The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1869-11-25
For the Courier.
Specie Payment and the Gold
Ring.

King.
| EDIroRs COURIER:
The fnancia! condition OF the coun-
tay, seems to be the question of the
hour, and the great desire is mani
tested on all sides for a speedy re-
sumption of specie payment. This,
it is claimed, is demanded by a re-
gard for public and private interest.
While many of our leading journals
are clamorous for resumption, no one,
so far as l have 'een, has pointed out
the plan by which it shall be affected,
although all have an opinion, which
at proper time, they will make
public. In the COURIER, of Nov. 4th,
find the following: ''The 90 mil
lions of gold the Treasurer holds is
sufficient to keep in check the inor.
dinate upward tendency of gold," to
those who have commenced the for
ward movement toward resumption,
let me call up the trying times of
Sept. "a and Is last, the evil resulting
from the operations, in Wall Street,
are visible throughoutthe country.
While we have men in the great
money centre ofthe country, possess
cd OF such vast vast means who are
willing to run such q risk, and en-
danger the mercantile safety of the
nation in such recklessness, would
it be safe to drain the treasury of
gold, when she holds not one-third
the amount of circulating notes? A
few men sufficiently confident in one
another, and sufficiently rich to begin
the game, pledging their gold as they
get it, may again endanger the busi-
ness interests of the country. But
says one, when resumption once be-
comes fixed fact, the people will not
rush Tor gold in exchange for notes,
but will rest quietly under the inspi.
ring thought that specie payment is
inaugurated and they can get along
with currency. Some may not have
a weakness for gold, but as for us, we
desire to renew the old acquaintance
ne'ertorgot. The west might manage
her affairs, without gold entering in
to her transactions, but not so with
the great commercial States to the
east of us All duties on foreign i'm
ports must be paid in gold, and con-
tracts oftentimes of vast proportions,
must be fulfilled one way and another
by the transfer OF bullion. Now sup
pose the Secretary has fairly entered
upon resumption ofspecie payment,
the interest upon gold bearing bonds,
soon due, must be anticipated, so the
actual amount that can safely be re.
leased is about S6S, 900, 900 in gold
Paper money no longer constitutes a
legal tender in any of the money
transactions of the country the peo-
pie know that FIVE dollars in curren.
cy is afioat, to one dollar in gold held
by the government, and the scramble
commences. Wall street would have
the inside track, owing to her close
proximity to the ub-Treasury. Think
you that boarding would not COM
mence and the premium on gold ad-
vance. under the skillful manipula-
tions ofthe inordinate gold gamblers?
There is not the slightest security
that the experiment of Sept. 28d may
not be repeated by men much strong
er than Fisk, Gould & Co. At the
time that jim Fisk had his hand up
on the throat of every business man
in the country, he seemed to have
forgotten who was the largest bullion
holder in the country, and the best
thing Grant has done, since the day
he received Gen. Lees sword, was
when he ordered the sale of gold to
the relief Of the Nation. The trans
action of those two days have no
parallel in the history of the World,
a business Of sS00,000,OO0 was done,
upon a gold basis of only (s20,O ,O0O,-
0OO) twenty millions. Had the
ring possessed the strength to take
up government gold as fast as offered
the struggle would have lasted until
nearly every business man in the
country would have been more or
less impoverished, and trade con-
tracted 80 per cent. In their mad
efforts to get gold, they forced down
government bonds 20 per cent. below
the market value, and as for railroad
shares, the best of these deprecated
60 per cent in forty eight hours
Men who would thus ruin an army of
shore holders, and force q national
Bankruptcy in their thirst for profit,
should not become the largest specie
holders in the country. What docs
Mr.. Vanderbilt, with his $4,000, 900,
want with the thousands he makes,
when in some huge railway cam
paign he crushes thousand families.
Yet he crushes them. A Roman
Senator, would destroy province to
recover his interest on q loan. In
England great wealth sobers men,
and they respect the law, and stand
upon their honor, they favor every
effort of the government, and protect
its credit. Then let us not be clam
orous for government specie, stand
by Boutwell, in his noble efforts to
reduce thepublic debt. His success SO
far in paying of National debt has
no parallel in all history. Let US
learn as a people to become more
economical, think twice before we
contract new debts. Let us as u nation
buy no more Of Europe than what
we can pay for with our own exports.
Let our National debt be funded at u
low rate of interest, and thus save
Millions of gold in interest. Let US
remember that our National Curren-
cy is demanded to facilitate the vast
business of the country, as tits less
liable to be taken out OF circu-
lation, and boarded than gold
The only safe course to pursue
is to leave the currency alone,
and to let our country grow up grad
ually TO specie payments, in accord
anee with the laws of trade.
| Ottumwa, Nov. 10Th. J. q. NJ.
To TRY Our LARp.-For fifty
pounds Of lard, make two quarts Of
white lye, and pour into the kettle in
which you are to try the lard then
cut up the leaf lard, and put it into
the lye, and let il cook all day over
l