The advocate., 1891-08-05
The amount and kind of currency June


Two year notes due 1868. ......... 9,4l5,25O %
COMPOUND interest notes. ........ 150,Ol2,l4OUV
Seven-thirty notes. ..,......... SO6,20l ,oS0VO
Temporary loan, ten days ..,.., 12O,l76,lS6VO
Certificates OF Indebtedness. 26,S9l, ,OO0OO
United States notes (greenbackS) 40O,S9l gS6AOO
Fractional currency .,.,.......... NIO,6l0UV
Gold certificates. eS.................. 1O,1lAlSO W
National bank notes. ............. 2V4s0dS,SlOVO
Total 9, ,S6S, ,4O9, ,2l6O 90
Population, S5,s10,2S1; per capita,
$52.O1.
Now we propose to offer the Capital
Republican testimony of such unlm-
peachable character, that either the
Capital must acknowledge that the
secretary of the treasury was In error
when he said that the circulation on
above date was only $235O per capita; or
else perform the impossible feat of sub
tracing o greater number from lesser
number and yet have goodly number
left as a remainder.
The Chicago Inter Ocean of June %,
1870, said:
So the sESinkage went ON at the beck and
bid of the money power, till the volume had
been contracted 81, ,2S0, ,990,086.
Now 81, ,23O990OS6 divided among 35,-
819,281 population is $34.36 per capita,
and it devolves upon the Capital to
demonstrate how $34.36 can be taken
from $93.5O. More than that-much
more indeed-as all the notes, bonds, ETC.,
that Senator PETER claims were In Circu-
lation as money, as we'll as all that the
Capital comedies a0Gs money, amounted
to but $52O1 per capita; and deduction
Of $34.36 from that amount leaves but
SITS. The Capital Is In the soup,no mat
which horn of the dilemma 1t elects to
impale itself upon. General Grant was
right when, in the year 1873, he said:
The currency has been contracted by the
withdrawal of the 7-S0 notes, or bonds.
Even to this day, $56,O3S sold demand
notes" are carried in the treasurer's re-
ports as money in circulation.
Moreover, as $1,23O,9OO,OS6 deducted
from 1885,, ,4O9216 leaves but $6SS, ,419,-
13O, it would be interesting to know just
what the per capita circulation was in
June, 1870, when the population had in
creased to 3S,558,OOO.
The Capital denies that the 7-3O bonds
constituted any part of our circulating
medium. 1t Is, however, within the
memory of thousands of men yet living
that they did; and In Treasurer Spinners
report to Congress for the years 1869 and
1870 (psge 244) he places at the head of
the outstanding currency in circulation
these self same 730 bonds. We offset
this official report against the naked and
unsupported statement Of the Capital.
Getting reckless as it warns to its
work, the Capital In continuation says,
speaking of Peffer:
By his recklessness, he has done great in
justice to the splendid work of the Repub-
ican party in restoring the credit and the
currency of this country until both are as
good as gold and he has done great injury
to his state by convincing large proper
tion of our farmers Of a fallacy.
The freedom Of the American citizen
and the substance of democratic form
of government-yea, verify, the liberties
of humanity and the fruits of civiliza-
tion will be sacrificed and lost II we do
not soon apprehend what this worship of
the god of gold-that idiotic phrase, "as