Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1873-11-20
THE IOWA VOTER.


NAY NC III tilis VII paiab1iSu hndJNi1
reynlsion, durable relief can only
come to them through the prompt
action of Congress. What will thai
action be? If the ordinary course Of
Congressional Legislation should be
observed, bushel basketful Of bills
on the subject Of finance would be in
troduced or the first roll call of States
for bills and joint resolutions; the
Committee on Banking and Currency
or the Committee Of Ways and Means,
would hold the proposed measures
under advisement for couple OF
months; then debate in committee
OF the whole for a month or more
would ensue; and before any meas
ure Of relief could get through both
houses and receive the signature OF
The President, the long session Of
Congress, would be well-nigh worn
away. We hope the men who will
be placed on the Finance and Bank
ing and Currency Committees Of the
two houses next month will appreci-
ate the full extent Of the paralysis
which has fallen upon, and still fur
Their threatens, all divisions Of indus
try throughout the country, and
whatever they may do, do 1t quickly.
Under no circumstances should the
ordinary holiday recess be permitted
until some relief Bill shall have
passed.
Undertaking to speak only for
ourselves, we say unqualifiedly that
the surest, speedlest help to the peo-
pie would come through such an
amendment to the national banking
acts as would remove the restriction
on the aggregate amount Of national
bank notes, and enable any man or
any association Of men In any town,
city, or State, who would put up the
requisite amount OF United States
bonds, to issue currency thereon in
accordance with the same rules and
regulations which have thus far
made the national banking currency
absolutely safe and Of uniform value
throughout the country. All reason
able men concede the success OF this
currency system up to this point.
But they ask: "Can you exceed the
present limitation 1854 100000 with
safety?" Why not? This limita-
tion is essentially arbitrary. Who
can say advisedly that the system is
safe up to that limit, but unsafe be-
You'd? What is money? 1t is "a
representative of property. 1t is a
convenient medium of exchange be-
tween property-owners. Its Office Is
TO save the loss Of time and labor
which would otherwise inevitably
accompany the exchange Of commod-
tiles. Without 1t the farmer would,
Of course, be compelled to take his
grain, and cattle, and hogs, to the
dry goods trader, the grocer, the
manufacturer, taking the goods or
products Of the latter in exchange.
IF the aggregate sum Of national
banking currency, which is the rep
resentetive OF property, should be
limited, why should not the total
amount of property be limited?
Why must the servant be greater
than the master? Gold and silver
are only representatives Of property.
They are simply used as labor-saving,
time-saving mediums Of exchange.
Why not limit their circulation ?
Why should not the production and
coinage Of these metals be restricted
to protect us from the danger of ex-
bansioD, If the expansion Of currency
Is necessarily dangerous? There are
in the course of trade and commerce
other representatives of property be.
sides gold and silver and bank cur
rency. Therear individual promis-
sorry notes, letters of credit, bills of
exchange. These are used as more
convenient mediums for the ex-
change Of values than even money
itself. Why should there not also he
~ iron rule limiting the aggregate
issue Of them? in more tangible
sense, the locomotives upon our rail
ways are the means by which prop
erty exchanges are effected; by
which the cereals and meats of the
Northwest are moved to the seaboard
aud tie merchandise of the seaboard
- moved to the Northwest. Why
not limit the whole number of loco
motives, ifJacilities for the exchange
of property are dangerous to the well
fare of the people?
This whole theory, that there must
be restriction upon the total volume
...x... l.... L.a.. a.. -