The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-08-19
DR.. Z. P. MILLER'S BATTERIES
TURNED UPON HIMSELF.
NJ Mur1ock. EJitor of the Eag.e.


TURNED UPON HIMSELF.
II. II. Murdoch. Editor of the Eagle.
During your absence an article wa;
admitted into the columns of the EAGLE
from the pen of DR.. Miller, trying t.
impeach niy veracity. OF course il
amused me, because l had been called
"a crank" before, by the same class thai
DR.. Miller now represents, and he was
also in the same boat then, as | viii now
prove. OF course l know Dr. Mile,
was then one OF the best educated men
on the financial question Of any man in
/ the United States. He has probably
forgotten much taore than your other
correspondent has yet learned on that
question as l will show your readers, il
you will permit me 10 quote few ex'
tracts from his paper published at 81
| and Al West Twenty-siXth street in New
York in 1876:
On the first page he says: ''Out OF
the war arose Il gigantic money aristoc-
racy which has usurped control Of the
| affairs of the nation, and is now aiming
to establish an aristecratic money oil
garchy.
This power has its centre in the ma
| tional banks, bondholders and money
corporations Of this country and
they are moulding the finances
and business of the nation in the interest
of few Thousand men aud their fami-
lies who belong to the moneyed ring,
and who Will leave the masses of the
people to beg, steal or starve. 1t is for
the people to rise in their majesty and
crush this oigarchy as they did that of
the shareholders, only they must now
use manhood, brains and moral force
instead of bullets and brute force"
4 4 =
Second page: Contraction.
THE entire amount of legal tender ct
the close of the war was about 81, 540,-
coo, 600. 1t has since been contracted 20
less than one-third of that amount.
On the third page he gives the figures
under the heading OF contraction
Officially Reported" as follows: The
contraction of legal tenders; $1,l25,-
58a,117.
On the fourth page he deducts the
portion Of this amount, that he calls
money" from the above as follows:
Ninth. That, since 1865. there has
been a total contraction of money
amounting to S951, 1921. lis. y
On page five he gives an elaborate
table under the heading Where the
Cold goes to- summed up as follows;
Export of gold 1860 to 1875 81, 1913, 49,
"a Average export yearly s7G;s'0'-
Which goes to prove that we must have
had some gold to export at that time.
On page 6, under the heading of 1.-The
Sale OF Gold, he says:
as we can ascertain, the government has
sold over $500, 900, 900 in gold during the
past fifteen years. ~
Under the title of "What Grant Has
The contraction policy was introduced.
contracted down to $414.000, 600. Thirty
thousand men have failed in business,
involving over 1000, 600. 900. Upward
OF 1871 railroad companies have failed,
causing losses in bonds. stocks. ETC.,
amounting to over 81 600, 900, 900. More
than 100000 of working men, who
were earning an average of $2.G0 each
per Gay, have been thrown out of en-
ployment; In four years
this reaches to the enormous sum OF
5000, 900, 600. Four millions of working
men have been forced to reduction of
of more than $1.00 per day on their
wages. This amounts to
So, 900, 000,0 900 in four years. The $50, 900
business men in the country have had
their incomes reduced, on an av-
erage, $500 a year, involving
total loss in four years of $780,
600, 900. Over 81, 200, 900, coo of currency,
interest debt We're converted into $50
gold bonds, thus adding about $50, 000, 900
of annual gold interest debt to the coun-
try. = = The gold in the treas
ury has been reduced from $4,000, 600
to $4,000, 900; in the banks from
SIS, 000,0 600 to about $8.00O,0 900.
The depreciation of property in the
country amounts to more than 6,000,-
600, 900.
Then in table of losses he says: The
contraction policy, there has caused
loss 20 the country. A grand
total of SCI 900. 000,0 900. Another par
agraph on page of this article says:
''lf Tweed deserved exile for stealing
from New York $4,000, 600, what ought
20 be done to Grant for robbing the
whole country of 81, 900, 600, 000?'
On page 8, he has the following under
the head of Contraction
Contraction of the legal tender notes
has had the same effect upon the bust
ness of the country as would have been
produced if we had been on a specie
basis and corresponding amount of
gold and silver had been taken from the
circulation"
L could thus continue to copy like
statements from Dr. T. P Miller's
words III his own publication of 1876,
but think have accomplished what l
said could do in my former article, to-
wit: prove that paragraph referred to by
me to have been 'faise rs hell. "
With extreme sorrow for the fact that
the doctor has permitted the false state
ments of secretary of the treasury of
later date TO deceive linn. | close. /
do not think il viii need more 10 con-
vince the puolic that | was correct ia
my statement, as | always expect to
continue to he. And l am not "a fiat
lunatic," either. j. S. JENNINGS,
Wichita, Kan, Aug. IS. '93.
P. Sit will be seen that his own fig
ures allowing 1900, 900 population in
1865 makes over $40 per capita. without
counting either gold or silver, $50, 000. 900
of gold having been produced in this