THE NEBRASKA INDEPENDENT
July 1 6, 1896.
Sf Nebraska Independent
CiuMdmtieu
THE WMALTH MAKMRS and LINCOLN
lSDiitNDB.NT,
PUBLISHED EVERY THURSDAY
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THK INDEPENDENT FOB, CO.,
LlKCOLI, NBB.
Nebraska's choice for President
of the United States 1896-1900 is
WM. J. BRYAN.
Stand up for Nebraska, for W. J. Bry
an her greatest citizen.
Hon. J. V. Wolf will h a candidate be
fore the populist state convention for
land commissioner.
The democrats will now have to carry
on a campaign after the populist fashion.
That's without campaign fund.
Now come on with your panic, you
infernal land pirates and robbers of Wall
street. You said you would do it. Now
go ahead and try it.
The goldites of the west will be held in
jnst the same sort of estimation by the
coming generation as the copperheads of
late precious memory are now.
From the number of big goldite demo
cratic newspapers that are going over to
McKinley, it looks as though Hill, Whit
ney and Belmont are planning to take
charge of the republican party.
Those men and their sons who fought
at Donalson, Pittsburgh Landing, Shi
loh, Chicamaugua and Mission Ridge
with Grant and marched to the sea with
Sherman look with perfect, contempt up
on the threats of these three foot high
Wall street bankers.
The Union Dispatch of Kokomo, Indi
ana is doing valuable work for reform.
Since the decadence of the Indianapolis
paper it has largely taken the place in
the affections of the old guard of the
paper that devotes most of its space to
vilifying recognized populists.
All the eastern goldite democratic pa
pers are lining up for McKinley or repu
diating the Chicago platform. Among
those that have already gone over are
the Brooklyn Eagle, the Philadelphia
Times, the Philadelphia Record and the
. Baltimore Sun. The rest of them will
soon follow.
An old man, carrrying a microscope, a
field glass and a lantern, was seen wan
dering about the Btreets of Lincoln last
week. When asked what he was looking
for, he replied. "I am hunting for my
grand old republican party, but some
how, neither the microscrope, the field
glass or the lantern will enable me to
see it any more."
The g. o, p. candidates for legislative
honors have dug up an old scheme to
deceive the people. They are industri
ously telling every one, that there is no
United States senator to elect this year
and as the legislature has only to
deal with state matters, it dosen't make
any difference whether a man elected to
it is for the gold standard or free silver,
and all we want is good men and and it
is altogether immaterial what their po
litical opinions are. That is always the
plea of a beaten party. It will deceive
no one.
Russia has $809,000,000 of irredeem
able paper money in circulation. All
business in Russia is done with paper
money just as we did business during
the wa and prospered without a cent of
metallic money in circulation in the
whole country. AH the gold that goes
into Russia the Ciar takes and locks up
in his war chests or deposits it in the
great German and English banks, and
when these banks don't act to please
him, he tells them he will draw it out and
bust them. The Czar knows a thing or
two about financiering.
Several tables have been prepared
showing the per capitacirculation at the
close of the war. They vary from $52
to f 67 per capita, just as certain denom
inations of bonds issued in small denom
inations are counted or not counted as
part of the circulation, counting only
those that Mr. Spinner, the United States
treasurer at this time, said were in cir
culation of over $50.
The Lincoln Herald, the Tobe Castor,
gold bug democratic advocate of the
J. Sterling Morton crowd makes these
remarks, set up in black faced type
about the national convention of its own
party:
"Was it Bryan, Teller or who in the
name of all that is visiblo is responsible
lor tbat platform:
"The democrats of the United States
have adopted a free silver platform
God save these states; the Herald takes
to the woods.
"Is it possible that that entire delega
tion was drunk or did tbey bave delirium
tremens? Dam it, something must bave
influenced them.
WHAT Ol'G HT WK TO IH?
The editor of the Independent, re
membering how often during the twenty
j ears or more in which he has been en
gaged :n the fight for monetary reform
the unexpected has happened, rendering
all previous plans useless, and without
advice from any one, makes the follow,
ing suggestions in regard to what course
populists should pursue under present
circumstances:
First, we should go to St Louis and
make a platform containing the follow
ing propositions, expressed in terse and
plain English.
1. We declare that money is not a
product of nature, but a creation of law,
and its value depends, not on the mater
ial of which it is composed, but upon
limitation of quantity .
2. That the constitutional provision
declaring that congress alone shall
have power to coin or issue money should
be maintained and enforced; and we de
clare that any delegation of authority
to corporations or individuals to issue
money is contrary to the letter ana
spirit of the constitution, and should be
forever prohibited, j
3. We demand that every dollar of
money issued by the government shall
be maintained at an exact equality with
every other dollar so issued by being
made a full legal tender for every debt
public and private (except where con
tracts have been previously made under
existing laws), and that all Jaws permit,
ting contracts to pay in any speciflckind
of money shall be repealed.
4. We demand that the quantity of
full legal tender money shall be increased
until the general level of prices is reached
existing in 1873, when the contraction of
the currency was secured by stopping the
coinage of silver dollars.
5. We demand the establishment of
postal savings banks for the safe cus
tody of the sa vings of the poor.
6. We demand the free and unlimited
coinage of silver at the ratio of 16 to 1 ,
and declare that we are opposed to any
agreement or treaty with any foreign
nation concerning what kind of money
the American people shall use.
7. We demand that the government
shall foreclose the mortgage on the
Union Pacific road; that the United
States shall own and operate it, and that
the government shall either buy or build
a connecting link between its eastern
terminus and the Atlantic seaboard, and
as soon as possible the government
shall construct and operate a line of
railroad reaching from the British do
minions to the gulf of Mexico.
8. We demand that the government
shall, on equitable terms, take posession
of all telegraphs and telephones and
operate them as a branch of the general
postofflce in practically the same man
ner as they are operated by all other
civilized governments on earth.
9. We demand the application of the
principle known as the initiative and
referendum to all national legislation
which involves any radical change of
public policy.
10. We demand an income tax, to be
made effective either by a constitutional
amendment or a reorganization of the
supreme court.
It is the opinion of the Independent
that a platform containing the above
principles should be adopted at St.
Louis
The above course is the one that in the
opinion of the editor of the Independent
ought to be pursued, but his opinion is
not worth a farthing more than that of
ten thousand other populists.
MR. LAMRERTSON'S THESIS.
The State Journal made a feature of
an article by Hon. G. M. Lambertson
last Sunday. Mr. Lambertson bases his
defense of republicanism upon the fol
lowing propositions:
Pint the republican party, It It comes Into
power will not retire any ot the money now in
circulation , bat will retain onr gold, silver and
paper money, and maintain them all at a parity
and on an equality.
Second The United States cannot alone re
store the price of silver and If It attempts it we
will speedily destroy all hope ot bimetallism by
descending at once to the silver monometallism.
Third The volume ot money Is ample for the
business ot the conntry. We bave but to re
store confidence by assuring investors that
money put Into circulation will be restored In
kind or equivalent, and every enterprise will
cock Its bead and throb with a new life.
Fourth The decline of prices is not due to the
decline of the price of silver, or to Its temporary
demonetliation in 1873.
Fifth There Is no danger of a gold famine or
of an Increase In the purchasing power of gold.
or a decline of prices on tbat account In view of
the present output of two hundred millions dol
lars of gold a year.
This is followed by a prophecy, but
gold bug prophets are in such bad re
pute in this part of the country that it
is hardly safe to print their prognosti
cations. In repard to Mo. 1 of the above, Mr,
Lambertson has turned a complete sum
mer sault in the last few months. This
winter we sat in an audience and heard
him declare that the greenbacks must be
destroyed, that John Sherman's plan to
lock them up in the vaults of the treas
ury would not do at ail. Nothing wonld
satisfy Mr. Lambertson at that time but
the Cleveland-Carlisle policy of burning
them up.
Upon that statement of facts the In
dependent decides: First that a audi
don change of position like that shows a
total lack of principlo and second: Mr
Lambertson is not in control of the re
publican party and cannot authorita
tively announce what it will do.
In regard to No. 2 the Independent
decides that there is no evidence submit
ted which 'goes to show that Mr. Lam
bertson has the superioi- knowledge or
the authority to assert what the United
States can do. Many eminent scholars
assert, among them, President Andrews
nf Portmouth. that the United States
can do the very thing which he, Mr.
Lambertson, says it cannot.
In regard to No. 3, the Independent
decides that it is a very muddled state
ment of a fallacy upon which point it
submits a few remarks.
Men do not invest money in property
in order that they may receive back
money of greater purchasing power, but
in the hope that th8 property will have
greater purchasing power, or In common
language of the people, they hope that
the property will rise in price and when
they sell it, that they will get more dol
lars than they paid for it.
Tq use the language of goldbuggery,
if you convince men that money will con
stantlygrow "sounder," that is, pur
chase more, they will not invest in pi op
erty at all, for they know it will take
lees and lees money every year to buy,
and the longer they refrain from buying
the cheaper the property will be.
In regard to No. 4, it is only a one
sided statement of the question at issue.
In No. 5, Mr. Lambertson unwittingly
gives in his adherence to the quantita
tive theory of money, which he has pre
viously so vehemently denounced. He
says the persistent output of gold will pre
vent a decline in prices. Then the Volume
of money controls prices. We congratu
late Mr. Lambertson on this advocacy
of the populist theory of money.
DECLARED THEM POPULISTS.
' All the goldite delegates in the Chica
go convention were agreed on one thing.
They all declared that Bryan was a pop
ulist. Senator Winter of New Jersey
said: "The populists have made the
platform and named the ticket."
Mr. Lynde Harris of the Connecticut
delegation said: "This convention has
committed the party to a new creed em
bracing all the doctrines of the populists
and abandoned the historic democratic
principles."
Senator Gray of Deleware is at the
head of the committee appointed some
days ago, with representatives of one
from each gold state, to ascertain the
sentiment of the people on their return
home on the advisability of holding a
separate convention and naming a new
ticket and platform. This committee
was ordered not to report before the
populist convention at St. Louis, the un
derstanding being that if an independ
ent convention is called, it is to be des
ignated as the real democratic conven
tion, while the one about to be held at
St. Louis will be classed together with
this one as a populist convention.
THE QUANTITATIVE THEORY.
When a gold bug tells you that the
"intrinsic value" of gold hasnotchanged
for 100 years, tell him, neither has the
"intrinsic" value of wheat changed for
100 years, but the ratio at which one
will exchange for the other changes every
day, and that ratio, when expressed in
terms of money is called "price," and
that the ratio or price at which they will
exchange depends upon the "quantity of
each that is offered for exchange. If
there is a very large quantity of wheat
and a very small quantity of gold, it
will require a large quantity of wheat to
exchange for a small quantity of gold.
If there is a large quantity of gold and
but a comparatively small quantity of
wheat, then less wheat will be required
to exchange for the same amount of
gold.
This is what is called the "quantita
tive theory" and any man who will deny it
would have the impudence to deny that
two and two are equal to four. One of
these propositions is no less true than
the other.
i WHO'S CRAZY.
The Louisville. Courier describes the
free silver oratory in the Chicago con
vention in the language of plutocracy.
It is a new dialect to those moet familiar
with good English. It says:
As a nondescript gallimaufry ot frayed rhet
oric, hysteric balderdash, groggy contradictions.
puerile popycock, and primeval Ignorance it
would be hard to match.
A crazy man never thinKs he is crazy
but always declares that every one else
is crazy. We now begin to understand
why some of the goldite editors so con
stantly declare that all the west and
south is crazy. If the above language
does not show lunacy, what language
would?
ROCKEFELLER'S GOD
John D Rockefeller in his recent speech
to the Chicago University said: "God
gave me my money and I gava it to the
university." To which all the preachers
and professors present said: "Amen.'
The Independent says that more in
famous and blasphemous words never
fell from human lips. Did God organize
the Standard Oil trust? Did God buy
conventions, corrupt the courts and
bribe Ipgislatures? Did He wreck the
fortunes of thousands of honest, hard
working men engaged in the oil business,
send them to unending poverty and ruin
that Joan D. Rockefeller might take the
very bread out of the mouths of weeping
women and children and give it to a un
iversitv? Did he? Is there such a God
as this? Was John D. Rockefeller claim
ing that He whom christians worship.es-
tablished on American soil the most an
scrupulous and rapacious monopoly
that ever existed on the face of the
earth? WaB it the Christians God who
did these things, or was it another god
called Mammon? Which fe Rockefeller's
God?
TO THE MH'THKRJi MERCURY.
An editorial appeared in the Southern
Mercury on July 9, over a column long
In which the following and other similar
statements were made;
Evidently Senator AUea assisted Is preparing
the editorial pages of the Iadependent of last
week, and the errors and blunders appearing in
tbat Issue are ao credit to the Nebraska states
man,
Senator Allen says in the editorial columns of
the last Issue of the Nebraska Independent, or
the editor does so at his suggestion, that "it is
trne tbat the Omaha platform does not demand
an Irredeemable paper money, but it ought to.
It ought to demand a full legal tender money ir
redeemable In any other kind of money, but re
deemable, as Senator Jones says, In all things
for sale and all services for hire, and In nothing
else."
Nowhere are two opinions from Senator AUea
In as many weeks. What the senator's opinion
is this week can only be ascertained by a concur
rent declaration from him. He may ere this
date be in favor of a single gold redemption
money, or some other financial scheme un
thought of by any mortal man.
The editor of ehe Independent desires
to say that these statements are entire
ly false. Senator Allen never wrote one
line for this paper and has never made a
single suggestion to the editor. The ed
itor has not seen him since last Septem
ber and has received but three short let
ters from him and they were concerning
some department business affecting the
citizens of Cuming county, the home ot
the editor. In only one of these letters
is the Independent mentioned and that
was only to say he was glad to see we
were making so good a populist paper,
or words to that effect. Senator Allen
has not put one cent of money into this
paper, he does not own any part of it
and has no control over it.
If the Southern Mercury wants to be
honest it will retract these false state
ments. The excuse for making these charges is
as follows:
The reason the Mercury attributes this
league to Senator Allen is because the
Mercury has a personal letter from the
senator, in which he refers the Mercury
to the Independent for his views. The
senator has changed his views since the
adjournment of congress. The above
language does not coincide with his
speech in the senate. '
The senator has notchanged his views.
The Omaha platform does not denounce
a full legal tender money not redeemable
in cqin. Three years ago a distinguished
senator prepared a speech in which he
attacked the populists for demanding an
unlimited issue of redeemable paper
money. It was suggested to him that
he would better study the Omaha plat
form before he made the speech and laid
himself open to a charge of willful mis
representation. He proucred the Omaha
platform. He read it. He never deliv
ered that speech.
The most that can be said of the Oma
ha platform is that it implies that. But
it does not state it.
The editorial to which the Mercury re
fers was written while Allen was in Wash
ington. It required no peculiar skill or
great ability to write it. It was the con
clusion that any honest man would come
to, who was not bunting for an excuse
to attack the greatest defender of the
common people who has appeared on the
floor of 1 he American senate in the 1 as t
ten decades.
If the Southern Mercury does not care
to make a correction upon the above
statement, the editor and business man
ager will both make affidavit to the fact
that Senator Allen has not one cent of
money in this paper, and never made a
suggestion directly or indirectly concur
ring the editorial or any other matter
heretofore printed in its columns.
THE MCKINLEY DEFICIT.
A large number of letters have been
received during the last few days asking
for copies of the Independent contain
ing the two following articles: For the
benefit of , those fellows who have not
made scrap books from the pages of this
paper and also for a few who have, they
are reprinted. In the near future the In
dependent Publishing Company will
print a pamphlet containing the econ
omic articles and statistical tables which
have appeared from time to time in these
columns. Those wishing large numbers
should send in orders in advance. It
will be issued as cheap as possible, but
the exact price cannot be given until the
size of the pamphlet is determined.
the raid on the treasury.
That the readers of the Independent
may understand just how the raid on
the treasury was planned and who plaa
ned it, the following account of the mat
ter is printed:
Of course every intelligent man knows
that Charles Foster, of Ohio, was a pro
tege and was made secretary of the
treasury by John Sherman. He was a
man of no ability, not enough to attend
to his own private affairs, and Sherman
let him go into bankruptcy as soon as
he had no further use for him. This
Charles Boater, secretary of the treasury,
under da'. of Washington, D. C, Oc
tober 10, 1801. wrote to the republican
club of Massachusetts (any one who
knew Foster and his relations to Sher
man and how every act of his was sim
ply the act of John Sherman, can easily
understand how the planning of tho
raid was wholly the work of the man who
surreptitiously demonetized silver. The
letter was really Sherman's and not
Fnter's.i The closing paragraph of
this letter was as follows:
TrpHsurv notes are redeemed in gold
when so presented for redemption at the
treasury or any assistant treasury of
the United States.
Very Respectfully,
Charles Foster.
In pursuance of the conspiracy on Oc
tober 13, the following telegram was
sent to Secretary Foster:
Boston, Mass., Oct., 13, 1891.
Noticing in your letter of October 10
to Republican Club, published here this
morning, statement tbat treasury notes
are redeemed in gold at any assistant
ant treasury, I sent a one-thousand dol
lar note to subtreasury here this morn
ing requesting such redemption in gold.
This was refused. If your letter cor
rectly states policy of the treasury, will
you please send instructions to sub treas
urer here to redeem notes in gold. An
early answer earnestly requested.
Phineas Pierco,
Hon. Charles Foster, 32 Summer St.
Secretary of the treasury, Washington,
D.C.
Secretary Foster promptly tele
graphed back:
October 14, 1891.
Pbineas Pierce,
32 Summer street, Boston, Mass:
Assistant Treasurer Kennard has been
instructed to redeem treasury notes in
gold.
Charles Foster,
Secretary.
At the same time Foster also sent a tel
egram to the assistant treasurer at Bos
ton as follows:
October 14, 1891.
Assistant treasurer,
Why don't you apply to United States
treasurer for instructions when treasury
notes are presented for redemption in
gold? Chas. Foster,
Secretary.
The assistant treasurer replied:
Office of assistant treasurer United
States,
Sir: 1 nave respectfully to own to the
receipt of telegram of treasurer United
States "Redeem treasury notes in gold if
presented, and a demand made for such
redemption;" also to your dispatch of
even date. "Why don't you apply to
United States Treasurer for instructions
when treasury notes are presented for
redemption in gold?" to which I wired
the following reply: "As no general de
mand had been made for the exchange
of treasury notes in gold, the occasion
had not arisen for asking for specific in
structions." Very Respectfully,
M. P. Kennard,
Assistant Treasurer United States.
Hon. Charles Foster, Secretary of the
treasury, Washington, D. C.
It was in pursuance of this conspiracy
that Foster sent his order to the bureau
of engraving to engrave and print a se
ries of bonds and that John Sherman in
troduced bis bond bill in the senate be
fore the close of the Harrison adminis
tration. The result of this conspiracy has been
the issue of nearly , $300,000,000 of
thirty year four per cent, bonds. The
whole thing was conceived and executed
by the advice and under the direction of
John Sherman. If the republicans elect
the next president he will be secretary of
the treasury. During all the time that
treasury notes and greenbacks had been
in existence up to the time that Foster
under Sherman's directions invited this
raid on the treasury, no such thing had
ever been thought ot Dy the Danuersj
save once. Dan Manning was then sec
retary. He went down to New York,
called the bankers together and told
them if any more notes were presented,
they would be paid in silver. No more
were presented. The raid was stopped
instantly.
MORE ABOUT THE DEFICIT.
The claim that the whole financial dif
ficulties under which the nation suffers
was caused by the repeal of the McKin
ley bill and the substitution for it of the
Wilson-Gorman act is so manifestly ab
surd and false tbat one is amazed at the
audacity of the men who make it. That
the McKinley bill produced exactly the
same effect upon the revenue that the
Wilson bill has, is proven by all the evi
dence in the case. There is no evidence
on the other side. In much more pros
perous times than we now have, there
was a large deficit under the McKinley
bill. To now claim that the reenact-
ment of that bill and that is all that re
publicans propose to do will cure all
the ills under which we suffer and bring
prosperity, is manifestly so absurd that
it is strange that any sane man will be
lieve it.
On February 25, 1893, Secretary Fob-
ter went before a committee of the house
to make a plea for additional revenue,
declaring that during the next fiscal
year, that is, from June 30, 1893, to
June 30, 1894, there would be a deficit
under the McKinley bill of $50,000,000.
This is his statement before that com
mittee: Mr. Turner: Taking into considera
tion all these conditions which you an
ticipate, what in your judgment would
be a fair conjecture of the condition of
the treasury at the end of the next fis
cal year?
Secretary Foster: I should say the
next fiscal yearwould show a deficit.
Mr. Turner: Can you give an approx
imate estimate according to all the data
accessible to you?
Secretary Foster: I will only say this,
that if I was to have the management of
the treasury I should nsist upon an in
crease of revenue to the extent of $50,-
000,000
Mr. Wilson: Did I understand you to
express a general opinion a while ago
that in addition to the present sources
of revenue the revenues of the treasury
department ought to be advanced $ 50,-
000,000 more a year.
Secretary Foster: Yes, sir.
Mr. McMillin. Would you make that
for one vear or a permanent increase of
revenue?
Secretary Foster: As things are going
now a permanent revenue, for two rea
sons. I would increase the gold reserve
at least $25,000,000 if I bad the money
to do it with.
Mr. Turner: But your answer just
now seemed to contemplate an annual!
increase?
Secretary Foster: I think an annual
increase of $50,000,000 would make the
treasury easy, and if I were going to
manage it I would want to have it.
This was in February 1893 before
Cleveland was inaugurated and when
the McKinley bill was in full force and!
was certain to remain in force for an
other year at lesst.
About this time the writer of this w as
sitting in the gallery of the senate and
saw John Sherman introduce a bill to
issue $50,000,000 of bonds to cover
this deficit. Now this agent of Satan
coolly claims that all we need to prevent
deficits in the revenues is to re-enact the
McKinley bill.
RATHER AMUSING.
The Texas democratic state convention-
after adopting a platform denouncing-
trustsand monopolies, favoring the elec
tion of United States senators by the peo
ple and demanding the frae coinage of Sil
verman income tax, opposing banks of iasue-
and the retirement of the greenbacks, de
claring any law which permits the presi
dent of the United States to send troops-
into a state without a request therefor
by the legislature or executive of the-
state, when there is no insurrection
aguinst the government of the United
States nor resistance to the enforcement
of the national laws, not only violates &
plain provision of the constitution, but
is dangerous to the liberties of the peo
ple, and should be repealed and several
other things of the same sort, then sol
emnly, "Resolved.that we look with hor
ror npon the tendency of some of the
people to adopt the wild vagaries advo
cated by the populist party."
The democratic donkey has done some
amusing things in the days which are
passed, but it seems to the Independ
ent that he never equaled that perform
ance before.
The plan of the campaign by the gold
te news papers was indicated by . the
New York World last week. It deliber
ately fabricated and wrote out an inter
view and attached Bryan's name to it.
The whole thing was done purposely. It
was not deceived by a reporter. That
shows the character of these goldite edi
tors who continually prate about hon
esty. Such' a despicable act was never
done by a responsible newspaper befor
THE VOLUME OF MONEY.
The Different Kinds and Amounts in
Circulation in 1865
On pages 27 and 28 messages and doc
uments 1867-8, is a statement which
shows that the public debt had reached
its highest point August 31st, 1865, at
which time it was $2,845,907,626.56.
and was made up of the following items:
Funded debt $1,109,568,191 80'
Matured debt 1,503,020 09
Temporary loans 107.148,713 18
Certificates of indebtedness 85,093,000 00-
Five per cent legal tender notes.. 33,954,230 00
Compound interest legal tender
notes 217.024,160 00
Seven-thirty notes 830,000,000 00
United States notes 433,160,03$ CO
Fractional currency 26,344,742 51
Suspended requisitions 2,111,000 00
Total 2,S45,907.6J6 56
"Of these obligations," says Mr. McCul-
loch "it will be noticed that $684,138,
859 were a legal tender, to wit:
United States notes $433,160,569 00
Five per cent notes 38.954,2:10 00
Compound interest notes 217.024,160 00
Total 684.138.959 00
A very large portion ot which was in circulation
as money,
On pages 20, 21, 22 and 23, Statisti
cal abstract ninth number, is a table
showing the money in circulation on the
30th day of June, for each year from
1860 to 1886 inclusive. This table shows
that there was in circulation June 30,
lobo, the following kinds of monev:
Gold, silver, state-bank notes, demand
notes, compound interest notes, one and
two year five per cent notes, fractional
currency, national-bank notes and legal
tender notes.
In the report of the secretary of the
treasury, W. P. Fesseuden, for 1864,
page 206, says: "Afore fully to accom
plish his purpose, the secretary resolved
to avail himself of a wish expressed by
many army officers and soldiers, through t
the pay-masters, and offered to such as A
desired to receive them seven-thirty-notes,
of small denominations. He was grati-L
fied to find that these notes were readily
taken to a large amount. The whole
amount thus disposed of exceeded $20,
000,000, and the secretary has great
staisfaction in stating his belief that the
disposal thus made was not only a re
lief to the treasury, but a benefit to the-
TCirtinmna n.a nffnj-Hino. thom an aaaxr
mode of transmittingfunds to their fam
ilies." Ou page 244, finance report, 1869r
Mr. F. E. Spinner, treasurer of the United
States, makes the following statement:
OUT8TANDING CIRCULATION.
"Recapitulation of all kinds of govern
ment papers that were issued as money
or that were ever in any way used as a
circulating medium:
Seven and three-tenth notes, tempor
ary loan certificates, certificates of in
debtedness, six per cent compound inter
est notes, gold certificates, three per cent
certificates, old two year six per cent
notes, one year five per cent notes, two
year five per cent notes, two year five
per cent coupon notes, demand notes,
legal tender notes and fractional cur- ,
rency."
The act of February 25, 1862, (12
statutes at large 345), provided that, all
duties on imported goods shall be paid
in coin, and the coiu so paid shall be Bet
apart as a special fund to pay the inter
est upon the bonds and notes of the
United States.
It is, therefore safe to assume, that
there was in circulation in 1865, the fol
lowing money:
Oold . $ 189,000,000 00
Silver 9,500,000 00
State bunk notes . 142,919,638 00
National bank notes 146,187,800 00
Demand notes 472,603 00
Certificates ollndebtedness 85.093,000 00-
Legal tender notes 433,160.569 00-
Fraetlonal currency 26,844,742 51
Five per cent notes 83,154.230 00
Compound interest notes 217,024,160 00-
Seven-thirty notes 830,000,000 00
Total 12,113,606,702 61
