Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1874-02-12

COmmltte0, Oh Wnlcn ne 10 ucu-
Der, 3 bill, which may be supposed
to embody his views upon the cur
rency question. The Committee has
now before it number Of bills upon
this subject, than which none now
before Congress has more importance
to the country, except that Of trans
portatiOn. 1t is u matter for serious
regret that SO able an Iowa Repre-
sentative as Mr.. Kasson, favors con-
traction of the currency at this time,
when the whole country, and espe-
cially the West, is suffering so Sc
vereiy from adearth of that medium.
The following is copy OF Mr..
Kasson's bill:
A BILL to enhance the value OF the
legal tender notes ofAttl0 United
States until their value shall be
| equal to gold, aud providing for
future resumption of specie pay
ments.
BE it enacted, etc., That from and
the --- day of -- the Secretary OF
| the Treasury shall cause gold coin to
be exchanged for legal tenuer notes
of the United States, at the rate of
500 in coin for --- dollars in notes,
whenever the same shall be present.
ed for that purpose to any Sub-treas-
ury of the United States in sums of
$50, or any multiple thereof, and said
rate of exchange shall continue for
four months thereafter, and for each
successive period Of four months said
exchanges shall be made ut the rate
III = aud - less for each success
i've period of four months until the
exchange shall be made at par, dollar
for dollar. The legal tenders thus
received into the Treasury shall be
held and disposed of as other general
funds of the Treasury.
SEC. 2. That the Secretary of the
Treasury shall in like manner cause
legal tender notes in the Treasury TO
be exchanged for coin when such
coin shall be presented for that pur-
pose in sums of $50 or any multiple
thereof, at the rate of ---- and ------
less than the rate for the time being
as established by the preceding Sec
ton for the exchange of gold in the
Treasury of legal-tender notes. The
coin thus received shall be had and
disposed of as other coin in the Treas
ury.
SEC. 3. That whenever, at the
Treasury or any sub-treasury of the
United States, there shall not be
proper funds on hands sufficient to
lneet.aii the demands made upon H.,
for either of the funds named in the
two preceding sections Of this act, a
certificate shall be given to the APP
plicant of exchange, redeemable at
the Treasury from which IL is issued,
which certificate shall be receivable
in payment of all dues to the govern
ment payable In the funds called for
by such certificate, and in all cases
where h.certificates shall be issued
the value paid therefor shall be set
apart and retained on deposit for
the purpose of redeeming such GER
tificates when they shall be respect
lively presented for that purpose.
SEC. 4. That whenever, under the
operation of this act, legal tenders
shall become exchangeable at the
treasury for gold at par, it shall be
the duty of all the national banks Of
the United States having currency
issued by them outstanding to re-
deem the same in gold upon demand
thereupon by the holder.
In the days of 1867, when the coun-
try was flooded with worthless
wildcat currency, "specie payment"
assumed very welcome and popu-
lar sound. But now that we have mt
least safe currency, the old argu-
ments i'm reference to specie payment
and a cosmopolitan currency have
little weight. The business of the
country requires greater volume OF
currency instead Of contraction. The
people are almost universally de-
manding: lst, expansion to such an
extent as to render the circulation
commensurate with the business of
the country. I'd, elasticity, in order
that in autumn or winter the agri-
cultural products Of the West--the
grain, cattle and. hog crops-may be
moved with a fair degree Of celebrity,
and such disgraceful and damaging
panics as that of last fall, as well as
the villainous corners in wheat, pork /,
etc, be avoided. Sd, uniformity In
the currency, placing National bank
notes on par with greenbacks as to
exemption from taxation, or better
still abolishing that medium alto
gether and substituting direct gov
ernment issue. 4th, a redistribution
of the currency in accordance with
law and equity, giving to the West
its legitimate share, which IL has not
now, and can hardly hope to obtain
while we have SO many bankers and
bankers tools in Congress.
Mr.. Kasson either mistakes the
needs and rights of the West, or is
ii d 4