Weekly Chillicothe crisis., 1885-06-04
Sl6O,O0O SHORT.
BAYARD IN ST. LOUIS.
Restore the Fractional Currency and
Empty the Treasury of
Idle Money.

In preceding articles we have shown
why grcenbacks should be substituted
for national bank notes; why the green
hackers are determined to uphold and
defend the recent decision of the Su-
prcme Court; wherein grccnbacks are
superior to any other paper currency,
the ruinOus effects of IN insufficient
volume OF money; and the relation in
which the three political parties stand
to the different kinds OF paper money.
RESTORE THE FRACTIONAL CURRENCY.
Another thing which the Greenback-
ers demand is, the restoration Of tho
fractional currency.
During the war, in order to meet the
demands for something to take the
place of subsidiary silver coin-which
with its twin relic of barbarism had
played the coward and skulked away
to safe hiding placcS--fractional cur
rency was issued to the amount Of about
$4,000, COO. Improved to be the best
and most convenient form of fractional
currency ever used, and was especially
convenient for transmission through the
mails. In fact it grew so constantly in
favor with the people that the amount
was gradually increased until, in 1874,
it reached the sum of Sij, ,g6l, 2gj.
But it was paper money; it was the
peoples moRcy;it paid no profit to J0ah-
erS; 1t did not represent any hyiOck
bonds; therefore it invoked the Cmnity
of the money power, and 4 death war
rant was issued against its existence.
By resolution of Congress July 22nd,
1876, SiO,OOO,OOO Of bonds were issued
for the purchase Of silver to be convert
ed into fractional coinage to take the
place OF the paper fractional currcn-
cy.
The bonds We're issued, and for nine
years the people have been paying
per cent interest upon them.
The people have already paid the
enormous sum Of SlS,0OO,0O for the
privilege Of using an inconvenient sil.
yer coinage instead Of the fractiona,
currency!
In eleven years more the people will
have paid in interest the full amount,
s4QO0O,OOO, and yet will still owe the
principal!
The principal and interest will Gin
eleven years mOrc) amount TO $50, O,OOO,.
OOO-not one dOlldr of Chich need even
have been paid had the fractional cur.
rency been left undisturbcd!
Another thing to be taken into con.
sideration is the fact of loss and abra.
sion. The loss or destruction of piece
OF the fractional currency was Il gain
to the government; the loss or destruc-
tion OF piece of silver is gain to no
one. Upon this question we quote the
following from Moulton's Science of
Money"
"Should anyone lose OF destroy dol.
lar of fractional currency, the govern
ment would gam by the loss. BY this
arrangement Substituting silver for
fractional currency, should the silver
be lost, the individual would not only
lose the same, but also have the pleas.
ure of assisting in paying interest on
the bond at the rate of five cents n yeal
and eventually in paying for the bull
lion. Suppose the bond should run
twenty years. BY the first
operation the individual loses
$l.O0; the government gains Sl.00; the
nation and the bondholder neither gair
or lose. By the second method the in
diyidual loses Sl,00, the nation $500
making $500 total, to offset which tht
government receives the original loar
which gave rise to the paper currenc,
ut first. The loss to the individual /
the same in both cases; Che loss to tn,
nation is nothing in the case of th,
paper, but is one dollar of usury ant
one of bullion in the other"
This eighty millions is tribute whicl
the people are compelled to pay to tn,
fool and knave iinanciers who sat il
our halls of Congress.
II the question could be submitted t,
vote of the people to-day uninllu
enced by the howls and misrepresenta
tons of the bankers and bondholders
press-the fractional currency woul,
be restored by an overwhelming vote
EMPTY THE TREASURY OF IDLE MON
Another thing which Greenbacker
demand is the putting into circulation
OF the idle money that is in the Unitet
States treasury.
According to the report of the treas
ury department there IS aow IN IN
treasury s4S3, ,S32, ,566.
This is fact that cannot he blotte,