men, especially men OF
means, was subject of discussion. At
last this system was inaugurated, taking
its inception from the bank of England,
and what was the result? In less than
one wear there were more than five hum
bred banks incorporated. What did these
banks present to the world? Did the ed
itor of the Journal ever stop to cOnsiderp
They said plainly to a doubling and I'M
friendly lot of governments, here are I'VE
hundred business corporations that rep
resent the wealth, business, and enter
prise of the north, who believe and have
faith in the ultimate success Of their
cause, and to prove their sincerity they
have pledged their property for the bonds
of that government and ask you to do
the same.
Would an issue of q hundred millions
of greenbacks at that time have answer
ed the purpOsep No. Our credit would
have sunk deeper and our situation be.
come more perilous. Instead OF that
system of currency costing US $772,O0O,
600, since that time it has paid the gov
eminent for every dollar expended FOL
its benefit and paid into the United
States treasury surplus of sos, 7O6,372
.98. .[See financial report of 1881, page
235.l Facts are stubborn things ant
they generally do away with the greater
portion Ofithis financial b0sh that is be
Ing printed in greenback or fusion pa
papers.