The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-30

Five per cent. notes.. go. 80. 5o5. 4ss %
iotai.- .--.-.......--$4Ss.Ws.eos ID
The net government debt was g. sos. :ao.-
6lee4
Compare this table with the one given
above. 1t will be seen that the net gov
eminent debt had been reduced So oa1. coo.
and that the temporary debts of the gov
eminent Including greenbacks and frac-
tional currency. had been reduced by the
enormous sum OF S,27sooo.0eo.
Between August 81. 1855, and July I. 1863,
ths bank note circulation had slightly in
creased: and $50. 0eo,eoo of 5 per cent. csrri-
hcates, used TO a considerable extent as
money. had been issued. Making due ell
lowance for these two items. there had
been. IN the short space Of thirty-four
months. from August 81. 1885. net reduc-
tion in the volume Of bank notes, and OF
government obligations called money by
Populists, Of over 81. 90. 90 90. OF the S.
600, 90, 900 claimed by Populists to have
been in circulation in the fall OF 1855, more
than 81 20. coo 600 had been destroyed In
less than three years.
It would seem to be apparent to every
reasoning mind that in no country could
60 per cent. of the moneys out of every so
be destroyed In thirty-four months with
out involving all the commercial and n
dustrial interests OF the country in over
whelrning ruin. And the disastrous ef-
fects would be felt at once; they could
not possibly be delayed for years. The
business prostration would be immediate
and universal.
Were the years 1866, 1851. 1855 DISASTROUS
ones?
According to the highest Populist author
tty Cd the business failures of the entire
country during those years involved a loss
OF only slS. 900 900, an average of Sc, 900 600
year. This is an exceedingly favorable
showing, as Will be seen by an examination
OF statement Of the business failures OF
the United States, with liabilities involved.
taking place each year since 1857, prepared
by Dun's Commercial Agency, which, with
Bradstreet's, Is the best authority on
earth as to the business condition OF this
country now and for many years past QZ.
Nor were the years 1869. 1870. ISL marked
by special financial disasters or business
failures. Had there been the wholesale
destruction OF money claimed by Popu-
lists, before half those years had passed
financial disaster would have swept the
country like cyclone.
These facts, of themselves, prove that
the assertion Of Populist leaders. that all
the temporary debts Of the government
at the close of the war were money, and
that there was s. Ooo. coo 900 OF money in
circulation at that time. is wildly absurd.
There was some contraction of the cur
rency; but the extent of the contraction
was slight compared with Its extent as set
forth by Populist leaders. the great bulk
of the Understanding notes of the gov
eminent never were currency: hence their
payment or funding can not properly be
called a contra ction Of the currency.
The writer believes that the retirement
of greenbacks at that time was unwise.
and that the payment and retiring Of the
Understanding notes would have been
sufficient. On July I. 1863, the right of the
A--1 -x,l~4 Alr. 1Inoy- fy,axr,
at par for bonds was taken away, and
rever restored to him. Had this right been
restored after the war, greenbacks would
have appreciated as compared with gold,
along with the bonds. This would have
been better than the attempt to appreciate
their value by decreasing their volume.
But If a mistake was made II was hon.
estly made; it was not part of a scheme
to rob the people. Populist leaders are too
ready to account for legislation that does
not suit their notions by claiming that The
legislation was prompted by dishonest ard
unworthy motives The men who were at
the head of this government at the close
Of the war and directed the management of
the public debt' were. on the whole. very
able and patriotic set of men. 1t may be
that if the present leaders OF the Populist
PARTY had had control Of the government
at that time they would have managed
1t more honestly and more wisely than 1t
was managed. But tniS ooeS hot eeeiu PRIV,
able.
1. Congressional Globe, 1875 part 5,
appendix. p "a Finance Report" 1861.
DID. 3, s. q Congressional Globe. 1866.
part 2. p. 1.45. 3. Weaver. Call to Ac-
ton" p. $40: Heath, labor and Finance
Revolution" p. 80: PETER. Congressional
Record. Fgfty-third congress, first session.
mart 5. appendix, D. 3os. Davis, do. p. 5o7.
l. Congressional Globe 1sGi-5, part 2. ap-
pendix, D. rs s. Do. 1866. part 6, ap-
pendix, p. 49, 6. DO. 1866. part 2. p. l, 4a2.
Z Seven Financial Conspiracies." PIP. n.
So: Labor ard Finance Revolution p. %.
s. Congressional Globe, 1866. part 3, ap-
pendix. p. 81. 9. "Conspiracies," p. IS;
Labor and Finance Revolution" p. ls1.
10. Congressional Globe. 1852, part 8. APP
pendix. p. le; Finance Report" 1858 p.
"a. IL "Conspiracies." p. IS. u. "Dun's
Review" January 13 1894, p. g.
ffERNON W. CRAVEN.