The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-04-14
1.-THE COST OF THE CR,NI,NR .(v["

The remarkable article from the Min
neapolis Times which puts down Our
total liabilities over greenbacks al ST.
No personal consideration should re-
strain any pen that can meet this gil
gantc lie for it is part and parcel Of
the scheme to retire that much-lOyed
treasury note.-to lie about it, until in
desperation the people will either vote
to retire it out and out, or acQuiesce in
overt treasury acts that reach the same
result
1t is strange no one has gone back to
the beginning and shown what the
greenback saved the government All
the issues Of treasury notes commonly
called greenbacks, were as follows
Act of July II, Aug 5, 1861,
demand notes.. ..... -. $50, 900, 900
Subsequent (demand notes.. 1O,COO,Vo
Act Feb. %, 1862, highest
issue .......... ........ 449 ,33S, 1902
Fractional, act July II, 1862 $4,000. 900
total ............. $3.50 ,33S ,9O2
money for II years, and as The govern
ment then paid on an average 81. per
cent interest, including bonuses for
placing loans, etc, it is fair to say that
the greenback saved the government in
round numbers $35 10000 annually. or
$685., 100000 for the whole II years.
This item of interest saved, if deduct
ed from. the above total liability leaves
only $522,542,114. l am prepared to
show by the treasury figures themselves
that the above estimate on it's own line
of estimate is a tissue of lies AS follows:
The first issue of resumption bonds,
Sept. /, 1876, was $65, 900, 900; premium
paid into treasury, S75O.OOO; commits
sion for other loans, s1,167, 1874 80; other
expenses. s74,O74.27 total 81 1891, S59 10;
left to the fund, 500 ,OOS, 1000.
The second issue, July I, 1877, was
for $3O,500,0 900; out of this were paid
the following: Halifax award $780,
600; premium, $7iG 943 %; commissions,
$780, 49 49, other expenses, $751;
.35; total, $S,S49i O4 .93; left to the
fund, $21 $780, 1896 .O7.
These bonds, $95 500 900 as carried out
by the comptroller, and endorsed by the
Times, yielded this resumption fund but
$84 $3.50 81. These charges appear on
lie of hn
batch were Az per cent bonds for IS
years, amounting yearly to $2,835, 900,
or for the whole time, S42, 525, 900, after
which they were continued at per cent
adding So,O4O,OOG, Or in all principal and
interest, up to next September, SILL
673,665. 80. The next batch were per
cent 80 year bonds-will mature July ].
1907, and will then amount to $4S 531 :
96915, which makes the whole possible
cost exclusive of Cleveland's illegal is
sues but $3.50 ,2O5, 03G O5. Since Jan. /.
1879. the greenback has been a fixed
sum at S346, 6S1 ole. If it is fair to fig
IRE per cent on gold in the treasury
(Which has never net the government
over per cent? it is fair also to charge
the government with saving per cent
on the greenback, which will be worth
at least $3.50 200 900 for 10! these Is
years. This leaves a gain of STA ,OO9,-
600 for the greenback, and as Uncle Sam
did not give a greenback away, but re-
ceived full consideration for everyone
of them, this sum must be added to this
interest, amounting to 1896, 1851 ,O16, leav-
ing at least $75,O0O,OOO clean gain over
all expenses on their own line of calcu-
lation.
The above is not all the gain to the
government. OF the $4,000, 900 frac-
tional currency on June 3d. 1896, it was
estimated as unredeemed as follows:
Outstanding. ....... $6,S91, 1874 IA
Lost or destroyed ....... 1875, 1874 90