North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-01-13
WHOLE No. 500.
Morton and Greeley.

Morton and Greeley.
Senator Morton, in his reply to Heract
Greeley concerning resumption of specie
payments, makes not only conclusive
argument against immediate resumption
as proposed by Mr.. Greeley, but against
the bill which the Senator has introduced
in congress. He says to II G.:
"Your plan would suit admirably that
class of people who are aot in debt and
have plenty of capital, or who have fixed
incomes, which would he greatly improv-
ed in value by the large decline in prices
of every other kind Of property. Your
plan would enrich the creditors by the
destruction of the debtors for, as You
say, the sheriff and constable would he
after many of us. Our property would be
sold for song, and large balance OF
debt be left against our future earnings
and all this suffering and destruction |
put according to your own statement OF
what would be the effect of immediate
resumption
The eastern bankers and bondholdcrs
are the people ''who are not in debt and
have plenty of capital They are the
ACu WHV uAvC uAcu lHCOIncS, WHICH
would be greatly improved in value by
the large decline in prices of every other
kind Of property which policy of com
traction would bring upon the country.
They are the men who are clamoring for
swift return to specie-payments, care
less not only of what financial ruin it may
cause the debtor class, but hoping to reap
a rich harvest from the distress of that
class. We will not suppose that they
have employed anything more solid than
sophistry to deceive Messrs. Greeley and
Morton; but it appears to business men
in the western states that the financial
schemes of both those gentlemen must re-
suit in such contraction of the currency
as would inhict on the country the very
evils Senator Morton depicts in the cx-
tract.
The bill which he has introduced will
compel the national banks to commence
preparation Immediately for resumption,
and one of the first steps in this direction
will be to put in their circulation. 1t
makes no difference, us regards the volume
Of currency only, whether treasury-notes
or bank-notes be withdrawn. The sena-
tors bill will leave the treasury notes
outstanding, and it is silent concerning
the banks, except in saying they shall
resume upon the day named. This tells
them to get ready for resumption and
they will get ready, commencing with the
process We have referred to.
This is the opinion Of three-fourths Of
the newspapers and financiers who have
discussed the question but Senator Nor
ton thinks differently. He is very clear
headed man. He may be right, and all
the others maybe wrong. The question
is seemingly very plain one; but there
may be subtlcties about it which none but
the most penetrating intellects can discov-
er. AS it now stands, it looks as if
Senator Morton, while decrying against
contraction, has introduced bill which
can only be carried out by resort to
such policy.
The classes of men mentioned in the
extract as the rich men, clear of debt, and
men of fixed incomes, would rather that
Mr.. Greeley's plan of immediate resump-
ton should be adopted, than that Senator
Morton's bill should pass. If, however,
they cannot get the former, they will be
ern, and not western, policies are at the
bottom Of Senator Morton's bill. Eastern
policies, and not the good of the whole
country, are at the bottom of his bill. He
does not mcddle with what he does not
understand.
Let vote be taken on every board Of
trade which may be found in the country,
Pittsburgh west to the Pacific, tomorrow,
on the question Of whether We have
enough of currency in the country to
meet the honest demands of trade, and
there is no doubt that, in every instance,
the question would be decided in the neg
ative. Do the people know what they
want? Do the business men of the coun-
try understand the financial situation
Are their wishes to be overridden by the
theories of Doctors Morton and Greeley
Must western interests lie perpetually
sacrificed by the doughfaceism of the men
sent to guard those interests in congress? :?
Literary Pseudonyms.
TX Marvel-Donald G. Mitchell Timo-
thy Titcomb-Dr. j. G. Holland Ed
mund kirk. Il. Gilmore; Gail Ham
ilton-Miss NJ. A. Dodge Christopher
Crowfeld-Mrs. II. B. Stowe, Florence
Percy-Mrs. Elizabeth Ackers Allen !;
Fanny Fern-Mrs. James Parton Mary
Clavers-Mrs. c. Nj. Kirkland Mrs.
Partington-B. P. Shillaber Orpheus z.
Kerr-Robert H. Newell Artemus Ward
Charles F. Brown; Mace Sloper-
Charles G. Leland Josh Billinss-Henry
G. Shaw; Observation-Disclosures Thvmp-