Deliberate Deception

[Trom the New Kopublic] In order to cstablish tho charge that ;ho financial panjg was the result of au enormou coiitraction of the eurrenoy a most extraordinary manipnlation of figures has been employéd. For examplc, in 13 riek l'omeroy's manual of 'American Finante," page 31, in order to swell thb circulation in 1861 C6 to over $1,800,MIO,0(H of greenback and fraetional currency, th(; following tablea aré furnished : OnCKKBACB fllltKNTY SlATESIIiNT. II. S. noU'Sof Jan. 80, 1864 $ 481,178,(170.84 V. s. noten of Jan. 80; 1868 488,687,iW8:00 U. 8. note of Oei, 1 . 1886 488.0a0.6att.00 U. 8. notes of Jan. 1. 1886 41,281,389.76 Total $1,71X,25K,5S5.5 The amounts of fraetional curnnrv outstanding at the same date were as follows : Fructlonfil and postal currency of June 80, isi-l. . $ 2S,W,OTT:S6 Fraetional ;nwl imstal currem-y oL JiidcSO. IM'.r, 85,005, SR.7fl Kiai-tttuïal ainl poHtal nunrirv o Oat.80, 1805 ". . . . 2y)57,I8.20 Fraetional and postal currency pt Jan. 1, lüi Sie(IO,4aO.62 Total lbO,058,5!K.83 qrand totl i .M;-..;i,191.t! In this fiaud to deccive Üie ignoraiit the currency clairaed to have been outstanding at foui different jieriods is added together and a "grand" total of four times the actual amount is the result. On tho sanje plan of counting, if Brick l'oincroy should at four different times mark down his wife and four ohüdren and add np the rrsult he would find himself to be the hueband of four Avives and the father of sixteen children. Yet his manual is accepted a a standard work on "American Finance," and the figures are quoted by Greenback and Democratie writers and speakers. But Cary, of Ohio, goes one bette than Pomeroy and iucludes the graybacks (Confedérate) in counting up the amount of currency in circulation in 1865. Hear him : " Now, my friends, what has been the contraction of the circulafcing íinHÜum? In 1865 there were $57 of circnlating medium for every man, womiin and child in tho United States. That embraces greenbacks, graylacks, one-year notes, two-year notes, the cdmpound-interest notes, the certificatcs of indobtedness, and the 7.30s. How much have we today? Nomiiially we have about $14; really, only about $12 per head. Why do I say really? Eecail8e there ík a handled millions all tho time in the treasury of the United States. Banks are required to keep 15 per cent. of their circulation in their vaults." Countmg in tho Confedérate graybacks" may be all right. It has never been contracted. Not a dollar of it lias been paid. A barrel of cggs was sent a few weeks ago from Virginia to niarket packed in Confedérate graybaeks, ,they being more convenient and clieaper than wheat-chaft". Cary connts in Confedérate graybacks, 7.30 bonds, certificates of indebtedness, etc., in order to swell the per capita to 57, and then knocks it down by contraction of the currency to $12. Now it is well knowu that at no period in the histoi'y of the nation lias the total amount of the cuirency (paper and coin) exceeded $22.50 per capita, and that is just about the volume at the present time. Mr. Cary will require eithcr to correct his figures or submit to the grave charge of a willful attempt to deceive the peoplc.