The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-01-26

There ought in fairness. to be de-
Quoted from this $3.50, 600. 600 errors in
esGlmate OF gold In the country, which
would reduce the money outside the
treasury to 81, $50, 900, 900. From this
TO be sub5racted $500, 600, 900 kept as a
reserve, as before computed, leaving a
balance of $3.50, 600, 900 which is for de-
livery or use in the transaction of the
business of all the people, or a trife
over eight dollars per capita. But the
force OF the argument is not materially
weakened by cOnceding the gold coin
to be estimated by the treasury depart
ment which would leave in actual cir
culatlon 800, 600, 900. In order Omake
up this amount all debt must be solved
IN favor of the treasury and against
the people, but the doubt as to the
amount of lost and destroyed notes and
that as to the gold supply, If I we're
deciding this case upon what | con
slider the best evidence, | would be
bound to say that l believed the money!
In actual circulation did not much. If
at all exceed $500, 900, OOO."
Now, you see, he gives a liberal esti-
mate, and allows $50, 900, 900 in c~ircula-
ton, and ends up by saying that he
believes there Is not much over $780,
OOO, 600. Now, my dear sir, who is
slippery, Mr.. Plumb, or myself?
Well, it's a kind of slippery question,
anyway. But here is another state
ment | want cleared up, and that is
this: You claim that in 1876 there
was $50 per capita, while Mr.. Horn, in
the New York Tribune, says there was
less than $25, and the Secretary bears
him out in the assertion. How do you
account for this? Does MI. Horn and
the Treasurer falsify and misrepresentI
l would not charge either of the gen
tlemen with falSehOOd and willful
lying, but this we do know, that they
are both in the employ of the money
power and must do their bidding or
lose their job. Now here are two facts
which experience has taught us. First,
that when we have had a large volume
of money in circulation we have in
variablY had good times. Second, that
when we have a large amount of money
in circulation the banks cannot get as
good terms for the use of their money;
hence their reason for opposing a larger
volume of money. Now we know that
the best times we ever haG Ia this
nation was from 1864 until 1868. Not
wishing us to use or point to these
Olu1CS CS q IGSIIlU VI 1IlllSLLSu CulIGllCG
they seek to show that there was less
ent. It is simply a slick Subterfuge
and an evasion of the facts, a sin of
omission rather than commission.
| don't know that | understand you.
Well, so far as they go, they give a
correct estimate of the amounts in cir
culation in so far as they go, but they
leave out of the computation the 80
coupon bonds.
But, my dear sir, those notes were
not money, they were interest bearing
bonds and did not circulate as money.
You certainly cannot count those in
as the currency of the nation. Oh, no,
you are away off there.
Now, my friend, don't get excited;
keep cool. Did vol ever see a national
bOnd9
Yes, sir; lots of them.
Were they a legal tender?
No, sir; not one of them.
If they had been you would natur-
ally suppose that they would circulate
as money, would you not?
Why, certainly, any fool would
know that.
Yes. Well, do you see this .bookl
Yes; it is the national loans of the
United State from July 4, 1776, to June
80. 1880.
You would pronounce this good au-
thOrity, would you not?
Yes, sir; the best of authority.
Now, will you please turn o page 872
What does the table upon that page
shOw2
1t shows the amount of 7 80 notes
issued under the act of June 80, 1864,
and March 3, 1865, in denominations of
$50. 800, 81, 600 and S.. 900. The whole
amount issued was 1929, 992, 500.
Now will you please bear in mind
that these were called treasury notes?
Now turn to the opposite page, com
menCing with the middle of the sixth
line of section two; what does it say9
1t says: "And such of them as
should be made payable, principal and
interest, at maturity, shall be a legal
tender to the same extent as United
States notes for their face value, eX-
elusive of interest"
Very good. Now please skip down
to the bottom of the page on the sixth
line from the bottom of the next to the
last paragraph. 1t commences: HE
was gratified to find"
This is a portion of the report Of Sec
rotary Fessendenl
Yes.
He was gratifed to find that these
notes were taken in payment to a large
amount. Our gallant soldiers IN many
instances not only receiving them with
alacrity, but expressing their satlstac-
ton at being able to aid their country
by loaning money to the government,
The whole amount thus disposed of ex-
ceeded 800, OOO. 900, and the Secretary
has great satisfaction in stating his be-
lief that the disposal thus made was
not only a relief to the treasury but
proved a benefit to the recipients in
affOrding them a safe and valuable in
vestment, and an easy mode Of rams