The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1874-03-20

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was msie II sAtFsist 49, ,iFif, IA go.
,efiihii'y, the lanis as'r fsfsti lata
ssA~nsahn A, ans slns daring tht
,ssstt.es a sgsetie hstls IN .1lt. II
fsasett hul une.gnassff III III, lanA
sneaanA int reiu vfuli shnneh a.sf.
VI mHnshs hal hrvn allewsl Fs ,lt op
esa,ion. have NEARLY lrulen III The
lanhs IN shr country, AMI probably
have at,esl, ruined mtte than ,se.
,hifa.f the naml,ef Sarru*e v fl.
eiFn demand Ct eeli causes IL cnnlin.
aea ssl~''. ~ has cf,en harrened VI,
amount " specie held i, tho hanI. /.
. Thereby diminished. This rnmlr,.
Item - Withdraw from circulation the
lsr, u their circulating np.rs present.
"a Tor redemption. this again, causes d
contraction 4 loans and deposits Thue
Ia lcss eurrcnc, LEI. Then 10 meet the
bills AMI rt"mi.et, Notes u Individual.
aud u ray fst goods boagh, ~ simple
credits VI the withdraw Vi euin pro.
cechs tn FAR crisis arrives. ranic
cnsucs, tho wholc fabric falls, and tho
entire machinery for making exchanges
temperate, ccarps ~ work Such arc
tho teachings q long experience. III
this manner was tie collapse u -,
brought about, There must l.c some.
thing inherently wrong III u Lasn for
paper money which eallnn. assert aud
maintain Ito operative fuicc against a
demand fer It's expectation. whereby d
sudden aud largo contraction Il thu
volume ofcarrcney may DO produced,
~ the very time, perhaps, when IN e.
ransien of business Is taking place,
Were there no ethor rcnssn for rc.
jec,ing gold and silver uoin NJ bas's.
Il lsa conclusive objection TINT wc can.
not exercise unrestricted control over
such baslr. Or preserve iis integrity,
but are liable 10 loso power over II anil
mud IL efficiency Whenever call II
male by England ~ other foreign
country, being uur creditor. for specie
payments. thus withdrawing from or
soil considerable patt u the bosi. Of
the circulating Mole anl plecir.ta,inp
4. monetary stiingeney anl commercial
arrangement. sometimes industrial lii.
organization, with universal disltcs..
|. would he fnlly FIR ~. debtor nn.
ton abroad, 10 ADOPT tho gold .bss b
systen,---n panlta's box II ,ncrei.cra
contingencies, Tho proper barls fpr
paper mu,,ey II the aggregate prop.
etiy u thu eountr,---that i 10
say, tho nnllii'nlipns variety a. rom
npdiiies which ailler from diversified
production. When tho hnsis II restricted
to gold Or 10 silver II IL limited H. Il
Jingle commodity. making NJ ulhcr
commodities ynssals 10 TINT .nc, and
adding nerespaiy eireniiousputs u tie
mcthn'l II operating The exchanges, inr
when tho holder has converted ctr.
cnlating note Into gold Or silver. hc
Inns IN practical nsr for tho dies II
minted metal, eseop. 10 exchange them
for some desirable commodities. III clsr
apply them 70 the arts, In which shape
they arc exchanged for tlc circulating
note. with repetition uftheso general
progresses, III nnon'llng series. Tho
pol'l.Laso system ishonel'ug and round
About. and, furihrrmatr, rmbplics thu
mistaken nation that q thing, to per.
form successfully tho functions u nancy
must possess intrinsic value. Money.
M present, whatever may have becn
tho ense In oi'lcn times. measures tho
relative value u thing. aud u bcnc-
teialy used A. medium III ohsciinp
Exchanges. not bucauto u IN intrinsic
value, but simply because Il IL uniscr.
snlly accepted In exchange for MI
thing. Intrinsic value IN tho funla.
mental iien ~ barter, anl Il was bu,
natural that this idea should attach ID
tho first instruments II exchange since.
IN the primitive days insecurity u
person and property was the rule. rail1
or than tho exception, ~ now, aud
common prudence required both part,
II tho exchange should cmbody actual
value III Tho things themselves. a
,nomadic people whose chief possession.
10 Aocks and herds. and among whom,
49, -. - s.a.a.l..i..n a4f.i IL tlu