The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1874-08-27

hung over the business OF the coun.
try Ike suspe1d:ng sword, and il
an exploit declaration against tn q;
policy. The common sense OF the
country prevailed against theory,
and the good effects OF the measure
are already Wis BILE in every part oi
the United States. The monster O.
contraction which stalked into Con
gress in December, with insolent air,
were finally kicked out of it, after
having had expansion crammed
down it's throat. Contraction, which
was but another name Tor confisca.
ion, became so odious, that in the
closing weeks of the session scarce
any one dared to lift his voice in its
favor.
The Senator tnen briefly examined
plans proposed to bring aoout the
RESUMPTION o: specie payments.
First, 1T 8 proposed 20 repeal the
Legai.tender acts, VIII ca witho. t
argument, Re denornced "a repcd a.
ton OF the most wanton and disas-
t'ous character, leaving the cur .ency
in the hands Of the people worthless,
aztec violating the contract upon
which the people accepted them.
Second, it " was p. opposed, as was by
Mr.. Greeley, TO resume Dy reslning.
This is like tale told by An idiot,
.'!l of sound and fury, sign;ryiny
nothing. What the country wants
is not to be placed upon the rock of
contraction or thrust into the abyss
of repud atiou, but repose, the return
of good times, the restoration of con. i.
tidence, the revival of enterprise,
progress and Improvement such as
we had ten years previous to the
panic. If with this grand restora-
ton and resurrection of the country
specie payments do not come by
natural process, 1t is certain that they
cannot be forced by the rack, the
thumbscfew, or any instruments of
slow torture that may be devised.
The Republican platform declares in
favor of such an Increase OF the cur
rency as may be demanded by the
business of the country. Currency
is the instrument of business. When
there is just enough FOR the business
OF one year it does not demand An
argument to prove that there should
be more next year when business and
population have largely Increased.
Whatever tie character of tle cur
rency there should be enough to do
business with this, whether the cu'-
rency of gold, silver or paper. Ii
the quality be not good is that any
reason why the quantity should be
reduced If the food of family js
not of the best quality is that any
reason why the supply should be
made less than is necessary for their
support ? Will the starvation OF
the family contribute to improve the
character of ttej. food? 1t was DR..
Sangrado's theory that when mans
system was run down and his blood
poor he should be subjected to still
further reelection and bloOd-let:ing.
The country hes had surfeit Of po-
litical Sangrado's, and the theories
of that school of medicine for our ills
are not winning many supporters at
this day.
PAYMENT OF THE FIvE-TWENTIEs.
The first resolution of the Demo
cratic platform declares for the pay
ment of the fve.twenty bonds in
greenbacks. 1t was contended with
great force that the government had
the right to use the greenbacks in
existence when the fve-twenty bonds
were sold in their payment. But in
1867 MIR. Pendleton advanced
proposition that years after the bonds
had been sold Congress had the
right to make a further issue Of
greenbacks beyond the $4OO, ,OOO,O 900
authorized, and TO make them le-
gel tender in payment of the pre.ex.
isting bonds. This proposition of
Mr.. Pendleton had the support Of
Mr.. Hendricks and many other lead
ing Democrats, and resulted in a vic.
lent discussion On the whole ques.
ton. In 1869, soon after the inaug-
uration of President Grant, Congress
passed an act declaratory of the law
aud intended It TO be final settle
ment of the whole question. / ex-
cepted it as final settlement, and
believed it must be 80 now received.
Since that time these bonds have
been bought and sold upon the ex-
press declaration of the government
that they should be paid in coin, and
the Government is stopped from
now asserting the right to pay the
fye.twenties aud, secondly, by pro-
posing TO repeal the pledge given in
1869, upon the faith of which these
bonds have been bought and sold
for more than five years. 1t is sale
TO predict that the settlement Of this
question by the act of 1869 will not
be reopened /; that the national bank
system will not be destroyed, and
that the whole amount of greenbacks
in circulation will never exceed
1892, 100000, the amount now in
use. The problem remaining to be
solved is to redeem these greenbacks
in coin, and this will be done at the
earliest practicable day. But not
the present. 1t will be after the eff
fects of the panic have passed away,
good times have been restored, and
the balance of trade has ceased TO
run against US. The specie payment
cry, ought, therefore, TO cease TO vex
the public ca, and allow fail conf.
dence to retrrn to business. The
moral effects of the currency bill are
visible everywhere, and with fine
prospects Of bountiful haryests,
strong hopes are entertained of a
great revival in business and pros
perity in the fall, and that the work
of budding railroads, and other pub
lac improvements, and the extension
of manufactures and trade, will have
vigorous and permanent renewal.
While the additional bank currency
voted TO the west may not be taken
very rap dig, and in fact cannot be
until there shall have been a revival
of business, it shall be taken at no
distant period, and then the demand
will be renewed for free banking,
and the removal of the monopoly
feature Of the National Banking law,
which has ever been it's blemish and
has largely contributed to whatever
OF unpopularity the system may
have. After all it is Distinguishing
fact that the common sense of the
peooIe prevails in toe end over all