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The Wisconsin lumberman, devoted to the lumbering interests of the northwest
Volume III. Number 6 (March, 1875)

Iron money,   p. 488 PDF (336.9 KB)


Page 488


T8e Wisconat Lumberma
manifest, the animal should be freed from
work, rubbed dry, blanketed, stabled in a
dry, light apartment, and a veterinary sur-
geon summoned at once.
Iro Money.
We have probably heard the last of the
kind of scrip which has passed under the
general name of "iron money." By pro-
vision. f the late act of Congress popular-
ly known as the Little Tariff Bill, which
went into effect February 8th, furnace
scrip is taxed 10 per cent. upon the amount
paid out. This practically taxes it out of
existence, for no manufacturer could af-
ford to pay such a tax, and, unless the law
can be circumvented in some way, the fur-
nace owners must dispense with the con-
venience of employing scrip in the adjust-
ment of accoun"s.
For some reasons this action on the part
of Congress is to be regretted, for others
not. There have been times when these
printed notes of hand, payable on demand
in lawful money by the treasurers of the
companies issuing them, have served a
useful purpose as a circulating medium.
This was especially true during the panic,
when the banks locked up legal tenders,
and where districts without adequate bank-
ing facilities were practically drained of
currency. 'They have also served at times
a very useful purpose as a medium of ex-
change between the servants of the com-
panies and the tradesmen who, in the ab-
sence of currercy, have taken these de-
mand notes with confidence and have
handled them as money. It is generally
conceded, however, that while these notes
have been a convenience, especially in the
Northwest. there no longer exists a neces-
sity for them great enough to justify their
continuance in use, and a toleration of these
issues of notes secured by nothing but the
credit of companies which have, in some
instances, uttered them for amounts be-
yond their capacity to redeem them in law-
ful money or bankable securities, might
give rise to serious and far-reaching evils.
Under the present law, national banking is
made practically free, and for many rea-
sons which need not here be detailed, it is
much better that a well secured currency
should take the place of the iron money in
those districts in which the latter has
hitherto been the chief local circulating
wedium.-Iron Age.
John Mitchel's death has afforded an
opportunity for nearly all our cotemporar-
ies to illustrate the narrowness of their
geographical attainments. Nearly every
one of our exchanges, and they are legion,
describes his expatriation to Australia, the
island continent that he did not even see.
Mr. Mitchell was transported to Van Die-
men's Land, and from that British convict
settlement the Irish patriot made his- es-
cape. The relation of Van Diemen'e
land to Australia, is about the same as the
West India Islands bear to this continent,
but it is too much to expect that in these
days of spelling schools, and numberless
other Pnxieties, journalists should possess
general and particular knowledge of the lo-
cation and settlement of Australasia.
Senator Cameron is en route for La
Crosse, having left Washington, D. C.
last evening. It would be interesting to
witness the earlier interviews between
Cameron and his democratic abettors who
are responsible for the error which he
personifies.
It is not likely that after their recent ex-
perience the people of Wisconsin will
soon again give the reins of power to the
hands of republican political adventurers.
It would cost the state five years of
commercial prosperity to witness another
session of such a legislature.
There seems to be a race between
UJ. S. troops and the Siouxs in their war
paint, for the gold miners camp in the
Black Hills. Should the soldiers startle
the diggers from their devotions, it will be
well for them, as otherwise the worshipers
of metals, will assuredly lose their scalps.
The authorities at Washington cannot
secure obedience from either white men or
red.
The operations of every day, set in a
strong light the soundness of the advioe
which the JOURNAL OF COuXXuRC gave to
the farmers who had corn for sale. The
advance is steady to this hour.
488


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