People's Pilot, Volume 2, Number 32, Rensselaer, Jasper County, 27 January 1893 — Off All Around. [ARTICLE]

Off All Around.

The Pilot repeats the old lie that we had a larger volume of money at the close of the war than at any time since, about fifty dollars per capita or for each man, woman and child. In 1861 thero was 913.85 per capita “ 1865 “ •• *20.57 “ - “ 1870 “ *• $lB.lO “ “ 1880 “ •• 819.41 •• “ “ 1893 •• “ 824.41 " “ The above is from the reports of the secretary of the treasury as to the a mount of money.— * # * in Kepubli can. The Pilot has said and reaffirms that we had over 150 per capita at the close of the war, and now says, that either the writer of the above or the party that furnished the figures falsified the record. The whole dispute isover the eight hundred and thirty millions of treasury notes known as Seven Thirties. We affirmed that they formed a part of the currency, and the opposition denied it. Now for the record. Secretary of the Treasury, Fessenden, in one of his reports during the war, said that at one time he'paid twenty millions of the m to the soldiers and sailors. Again, Francis E. Spinner, United States treasurer during and after the war, when appealed to in 1877, when opposition first put in a denial, said, “that the Seven Thirty United States treasury notes were

authorized, issued and paid put as currency.” Again, John J. Knox, long comptroler of the currency, author of the History of the Treasury Note and one of the best informed men in the nation on eurrency matters, in a speech before the Banker’s Association in Pittsburg, Pa., Oct. 12th and 13th, 1887, said: “About four years after the war had commenced, in August, 1865, the public debt amounted to $2,845,907,426, and included in this huge mountain of indebtedness, there were 11,540,000,000 of treasury notes (not bonds— Ed) either payable on demand or bearing interest, of which more than 1,500 millions was a legal tender. If iemporary loans payable in thirty days, and certificates of indebtedness, payable one year after date, should be included with treasury qotes, | the whole would amount to considerably more than three-fifths of the 2,846 millions of the debt of the country.”—Proceedings of the Convention, pages 20 and 21.

Temporary loans and certificates of indebtedness were paid out for supplies and readily passed from hand to hand, but were not legal tender, but there was over 1,540 millions of treasury notes and more than 1,500 millions were a legal tender, and this statement is made by one of the best informed men in the nation. That only is made a legal tender that is intended for currency, and the Seven Thirties were so made and that should settle the question in the mind of every honest man. This nation never made a bond a legal tender, that fact borne in mind will be of advantage to you, Bro. Marshall. But ( this is not all. The Inter Ocean classed the Seven Thirties as currency in 1878, conceded the point, and so did the Topeka Capital two years ago. So according to Knox, three fifths of the national debt (2,846 millions) was eurrency, 1,707 millions, add to that the state bank and national bankieurrency, two hundred and fifty millions,

per capita at the close of the war, just what has been stated and proved time and again, but we suppose the Republican editor will follow Foster and Sherman and repeat the lie that there was not, notwithstanding the records of the country and the best and wisest men of his party contradict him. Now a word as to the secretary’s reliability and the amount of money in circulation. We will quote from two eminent men, both United States senators at the time, and Republicans in good standing, and whose statements were not then nor since called in question. Senator Steward, of Nevada, stated on the Senate floor, Jan. 2, 1889, that there was much

less per capita circulation than reported by the secretary of the treasury, that his reports were not reliable, and his charge stands uncontradicted to this day. Senator Plumb employed an expert at his own expense, and kept him many months in the treasury department, and Senator Plumb stated in the senate chamber during the summer of 1889 that there was less than ten dollars per capita of circulation, and that statement went unchallenged. And still with all these statements from their ablest men before them, editors, who subsist solely on substance drawn from the people and whose interest they are in honor bound to serve, sell themselves to the devil and shylock and labor year in and year out to distort the facts to please their masters. Bro. Marshall, be considerate, realize that your f>arty is gone, and that you cannot go to the Democratic party, that you ought to bp looking for a place to light.