National Republican., 1888-01-11
A Fnlaa statament.

An official statement is made from the
Treasury Department saying there was an
increase in circulation from Jan. 1, 1887, to
Jan. /, 1855, OF S65, SIS 306. 1t proves this
by the following figures
In circulation Jan. l. 1ss7,".."". 81, ,3ls, ,0o6 539
In circulation Jan. 1, lSsS."""". 1881 i,Iji739
Senator Morgan, of Alabama, is good
Democratic authority, and he said In
speech last summer In his own state that
the Treasury Department put out state
ments that were false and intended to de-
celve the public.
The statement given above is one Of that
class--at least, II is not true, and, II be-
lleved, would deceive the public. All the
money locked up in the treasury Is In
cluded as "in circulation" when, In fact, VI
is no more "ln circulation" than II the gold
and silver part Of It was still resting in the
ore beds and the paper money was still in
the pulp and unmsnufactured, aud the
treasury officials know this to be true.
The true amount Of the currency "ln cir
culatlon" at the dates named can be ar
rived at, first by taking the figures given
above and deducting from them the amounts
in the treasury at these dates, as follows;
In circulation Jan. /, lss7".....s1 ,Sls, ,5sS
Less amount in treasury....,..". iei,S6l,95i
Total. ACKNOWLEDGEMENTS. S23Ii,6I9
In circulation Jan. !, 1883. ...".sl, ,SSi, ,i5iI39
Less amount In treasury y"..","."." 6i2,6in2Oo
Total. 74l,sli5S9
1t will be seen by these figures that there
was 'in circulation Jan. /, 1857, S23,6ti,-
| so, and on Jan. l, 1855, only S74l ,S14, $50
that is, decrease OF Ssl $50, ,04O instead OF
an increase OF $s5, ,5ls,3O6 This slight ~
| difference OF $i47,3iS 3i6 from the existing
fact may be considered small matter By
the Democratic Secretary of the Treasury
| but the people feel II In the contraction Of
values and the stringency Of money.
1t may be a small matter for the treasury
officials In official documents over their
own signatures to endeavor to deceive the
| people, but Senator Morgan was right 10
his assertion, and the figures given above,
which are all from official reports, prove it.
But even the amount stated above, SAL,
Sl4,530, does not show the actual amount
sin circulation" The law requires that the
national banks shall keep certain amount
as reserve, which fund will reduce the
actual cash In the hands OF the banks and
the people to less than $70O,0OO,000, an
amount utterly inadequate to the needs Of
the people, and not more than Sli per
capita.
Let the people remember that on the 4th
of March, when the Democrats assumed
power, according to Secretary Manning
there was 1879, 166 1853 In the Treasury De
partment, and that, according to Secretary
Faircbild, there is now $642 $40, 200 in the
treasury. The difference between these two
sums shows the amount the currency hai
been contracted by this administration.
TtOO hundred and sirty three million, .fou
hundred and serenity three thousand, eigh
hundred and forty-,eyen dollars, ($263, 3,473,
s47), is the sum distracted from the circu
lation of the country by this Democrat,
administration.
The Democrats are valnly endeavoril!
to fix the responsibility of this contraction
upon the Republicans. They say 1t is th,
result Of laws passed by Republicans.
is true that the money was collected
under wise laws passed by the Republicans
but the same laws have been In exlstenc
for years, and the figures given show tina
no such accumulations occurred unde
Republican rule.
1t is failure to execute laws passed b.
Republicans that has caused the accumula
tion; besides which, the Democrats. .hav
been in power, with the exception Of two
for sixteen years In the House of Repre-
sentatiyes, which alone has power to origi
nate revenue legislation, and it has don
nothing to reduce the revenues.
The vast volume OF r,nuey accumulatet
In the treas"iy, which, IL in circulation
would render money abundant and cheap
has been Withdrawn because of the in
efficiency of our Democratic rulers. LIE
the people hold them responsible.