Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1876-09-15

olten as congress got together, the
country was in state of trepidation
lest the representatives of the wis
dom of the people would do some
mischief with the currency. Should
J Congress at its next sessisn issue
100000 in greenbacks, the value OF
greenbacks now in circulation would
decrease in proportion. If the
amount OF greenkacks should be re-
duced, without there beng supply
of ready gold, a great scarcity would
result. AS long as paper money ex-
posed to such chances, existed there
would be this condition OF uncertain
ty. and consequently, of stagnation.
The uncertainty, could be removed
by the substitution of good, honest
money, not exposed to the whims Of
Legislation or the follies of the aver
sc Congressman. Applause.
Mr.. Schurz then referred to the I'M
safe, i'll secured bank currency of the
wildcat banks of 1857, and the sue
ceeding crisis. The result was that,
the currency disappeared as it be-
came worthless, and what was left in
the peoples pockets was good, hon
est money. Prosperity was not re-
vived until the bank currency was
swept out of existence. In 1873
there was no contraction. More cur
rency was in circulation than there,
had been for years before. 1t was
even augmented by the issue of $25.-
100000 more of currency, and it staid
in the banks Of New York, Boston,
Philadelphia, Hartford, and Provi-
dcncr. Though there was no con
traction, things had been growing
worse, and the conclusion inevitably
forced Itself upon every thinker that
there could be no revival OF business
until this mcertaint y was dissipated
Most of the inventions of the
quacks were really old. They had
been tried and exploded. There was
one however,
THE 3.65 BOND SCHEME,
which had the merit of novelty, and
which the speaker denomlnated one
of the most absurd and dangerous OF
all that had deem invented. Accord
ing to this scheme, the money adj
: vanccd to the Government in eX-
change for the 3.65 bonds, lay idle,
while tie interest was paid by the
taxpayers. Applause. 1t the cap
itaist could put his money i. the
hands OF the United ST. ties, when it
would otherwise be idle, and expect
the taxpayers to pay the interest
why could not farmers put their corn
and oats into a Government Treas
urv and have the interest paid
; Applause. The rule that was good
enough for the capitalist, the money
bags, ought to be good enough for
the hard-tisted farmer also. Ap
planse. The money which was put
into the Treasury and lay unemplov
ed was the same money which
would have been put into the
banks and used in discounts and
commercial transactions. Accord
ing to this scheme, however, banks
, would be out of funds, and the mon
ev would be lying in the Treasury
while the money-bags drew Interest
on it. The result would be the mos1
: fearful contraction imaginable, ant
greater embarrassment, dlstrust, ant
stagnation. Yet this was the grea
sarsaparilla, the CentaIr Llnment
of the soft money doctors, that wa
: to cure all the financial ills to whicl
the country WAS heir. Laughter.
j, The only way out Of the difficult.
8 was the resumption Of specie pay
ments. Applause. Then none.
would have fixed value, and tn
business Of the country would b
! put upon firm metallic basis. Their
: was no other way. Applause.
Even such men as Hendricks an
Voorhees, admitted that resumption
should and would come some time
but like the man with the toothacht
they hesitated before deciding t
have 1t out. Laughter. This yea
the Democrats had a candidate 70
President of the hard money kinG
$ and man for Vice-President of tn
t soft money kind. One was to catcl
1 votes IN New York, and the other IL
| Indianl. The sneaker did not thlnl