Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1877-10-05
STUBS.
A Review Of his Speech in this City.

anu IL SOouly SpIlllkllnS VI boys, UIlat
will doubtless be old enough for elect
ors by the time Stubs will be Inaugural
ted as Governor of Iowa.
Mr.. Stubs, after dilating very fully,
in general way, upon all the sins of
omission and commission of the Repub-
lican party, rolled up his sleeves, loos-
ened his shirt-collar and settled down to
his work by saying that his mission here
was to ask them to put the lndepend-
ent party into power" and then proceed
ed not to show how that would be pan
acea for all the ills which, by reason of
the deranged finances and the depres-
sion of material interests, our country
had been laboring
He said he should not attempt to re-
view the whole sixteen years that the
Republican party had been in power, as
that would be too stupendous a task, y
but only it's history since 1868: intima-
ting that up to that time he had been in
fellowship with it and in sympathy with
it's acts. He had nothing to say against
that party that, under the lead Of the
imbecile Buchanan, involved the coun-
try in war, and brought upon the nation
debt of over $2,00O,000, 900; nothing to
say against the party that in this coun-
ty is the tail to the kite that the indie
pendents are trying to fly. One hight
have some charity for the sincerity of
their opinions, were it not for their en-
deavor to make the laboring classes be-
lieve that the capitalist is the enemy Of
and always endeavoring to crush the la
borer. Now, the entire history Of the
last 80 years is that whenever capital is
remuneratiye, and the mechanical and
manufacturing interests are fourishing,
the agricultural and laboring classes are
prosperous He endeavored to impress
upon his audience that the remedy for
all the depression in the commercial in
terest is to place the Greenback party
in power; when they would repeal the
law establishing national banks, and is
sue an unlimited amount of legal tender
currency, the decision of the Supreme
Court that it was unconstitutional being
of no account whatever. There are two
classes of citizens that are always OPP
posed to banks, viz: private bankers and
those who from want of industry or
economy, fail to secure desirable com
petence With the first Of this class
the National Banks act as an uncomfort-
able competitor When the Buchanan
county bank was in operation, "a pri-
vate bank, the rate OF interest on APP
proved 60 or 90 day notes was eighteen
per cent at their counter. Since the
Peoples was established, it has been
easy to obtain money on good paper at
10 per cent, and | will venture the as
sertion that you cannot find one Of the
customers of either bank that will say
that they have been unreasonably press
ed for the payment of their notes at ma
turity, if they could show reasonable
cause of delay, ;sFe.the prospect of a
reasonable early liquidation. But Mr.
Stubs did not attempt to offer any
substitute for the National Banks as a
medium Of exchange and place of depos-
it for the business community Much
Of the speakers argument was in an eff
fort to show that the banks were deriv-
ing an extravagant income from their
capital. To illustrate this he supposed
that an individual bought 81 900 Gov
eminent bond for 800; manipulated as
banks can, it would amount in thirteen
years to 1880, and legitimately and le-
gally pay on the original investment,
81 J per cent per annum. And there
were a few Of his audience that sat
there with wide open ears, and could be-
lieve that that statement was true.
In the first place, bonds are at a pre-
MUM in gold, and in the second, even if
a six per cent bond, and they could loan
continually every dollar of the circula-
ton to which they are entitled, 5000, it
would only amount to ID per cent, and
then as an offset, the rent of building
and fixtures and incidental expenses.
Now, what are the facts as to the net
profits Of our National Banks, one ounce
of which is worth more to a discrimina-
ting public than all the statements of
political demagogues that are running
for Office | have it from reliable
stakeholder of the lst National Bank
that the average amount OF dividends
for the whole time since it was charter
ed, have not been II per cent. The
practical question is, are banks of dis
count, and deposit and exchange con
yenience; yea, a necessity to the bust
ness community. If so, and the pres
ent system is abrogated, then there is
no substitute but for the government to
establish them at the centers of bust
ness; which would involve the appoint
ment of at least 100000 additional Of
fees to be filled by the Executive In
view Of the fact that the present bank
ing system does not pay its stockholders
an extravagant rate of interest, and that
it does absolutely protect all it's bill
holders from loss, it is impossible to ac-
count for the prejudice against it, only
that it is the most available hobby for
practical demagogues to harp upon. He
had good deal to say about remonetiz-
ing silver, but as all parties here at the
west 90 for doing it, there need be moth
ing said on that subject. But when Mr..
Stubs described the scene that was to
transpire when our worthy bank presi-
dents would 60 on to Washington to sur
render their bills and withdraw their
bonds, he was truly pathetic. And |
can do him justice only by, as near as [
can, quoting his language:
''The banking law being repealed and
their bills all called in, the Presidents,
with big roll under their arms, start
down to Washington City, and call on
the Comptroller and say: Since Stubs
has got to be the Governor in Iowa this
thing has been playing thunder with us
out there, and we have brought back our
currency and would like to take up our
bonds" Well, he looks them over and
says: Il guess that is all right; what
are you going to do with the bonds?"
ave thought we would take them out
to independence and divide them among
the stockholders. The Comptroller re-
plies, Il have a note from the Treasurer
that he wants to see you" The Presi-
dents take their bundles under their
arms and go over to the Treasurers Of
flee and say: Mr.. Treasurer, we un-
derstand you want to see us. Yes; |
understand you have taken up your
bonds Eyes, we have" We'll we
want the bonds" says the Treasurer
Want the bonds? Why, what sM4 are you
mo IN hnrn tbam " s!Wbv thew arc IN