The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-15
parties agree that blmetallism should be

q No
restored. "
I will now introduce some statistics taken
from the report of a subcommittee of the
United States senate on agriculture and
forestry. subpitteH in February of this
preston" and with a view of showing
some of the causes, which have led to it.
1t is shown HAT our circulating medium
back in the SIXTIES was much larger than
Gov. Nelson wRrld have us believe. On page
81 of the above, report you find the follow
ing facts and figures: I'm 1864 the amount
of United States notes Ggreenbacks) issued
and to be ISSUED Was limited to 4G0eo9,ooo,
but that AMOUNT was not sufficient for
government uses, land other devices had
been and were afterwards resorted to in
order to supply the need for larger circu-
lating medium, Other classes of notes were
issued, not as a permanent currency, but
for temporary use These were known as
demand notes, one-year notes, two-year
notes, compound interest notes seven
thirty notes. certificates, etc. At the be-
ginning of the fiscal year 1866 DULY l, 1869,
the aggregate amount of these different
classes of notes was $1,942, 100000 in round
numbers. The amount of national bank
notes out on the 31st day of October, 1868,
was $204, 635, 2O5. This makes an aggregate
paper currency circulation of 81, 49, COO,
subject to decrease of bank notes from
July to October. 1t is contended by some
to be included in the volume of currency,
because while they were notes, and while
some of them We're made legal tender TO
the same extent that greenbacks were.
still they had been issued as a sort OF
security currency and, therefore. par
took of the nature of bonds about as much
as they did of notes. That they were pre-
pared, issued and used currency, at
least in part, is clear from the fact that
they were so reported by the treasurer of
the United States. Mr.. F. E. Spinner, in
his report for the year 1869, when giving a
list of all the government paper issued at
any time and used as money" See finance
report 1862 page 244.
Now, let us see what the
CIRCULATION PER CAPITA
was in those days. Gov Nelson says it was
$182S in 1867 Let us see from the above
figures what it was in 1865. Assuming that
our population was then 35OO0,OOO, s., 146 OOO,
900 divided into 35,000,00O parts equals some
thing over SCI for each part or over SCI
per capita circulation in 1865. If Gov. Mel
son is ready to admit that the per capita
circulation reduced from SCI in 1853 to
$1S2S in 1867 he will subject his party to
the accusation of having contracted our
money volume in those two years, and con-
tracing it so violently that it would be
guilty of the crime to which Mr.. Lincoln
refers as the most heinous crime govern
ment can commit against its people. l am
getting rid of some of our good money was
going on from 1865 to 1869, and that our
law makers at that time were making
billions of money for by putting out in
terest bearing obigati lions against the gov
eminent in the place of nOn-intereSt bear
ing obligation. but I was not aware until
1 saw Gov. Nelson's figures that the volume
of circulating medium reduced
from SCI per capita in 1865 to $18.2S per cap
ita in 1867. | think there surely must be
mistake about these figures. Although he
may have gotten his data from the 'bu-
reau of Statistics the party who compiled
such statistics was doubtless a gold bug.
Gen. Francis +. Spinner, from whom mine
gathered, was not gold bug. If he
had said the contracting was done in four
years and by the very party that he and
] have voted for 80 years more, he would
have come nearer the facts in the case it
seems to me.
Continuing FROM the report of the senate
committee we tehdi further page 81 as
follows: This large volume of currency
(s2 lag. 600 GG0.) was 200
RAPIDLY WITHDRAWN
paid or exchanSed for bonds leaving out
standing at theI close Of the fiscal year
1869, a total of $473,e79 033.51 including $555,
935 1874 of United States notes, greenbacks.
It thus appears that within four years
following the war SI457 coo of paper that
had been used omOte or less as money
among the people was Withdrawn from cir
culatiCn. Prices had advanced during the
war and remained about stationary for a
few years afterwards when, following the
contraction of the circulating medium, an
irregular but rapid decline began.
If any one WIFI take the trouble to look
up the record of business failures in these
four years which were precipitated by the
commission of this crime, as Mr.. Lincoln
designates it. they will see that the views
of this man. the greatest of all Americans,
were quite in harmony with those of the
Populist of today to the evils resulting
from a contraction of the volume of the
money of nation We are compelled to
charge this Legislation and policy of con-
traction to the Republican party.
The Chicago Inter Ocean gives the per
capita circulation from 1866 to 1859 inclusive.
Let the reader compare its figures with
those of Governor Nelson:
Inter Oceans Gov Nelson's
1866 per capita cir. $50 rs Not given
1867 per capita cir.........$S6.6 S $lS.2S
1868 per capita cir.........$22.0 S SIS. 80
1869 per capita cir......... 1885 $17 50
We all remember how values shrunk in
these years.
mittee report above referred to- We read
on page 6S as follows: "Shrinking of val
accelerated by the passage of
the act OF March Is. 1869, by the terms of
which it provided that the faith of
the United States is solemny pledged to
the payment in coin or it's equivalent of
all the obligations Of the United States
interest and non-interest bearing, except
in cases where the obligations expressly
provide that the sum may be paid in law
full money other currency than gold or
silver" Such men as Oliver =. Norton
Thad. Stevens, Ben Wade and honest John
Sherman opposed the passage of the Cred
it Strengthening Act The government
realized
60 CENTS ON THE DOLLAR
fIa dc TO ti,,,n NC
law made a new contract with the bond
holder, agreeing to pay debt in coin
which was certainly not contracted in coin.
Gov. Morton characterized the act "a
foul injustice to the people,
The act to authorize the refunding of the
national debt approved July IA. 1870, was
another new contract between the people
and bondholders not quite so one sided as
the Credit Strengthening Act" The
bonds and the interests thereon were to be
paid in coin of the present standard val
ue." 1t provided for the issuance of bonds
to the amount of 81, 800 600, Co., which was
afterwards increased to 81 500, 600, 000 But
Notwithstanding Gov. Nelson's great effort
to make it appear otherwise the heaviest
weight was put upon prices by the coin
age act of February Il, 1873, which
dropped the silver dollar from the list of
coins to be hereafter minted and made the
gold dollar the unit of value."If he had
devoted little time to show why such
law as this was ever enacted by an intel
ligent self governing people, l fear he
would have been as hard up for data on
which to base an argument justifying this
coinage law asihe Vas when he asks in
telligent people to believe that our per
capita Circulation was but $ls67 in 1867
No one will believe this even if it does
come from Bureau of Statistics for
many of us know that seven-thrty notes
circulated among3 the people as money in
n