The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-05-28

authority, published an article in Lay
,ors Cyclopedia based an the treasury
reports issued during and after the
war in which he gives a table showing
the amount OF paper money the treas
ury had outstanding on July 1st or
each year for q number OF years and
the charactes OF each Kind Of notes.
According 10 this table the largest
amount OF paper money we had in cir
culation at any time during and imme-
diately after the war was In 1866. when
We had 81 26l .IlJ.4I5 in government
paper and S2sl 40 COS in national bank
notes. making a total OF $1.5f2, So. 1888.
BY 1870 the government paper was re-
duce} To S3y6. s9i, PIP, while there
were 5000. 1868 OF national bank
notes. making total OF S69G.66l. 1876.
In other words there was a reduction
In the total amount OF paper money
IN circula tion In this country from 1876
10 1870. OF $s46. 234.1 III. lnasmuch as
the enterprise. industry and ingenuity
OF our people had loaded every dollar
OF this paper money which had been In
circulation with as much business as
II could possibly carry II was inevitable
that a fall in prices corresponding to
the reduction in the volume OF money
must follow. Senator John Sherman
recognized this fact and in discussion
OF the currency question In the United
States senate in 1869. he said:
The contraction OF the currency Is a
far more distressing operation than
the senators suppose. Our own and
other nations have gone through that
operation before. Ii is not possible
TO take that voyage without the sorcst
distress. To every person except a
capitalist out OF debt or a salaried off.
Ger or annuitant. Ii is a period Of loss
danger, lassitude OF trade. fan of
wages. suspension OF enterprises. bank
ruptcy and disaster. 1t means ruin OF
all dealers whose debts are twice thciI
business capital though one-third less
than their total property. IL means
the fall OF all agricultural products
without any great reduction OF taxes
What prudent man would dare L
build a house. a railroad. a factory OF
| n barn with this certain fact befor,
himf"
notwithstanding this warning O
danger the government went on will
IFS policy OF contraction and Shcrma nj
predictions were more than verified
Universal bankruptcy. ruin and dis
tress with their attendant increase Il
suicides. crime and insanity const
: tuted the price which the American pc,
plc paid to get on what was then On lie
n specie basis" ! will not stop her
70 ask the question whether the Amer
can nation ever received any euuiva
lent for the awful price which 1t her
pald or not: am only commentn
unon an historical fact
Toward 1850 the balance OF trad
1 vas largely in our favor for nun
/ her Of years. which fact tended TO il
Z crease the volume OF money in OF
country. The productions of o,
j, mines were very large for several yea
: 40 that including treasury and nation:
: hank notes there were according TO IL
I. treasury tables In the year 1880, b
: tween S1.100. OO0. 600 and $1,000. OoO. 0t
I. ~ money In this country, being an i
: orsase IL from 30 TO 80 per cent ov,
4 ,he .um which We had when the go
= arnmeut had ceased contracting Il
! currency and there followed CORE
Il nonding increase in the price Of pro
II erty. This Eaau 2e0 led R11