The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1870-03-10
GOOD.

81
Hon. VIM. Loughridge, the House
was yesterday brought to a vote on
his resolution to increase the volume
Of the currency fifty millions for the
relief of the south and west, result.
ing in its passage by ITO TO 70.
This result speaks volumes in his
praise for tact and influence, as the
same measure substantially, has been
repeatedly defeated before this VIM
ter. A constituency suffering for
more money, will thank Judge Tough
ridge.-Ottum,ca Courier.
viii the COURIER please tell us
just how Judge Loughridge's resolu.
ton even if its design is enacted into
u law, will give the congressman
suffering constituency more money"
Will it tell us how currency can be
successfully legislated out of its nat
ural channels. made by the general
development which comes of labor
and legitimate commercial transac.
tions, and into other and unnatural
channels created by arbitrary legal
cnactmcnts ? Somehow we arc OF
the old fogyish opinion that paper
currency is not our capitol, but a
mere loan rather and thas an arbi-
trary increase of the volume OF paper
currency with no increase of produc-
tons in which to invest it, is strange
finance. Is it to be supposed that
the tide of trade can be turned from
its natural ebb and flow by a rcsolu-
ton or a public loan? Money forced
to the South and West by law will
be Of no value to the suffering con-
stituencies," unless they have the
commercial product which capital
seeks for investment and profit to
give in exchange.
A healthy condition of finances is
the result of intclligently applied
industry, by which alone any consid-
cradle increase is made to the pro-
duct of the country, which product
constitutes the capital of the country.
Suppose two Of the fifty millions
covered by Judge Loughridge's reso-
luton to be now in Iowa in virtue of
congressional distribution, how can
the suffering constituents reach it
without quid pro quo and what
have they to spare to an extent suffi-
cient to put such an amount into
healthy, legitimate circulation !? We
wish to be enlightened, General
Iopa Falls Sentinel.
The Iowa Falls Sentinel, and other
papers which have been criticising
the above article OF ours, ought to
know that when the National Bank.
ing Law passed, the Southern States
were out of the Union, and bankrupt,
and that therefore none of the Ma
.ional currency was assigned to
them. They have SO rapidly recup-
Grated, that they are now greatly
in need of more currency, to move
their products, for which they have
to go to New York to borrow.
Their 300, 900, 900 bales of cotton is
worth s5OO,oOo,oOO and they are suf-
fering for more currency.
In the distribution of this currency
the west was also defrauded out
of its full quota, and we here in Iowa
arc short of currency. 70 illustrate;
We had a I'd National Bank organ
lied in Ottumwa, which failed to
get currency, the Comptroller only
assigning 100000 to our lst National
Bank.
From that time to this our I'd
National Bank and it's SUCCESSORS have
been willing and anxious 70 deposit at
least 100000 in government bonds
as security, if they could procure
that amount to circulate.
Now there being no possible hope
of securing u redistribution of the
currency by wrenchins from eastern
banks their ovcrplus and assigning
it 10 us of the West and South, Mr..
Loughridge sought by his resolution
to have another $50,00O,O0O issued
for our special benefit, to put us as
near rs may be on an equality with
the Eastern States.
1t was simply proposed to take
S50,O0O,O0O Of dormant bonds, lying
idle in bank vaults aud virtually con
vert them into circulating medium
which would have created an active
and healthy circulation in the veins
Of the body public; wouldn't have
increased tho public debt one farth-
ing, and ought not to have prolonged
the time Of resumption one day.
John r.. Shepherd sells Usage
q i IL L L. 4