The advocate., 1891-10-14

Il
is sufficient as to the fact that the z
30s and other interest bearing notes
did form a part of the circulating
medium of the country. We will add
some facts relative to the recent claim
that our per capita circulation now
exceeds that at the close of the war.
Mr.. N. A. Dunning, in the BcOmo-
mist of October 3, presents figures
which demonstrate beyond question
the deliberate intention of the Repub-
licsn party to deceive the people upon
this subject by a system Of jugglery
of the most disgrsceful character.
The high Office of secretary of the
treasury is basely prostituted to this
purpose. We will first quote from
this compilation of facts Mr.. Spauld-
ings itemized statement of the money
in circulation when Mr.. Fessenden
became secretary of the treasury in
July, 1864, as follows:
United States notes, greenbacks S43l, ,t7s,67O.s4
Fractional currency. .............. 22,S94,S77.25
Interest bearing legal tender
treasury notes. ................. 1851, ,45O 90
Certificates OF indebtedness. 900. 16O,720,0 10000
National bank notes. .............. 25,826,895 100
State bank circulation not less
than .......................... 135,OOO, 10000
S044, ,1OO,693 90
Seven-thlrty treasury notes. .... 1O0,356, $50 90
Temporary deposits for which GER
tifcateS wereissued .......... 1880, ,191.14
S1Sl, ,6O6S4 1.2S
June 30, 1884, total Initiating paper
ISSueu ACKNOWLEDGEMENTS. @l'iZOSoII1U0 %
John j. Knox, who was comptroller
Of the currency from April "a, 1872,
up to 1884, in his "history of the vsri-
GUS issues of paper money by the gov
ernment Of the United States" gives
the following table Of money in circu-
lation August 81, 1865:
United States legal tender notes. s 433 5000
Compound interest legal tender
notes. Observation-Disclosures. 217.O241 16OO 90
Seven-thirty notes. S3O.OOOOOO 90
Fractional currency. ...........,. 1884, ,742.51
Temporary loans. ................. 10,148713.1 16
Certificates OF lndebtepness. eco. 85,093 10000
Total Observation-Disclosures. $l,732, ,725 41465
This does not include national bank
notes or notes of state banks still in
circulation.
In speech at the meeting of the
American bankers association at Pitts
burg, Pa, in October, 1887, Mr.. Knox
made the following statement:
About four years after the war had commenced,
In August, 1865, the public debt amounted to $2,-
S46, ,9O7, ,426; and included In this huge mountain
Of Indebtedness there were $40, ,OO0 OOc Of treas
ury notes either payable on demand or bearing
interest, OF which more than 81 500, 100000 was
legal tender. II temporary loans, payable in
thirty days, and certificates Of Indebtedness
payable one year after date, should be included
with treasury notes, the whole would amount to
considerably more than threeHfths Of the ST.
100000 Of the debt Of the country.-PdOCS 20
21, proceedings of the convention.
John A. Logan, in speech in the
United States Senate March IL, 1874,
stated the money in circulation in
1866 as 81, ,728, ,872, 2,668, and added:
This money was in circulation in the northern
states alone, exclusive OF the people Of the
south.
This testimony is absolutely incon-
testable, and settles the question re-
specting the currency in circulation