The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1876-05-26

LETTER FROM HuN .HAs MASON

"
To The Edi,er n The Telegraph
psAn SIN. The probability se~ il that
the acs Of January, is.a ny which fesumr.
ticn ~ specie rasmen, l. TO IT, censam-
mated an l,a, is7a, will no, be repealed
" not, LEI every one prepare for the worst
~ best b. may. A financial eonvnlslcn
mere siolen, than We have ever ,ei W.T.
nessed viii Be the inevitable consequence
The %rrcenhack dollar il new worth sumo
~ cents In gold This has been It's aver.
agr value fer more than six years Debts
have been incurred. enterprises undertake
en-, property rated and industries organ.
iael upon the basis of such 4 dollar. He
su~mption-lo matter how vH~cieh-wanld
add ,one eleven cents - It's value This
Annot be done within the space Of two or
three years without %sansi,g the greatest
financial ruin. II the Govern men, were
possessed II Abnn Ian. nv ans for that rur.
POSE they should not be thus applied with.
out tbs utmost caution, end BY 4 slew aud
gradual change.
To understand this proposition more fl.
", suppose you hai agreed 10 pay 1000
bushels Of whs.t a. : future day, and that
In the meantime an imperial edie. should
az the bnshel NJ 7oroands instead Of 90,
and make this change applicable 10 pes'
contracts you would thus be required 70
pay 20, 00O pounds Instead of 60. uou And
II such contracts for future delivery were
- common - shosc for paying dollars nav
are, Il II not manifest tha. tho msst ruin.
Gus consequences would be unavoidable |
One failure would cause another until. tho
whcle fabric Of credit would come down
with \ crash. THIS Il JUS WIN. We shall
scs, In ! greater or less degree, II tho pol
10y Of the heallong rssumpsionisss il car.
rIed into effect.
but other miaeh!sfs, wholly ( .stnitols,
are new threatened from a Kindred foil.
Not only II the magnitude OF the measnr.
Ing dollar 10 te increased more than twelve
per cent but tho volume Of the circulating
medium 10 be reeklsssly anil enormously
contrAcscl II tho same time. Such con
traction has already taken place to the Ct
.eat Of WORE than $oa 600 900 since Janu.
AIRY 90. 1874. anil II Ii estimated TINT Il
will rcAsh xi0U. 00o. 900 before tho end Of
the year. with No future assikaable liml,
A financial catastrophe will bs inevitable
Ii our currency wcrc to remain nnchanx~
sd Ia IN Intrinsic Or =, convertible value,
any great contraction In IT. volume would
inevitably produce evils Of the creates,
magnitude. Our legislators seem bent on
not only urging The enlargement Of the
business dollar with hot and iaeoasidera.e
haste, ba. u ae samc time they are
.oniy adding 70 the miscLie thence result.
q BY 4 simalta neous eos.rac,ion In the
volume Of ths csrreney.
W. shall b told that the volume u cir.
e~a,Aslsn Il already Q great. lln enough
10 reply that l. Ia much less 10 proportion
70 our population than that Of either Great
Britain. France or Germany. Bu. that il
not the chief question 10 be ~considsrsa.
Every great change, ~ wsll In rerree. 70
,hs VOLUME of Tho currency ~ 10 the msg.
nitudc Of the dollar. N ~ evil. FluctuA.
sion In relation to either Ii d source az
misshief, and worss especially when those
kucsuatioas are rapid. They ought ncvsr
v be hosl. rsrmitsed u sas aud n. name
tlMr. hut sinxly II needs he, and with
great eautian and by slow degrees. How
false tho stass,manshir lha, il rrecipitAt.
ing them both II once
Hut have ~ not more money than il nov
nec led ! II that II true Il Ii due 10 arti.
MciAl and not TO natural causes. The
threat II carly resumption renders men
unwilling to sngsxa in enterprises, causes
lethargy IN business and dimlniahss The
need VI money contrAc, Inn In the volnme
II tho circulation, csnscs 4 falling market
IN manufactures, merchandise anil Ill 9TH
~ commodities, aud dirconrages production
aud tlAle. aud therefore thr need az non
~ will b. constantly farther diminished
Lot this be- continued TN ali enterprise
and industry ceasesi iii all improvements
both private aud public sre At nm end; Till
M manufactures ars closed for wan, Or i
market TN trade II A~hsndonsd FOR lack
ofproA., aud ~c shall have returned 10 the
good old times Of hart~r whish prevailed
In the dark nges That would be The rip.
cned result of the policy upon which ~
. seem IL hc entering carried ont u it,
extreme Logical consequences.
Nut nnce iisrel ,hc di.lrn.t which Il
NOV raralysing our energies, III there b. 4
confidence that No grea, and sudden imam.
cial charge !, i%mpcniin-, nnl AL the ~.
~tivities II u industries will le again
aroused. Our manufactures will fta1t In.
&. ncv s,fe lss enterprise s.li be sni.r.