Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1876-09-15
J. d. Russell VS. moody Grow"

i
LErIN of Aug. 25th, addressed to the
people of this county, giving them
some instruction as to their duty, po-
litical and otherwise, but, as l sup
posed it was only one of your freaks
to let us know you were still alive, l
did not think much Of it, but, in the
last BULLETIN l find another commu-
nication in which you use my own
name quite conspicuously, and ar
raign the greenbackers for many Sc
rious errors and follies. Now, as l
understand you, you base many of
your arguments on false premises,
and consequently come to erroneous
conclusions. In your first letter you
tell us that the wave of initiation fiji st
struck the "spunky little town OF
Jesup," in 1866, which caused rap
id and unwise building up of the
town, beyond the business wants Of
the community, and when the reac-
ton came, much of the property was
found almost worthless.
This state of things was, undoubt-
eddy, largely owing to the great con-
traction of the currency, which was
commenced in 1866, and continued
until 1878, and finally eliminated in
the panic of that year. But this pc
Rod OF inflated currency is not the
only time in our history that specu-
lation has run wild and prices doub
led up rapidly. In ls55-56 prices Of
real estate doubled up faster here in
Iowa than at any time during the
currency expansion; also in Califor-
MIA in ls4s-49, during the gold ex-
element, speculation ran wilder and
prices were more fabulous than at
any time during our greatest curren-
cy Notwithstanding that other
causes may initiate prices than green
backs. There was one kind of intla-
ton that existed when came here,
and continued for many years; that
was inflated rates of interest. This,
l see, you did not notice. When l
came to Iowa in 1855, men charged
Sc to 40 per cent. for the use of mon
ey, and got it, too. This excessive
rate of interest absorbed a large
share of the productions of the coun-
try and placed them in the hands of
non-producers. You tell us that the
western farmers are this day better
off than any other class in the coun-
try who pretend to work for living,
and then say that "mechanics and
operatives with their families, count
ing up millions, are compelled to
live on tainted meat and unwhole-
some vegetables, the very garbage OF
the swill-pail, and without clothing,
except such rags as they can beg" If
indeed this is true representation
of those "who work for a living"
sad surely is the condition of the
working people of America. If they
by millions live on the very garbage
Of the swill pail, it is certainly time
that something was done for their re-
lief. What is the cause of this terri
BILE condition of those who work for
living? We are told that the SIN
tlation that followed the war" caused
this difficulty. Can this be true?
Times continued good until contrac-
ton began to be practiced, then they
began to get worse, and have contin-
ued to grow worse until the present
time.
In answer to the inquiry, how far
farmers are themselves responsible
for the condition that they are in, in
consequence of the restrictive legis-
lation on railroads, l will answer 10y
asking did you not, and do You not
still, believe that they, the railroads,
received more than fair compensa-
ton for the service rendered?
There is, at the present time, an
enormous amount of Indebtedness
existing, both private and public, and
YOU admit the injustice of compelling
the debtor class to pay in better
currency than that i'll which they
contracted their debts.
You say that if the PERFORMERS
would agitate for this or some slmi.
lar measure founded in justice, they
would soon get it. This is just what
they are doing, but the Republican
doctors say that nothing but contrac-
ton and resumption will do, SO the