The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-09-05
TRICKS OF ALLIANCE.
Secretary Foster Exposes Meth
DDS of Hon. John Davis.
FALSE STATEMENTS DENOUNCED
How . Third Party Crank Jugglsd Fig
urcs to Make Ont = Case Against
Repabliesn Administrations.

Secretary OF the Treasury Charles roster
has felt called upon to put the official
brand OF faisehoot upon one of the many
wild misssatemeats made on the floor OF
the House during the last session OF con-
grcss. This time he has had to deal with
one of the pes:iferous Alliance cranks,
John Davis. Of Kansas. The following
letter, brief reference 70 which was made
in dispatch 20 the Posr-lsTELLfGEscEs
on the 18th, sigus! by the secretary, will
explain itself:
Hon John b. .s.:en, Tinted St1tes se,,a,>--SrR:
] have the honor 30 acknowledge receipt OF your
letter of the 10th tast as to letter criticisins
statements recently published as follows:
II appears from speech delivered IN the
House OF Representatives bv Hon. John Davis,
reported In the Congressional Record for August
:. hat he has written You q letter publisher by
yoar department, on the subject oil tho currency.
desire 10 know whether IL 10 true, as Dir. Davis
intimates, that the published reports OF your
predecessors ia Office. during and at the close OF
she war, conflict with the statements which you
aave published. l am particularly interested in
having your official answer TO this question,
sncs thu candidate OF the Peoples patty has re-
c.a:.y nsce similar assertions III my state.
fiease answer a. fully as possible.
A similar letter, dated lIth inst, Was received
from Hon. ". II. Grain, OF Texas, IN w5ich,
after calling my attention 20 the letter supposed
- have bssn written to mo by Mr. Davis, he
osAA Tue iotscEibS uISsisoHs.
7! Wss thts letter delivered to you or TO your
ceicial representative in your absence?
- Had you seen NJ. Davis letter 10 you prior
TO he delivery Of hix speech?
q II you reosived 'hs Letter, Gid you reply
g. u Yen ga rely 20 Il, will you kindly mail
- my sd1rsss blouse o! Representatives, copy
s II ron did no. reply 70 the letter In ques-
lion, which has q 1uasi-ofcial smack about ii.
sinas its publication In the Congressional Record,
SiI y6I officially state - In reply to this
Communication whether the statements Of Mr.
DAVIS are verified by the history of the financial
Snsctments of congress or by tho practice aud
usage of the treasury department?
g. respectfully direc. your attention to Mr..
Davis quotation from a speech delivered IA the
eenste on March IL, lS74 by ths late General
John A. Logan: also to General spipue.'s note
~ August IL, 1876; to Secretary Fessepdep's re-
?s:i q. December 6, 1854, and TO tie tables from
6.Gsral L9gan's speech above referred to, and
from tie Chicago Inter 0csGn, all of which sp-
pear la the body of SIR. Davis speech OF page
s.osi OF the Congressional Record
The answer to these questions Will necessarily
furnish the full reply which you desire me TO
maze 70 your letter, and accordingly submit
them.
To the first, second and third questions, I
have 10 say that Mr.. Davis letter to me, which
be quotes in the Record, appears to have been
written April H. is92 but IL was not delivered
20 me or 10 any of my official representatives III
nay absence, and can find no record of it's re-
cspi ~ this department.. was not aware OF
the existence or such letter until IL was shown
10 me In the Congressional. Record a few days ago
upon my return 10 duty alter 3 brief absence.
IL follows, therefore, that have made 10 reply
soit
Respecting the request that state o.hcially
whether the statement OF Mr.. Davis was verified
By the history OF the financial enactments of
congress or the practice and usagss Of this de-
partment, / have 10 say that his statements,
etvxert h.
bearing Obligations we're in their entirety in
circulation at the close of the war, not veri-
Asd by any proper and correct Official report of
this department, nor, a. far as know, by the
history Of the financial enactments of congress.
Mr.. Davis says that 'the contention is mainly
- TO the status Of the 7.3) notes." and that 'if
they did not circulate as money the treasury re-
ports OF 1885 and 1865 should not have 40 tabu-
lated them and Senator Logan should not have
- quoted them" I am unable to find ia the
treasury reports OF 1865 and 1866 any statements.
tsbulatod or other wise, which include the $50
notes among the items of circulation. The
treasurer OF the United States made no mention
Of them in his reports OF currency for ls6S and
1864 They were not issued by him mot ey
WIT By the secretary OF the treasury As a loan.
Secretary McCuiiooh published a table Of the
paper circulation for October 81, 1865, which
footed mp about t7o4, eco 900. and he added TO II
$4,000 600 40 estimate of the one ana two year
notes aud compound interest notes In circula-
ission. He omitted the $50 notes from his table
aad from his estimate, though he expressed the
opinion tina; "mapy of the small denominations
81 them were In circulation as money. As the
smallest denomination was $50 ana as there
were oniy about ~. 00o OF that denomina-
zion issued, the sscrs,ary's indefinitely ex-
pressed opinion ''that many of them were / n cir
auia,.on" Goes not afford very hroad grounds
for the assertion that the whole $50 loan OF
Sa~. 0oo, 600 wse usei money.
Secretary Foster then shows by official
records that Mr.. Davis had disarranged
the tables given by Senator Logan In the
senate on March II. is14, to show the
amount of currency in circulation In 1865
And tsod General Logan separated the
1905 in MS table fron'she rest OF the notes.
This Davis did not do. conveying thereby
tas impression that Senator Logan had as
serted that the 1908 were in circulation.
"waich." Secretary Foster says, us no. q
:scs" Davis ia his letter reports General
sp.nola as saying that 1.-THE 5-5os were in
tended. prsparsd. issued and used as
s.oney." Secretary Foster SAYS that no
s,astmsn. could b. mere incorrect than
tbs. ana proves ty = circular OF Secretary
fc..~ndtn. Issued ia 1864, that they we're
ATTENDED as loan. AMI further proves
that they were accepted and used only rs
losas beins purchased in the market az
other bonds.
Davis, N his ,s..cr, csi.icises the treas
ury statement As follows:
Ia gou. re,a.an headed Amount in circuIa.
toa.' see no Deductions are made for bank re.
ssFye: required - Jaw. SieS lsgxt reserves are
rs sos24u.sty o:st 81 c!gcn .stloa II locked up
L. TIE tsssGry or uHcoiaed ia tie rnsaeS You
rasss 10 ceGUestou for lost or destroyed bills
aaGiug !hifty years az wear and tear O. the
Eaeenoscks. or thistsen wears OF wear aud tear Of
csin riiaeates; nov Do yen deduct Tor the
waiting snt less II coins. These. Nj secretary
sge al! items, ane sons of them very large items
watch should rot DO overlooked IN q correc;
estimate 81 the sinoaui of money in circulation.
Secretary tostsE replies 10 this as fol.
foxs;
Mr.. Davis is correct IN s,s;iag ths, bank re-
sssvss are act desue .ei They are not de,tucts,
iron. sss OF re tso.cs prepared. ifit lo r,ruY5-
- make tails Deduction tcE 1891. 4. would ID
necessary 10 make siniIEr one 30. fSa5 and
is@a IN order - give = true comparison between,
We tro periods; s2i, IL ta's were doae IL wouiS,
De found that iae remainder would 6a a. small
fsistiFely IN ale earlier periods, as tie latter
hus WY 1sSJ.es hssik reserves fer any psrtoA
IL iay cainio0 there IS 40 portion ~ our cur.
rsaey tsi'ecie ~ fspcr more potent ia maintain.
Ing an essT circulation than tAat included In
sAa BARK reserves. :0r Il IS tao basis II TIA e7or
EsoEs Circulation q: CAeeAs Rui drafts With
watch more taaa - per caat OF ne business o.
tais soansrY 70 transacted Me-. Davis - az,
correct IN ssaEns that 10 deauctIoa a raa5e 10,
sosi &Ed Destroyed paper money. This dersyf
sneal las 70 authority 30 deaGct from lte u.
llsssiss sHy estimated amount u soea Ios,y. (
eoagress should sGghosiss Such Deductions n /.
ssF+tst8Snt would caetsiGLy make = {ar 4
has act SSen denied that lAcre - 8 caasidceab.,