The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-09-23
A TIMELY INQUIRY.

Editor Democrat; Prof. Laughlin, Of the
Chicago University, in a recent speech before
the Sunset Club and the Bankers Association
of Chicago, made the following statement.
at seems to me that one of the greatest
misfortunes that this country ever suffered was
that temporary, and to the present time last
ing intoxiCation connected with the issue of
United States notes or greenbacks. From the
ruary, 1862, the United States government
never issued dollar of paper money"
In view of the fact that an effort will be
made by the coming congress to destroy these
evidences of intoxication" as Laughlin
denominates them, 81 would like to know if
this statement that the United States govern
ment never issued dollar of paper money is
true2 A STUDENT"
The foregoing inquiry from one of the
bright young men of Canton is timely one.
There is no doubt that Mckinley and the
present congress will attempt to retire the
greenbacks and other government notes.
Efforts looking in that direction have already
been made. Speaker Reed hurriedly passed a
| bill to create a currency commission as recon-
mended by President Mckinley in his special
message to congress, about the first Of July.
We speak advisedly when we say Speaker
Reed passed the BILL as the House ofRepresen.
tatives did not discuss the measure and had
absolutely nothing to do with the passage Of
of it. The statement of Prof. Laughlin re-
| garding the issue of government notes is moi
true. He is either a reckless liar or ignorant
of the facts. Here are the facts taken from q
book entitled 'Our Money Wars" edited and
compiled by Samuel Leavitt, leading editor
and student of finance of Chicago.
From 1912 to 1860 United States treasury
notes were issued at least twenty times, that
is, in every time of emergency, when the
bankers wild cat currency could not keep bust
ness going. These notes were receivable fo
all debts due the government, including in
terest on the public debt and custom houst
dues and that fact made them universally ac
ceptable by the people. Here are most of thu
dates and amounts of those issues, all by act
of congress readily traced; June 5, 1912, s.,
600, 900; February 25, 1s13 $40, 900, 000 Marcl
4, 1874 S10,000,0 900; December 49, 1914, S25,
000, 900; February Il. 1915, S25,OOO 900; all is
sued to prosecute the war of 1912 or to pa!
debts incurred by the war. Other issues wer
made as follows: October 12, 1887, $4,000,
600; March 12, 1888, 10000, 600; May 81, 1910
$1,000, 900; June 80, 1912, S5,OOO,OOO Angus
81, 1912, 100000 This series of issue
were made to supply the country with cur
rency. of which the failures of the wild ca
banks had deprived the people.
There was issued on account of the Mexican
war, July %, 1916, SO, 100000; June 2s, 1Si7
S23,000,000. On account of the stringenC
caused by the demonetizing of foreign silve
coins, there were issued on December 90, 1857
$50, ,OOO 600, and on account of debt incurred b,
Buchanan's administration, congress author
lied an issue of government notes on Decem
Der II, 1860, of $40, 100000
The attempt to prejudice the people agains
the government notes and greenbacks has al
ready commenced, Statements like that mad
. by Prof Laguhlin will be heard continually
and have the prejudice Of the masses wholly il
view. Until these latter years the govern
ment like France has always come to the relic
of the people in times of stringency with al
issue of government notes that history say
has always been freely and joyfully accepte
by the people. To give into the hands @
bankers this prerogative is now proposed wit
the result that the people will be robbed of a
their possessions.