The midland journal. (Rising Sun, Md.) 1885-1947, 1894-05-18


seven-thirty notes SOC, 251, 55t
Temporary loan ten days 120,176, 19
Certificates of indebtedness 26,391, 00(
United States notes (greenbacks) 00,S9l 36
Fractional currency 27,070,S7,
Gold certificates 10,713 1S'
National-bank notes 29i,579, 81
Total sl,s63, 400, 21t
Of this amount 81, 2S9, 967, 142
were interest bearing obligations
The funding act of April, 1866
empowered the Secretary of the
Treasury to call in these interest
bearing notes and fund them into
500 6 per cent bonds. He was
further authorized to call in and
destroy 81, 100000 of United States
notes or greenbacks each month
From the date of this act to June
80, 1869, bonds to the amount OF
81, O95, 1862, 900 had been issued and
$77,O1S,S37 of greenbacks had
actually been burned up. In this
manner the circulation had been
contracted from 81, S63, 400, 216 in
1866 to $691 ,O2S,377 in 1869.
In the mean time business fail
ures had increased from 495, with
liabilities of IS, $4,000, in 1864, to
2,7SO, with liabilities of 1906, $3.50,
900, in 1868. Because of these
increased failures the law of Feb
ruary, 1868, was passed, which
forbid the further destruction of
the greenbacks.
AT this time the question of the
kind of money these bonds were
payable In began to be agitated.
The contract on the bonds declared
them payable in lawful money,
which at that time was gold, silver
and paper money.
A bill was passed March IS,
1869, known as the public credit
Strengthening act, which declared
these bonds payable in coin. This
act took from the people one-third
of their means of payment and
changed the contract of the public
debt from lawful money to coin.
AS coin was then at premium,
this act added fully $500, 900, 900 to
the burden of taxation. The act of
July IA, 1870, refunded this enor-
nous debt into ten, twenty, and
thirty year bonds, bearing 5, A,
and 4 per cent interest, respectively,
payable in coin. Having refunded
this great debt and thereby placed
future generation tribute, the next
step in the conspiracy was to make
it payable in gold alone. This was
accomplished by the act of Feb
ruary II, 1873. which stopped the
coinage of the standard silver dollar,
and the act Of June %, 1874, which
demonetized it. With the passage
of these two acts the entire bonded
debt of the nation, principal and
interest, became payable in gold
alone.
Not being satisfied with this, the
conspirators forced through Con
gress what is known as the resump.
ton act, passed January IA, 1875
which provided that specie pay,
ments should be resumed January
II, 1879. Immediately after the
passage of the resumption act, the
fact that silver had been stealthily
demonetized in 1878 became known
A general burst of indignation went
up all over the land, which assumed
such proportions as to brighter
Congress, and compelled the enact
ment, in 1877, of what is known az
the Bland bill, which obligated tn,
Secretary of the Treasury to pur
chase and coin not less than two
nor more than four millions O
silver dollars each month.
During the same year the further
retiring of the greenbacks was
prohibited.
On July IA, 1890, the presen
silver law was passed which compel,
the purchase of 4, 100000 ounces o
fine silver, to be paid for in new
issue of legal tender Treasury notes
The repeal of the purchasing claus,
of the Sherman act finished tn,
conspiracy, and now the only in
crease OF currency is through tn,
coinage of gold and the issue O
National bank bills. Briefly this
is the history of our currency ant
discloses the difficulties which
surround the people.-Nationa
Waterman.
A Leader.
Since its first introduction, Elec