, 1877-09-06
THE CURRENCY.
Speech Of the Hon, James r.
Wilson at Altoona, la.
Absurdity Of tho Proposition to Abol-
ish the National Banking
System.
No Greater Amount Of Taper Currency
Needed s'tan Is Now In
Circulation.

ai]yer Should Bo Restored at 0noo to Its
Proper Place in Our None
tary System.
ALTOONA, 1a., Sept 6,--Thc lion. Jnmcs F.
Wilson, In a,spccci, here this evening, made the
following remarks TN the currency question:
tug gPa9cu.
Feilor. Cttstns; The political questions which
ost Involve thc future Of This country arc rce.y.
nms,snns nx which will rrmain win ", and la ttef
,.e eoaos p".he he ~ 1o
make room for those which centre around our I'M:
satisfactory financial c6nditIon, CUT suspended
sh br. d the specnator and rouma2c tue empty
rockets Of tho bankrupt. It IL useless TO srrue
a rSsh aavo ave- produced il may be. Is nevertheless
fact ard Il to wise to rrcocnzo It. II 10 an I'm.
portant factor sa ons nrcacht politics. md wilt 10
Ell ete piuec il The soysn ssei of ,esasnng
conddcacc and busy trnttc.
The present hard times
ARE ALMOST UNrvNRs4I~
This shows that our troubles nrc not Incident to A
condition of Affairs peculiar TO our cpuntry. Ncar-
ntotment which affect us: We have fill uaoaauro
q sDoyment q III. III ea n sayng ta. l., l.s
Tho u,ost lovely phase Of humanity; but Its vcrl-
Scaton In our case, both 10 fact ana conditions,
moves pretty conc1maiveJ that our present IN.
snseaI 'o business distress Which saiict u. " a
people, arc nut the fantt Of m!ss1c by the Repub-
ittsn party: Thc whole s*orl! ts Under the e.aae
liz ways Of commerce, the Wide world oxnr. have
beer. nbstructed and .it'tutsx.i. sarpiy aud dc.
s. ovrTco,nc. aud ~ equilibrium of thess iaws,
vuy. and results, must TO established, pu6lte con;
dlencc must be Restored, capital must be Induced
hanLlwo,k, md ali ctaasca. intorcatA and c0nGii-
TONS feel the magnetic influence Of conynIerccncc
Atttdcioi semedicr, In tho form Of more atatutury
WOW ID more likely DO harm than good Tho OBJ
BEE THE CONDITIONS CHARGING NOW.
Ths ya.t srops Of hs country; Tic gradual Snt
panic Of lHTJ; The moro hcalthful ana satisfactory
condition OF our import and export trade; the
nonsieai habits Ok iie and expenditure; lie viii.
drnwn!, by the war III Eurooe. VI Ehst uhltifndcs
Of men from the fields nf production, anu their
grain tra1e Of Southeastern Kurope; the increasing
foreign Homnnt for our btthlstuds and pro.
upon sou,o cisssns u our n,unu1actntcd Articles il
s S Teta n aat 1Ss s Ss ag:
o1s Il
cnpItal -nil point 10 tho near cunning q better
esess .. stsso LeEtslasures, 6as stronger tha bot:
a. Old as trade, but ns Vigorous a. time; ns quiet
a. xraytaion, but ~ nnotstna % late. arc moving
huvc come from our unekilfut attempts +, modify
them. A little patient and obedient waiting upon
q Iowa would eniotn opon tic people: Andhefe
our political opponents toln issue with u.. They
xea eae ,snt' Y OK
immediate rctnrn Of general prosperity.
Let US uxaninu eornc Of The peculiar notions OF
these people. They lecIate that the great need Of
hA mi r
rrnchedf First they proposc to s.-.-
DESTROY THE NATIONAL BAEK1No sTsrRN.
Passing tor tho moment the fact that t.s pf0budf
ton inyolyea contsacsion Ut the currency Of ovcr
$500 oo0, qoo - ~ Art scc what s!se must como
hackers and Democrats Of 1owa. Well, on .he lst
Of November last the Treasurer OF tho United
tic redemption Of the notes ,ssncd BY tho natiuna
banks. The:e bon1s represent @ 70 thStE tuf extent
sanf. hoa eer,caes q atock In tSei9 sescsal m e M
stituttons nEgrcgattng like amount. II ths bonds
were not thus used by the bank, they would be 10
certificates oi stock would not be In existence.
The use Of the bonds fos tho purputo indicated Ia
socx o saaSe h 10 s pop
this II 10 indirectly subject sas. 500 Of United
municipal purposes. And the effect. tho abolition
q ths nntional banking system. would, therefore:
* r. fDs
from tho tax-1sta Of the county EEs7, TIT Blu Of
!hs property AZ taxaee sndsr III h. existing order q
Ut Lar now paid to tho General NovcFnncnt by the
banks, determined By tho returns for l67u. ls
~ and ta soant pai1 o ssSesns q
about SD. D5s, la9o; OF q total Of ST., 376 U53.
The system ID 4 source OF
GREAT REVENUE TO TMA GENERAL ooyHAN-
MENT,
and has, been since 10 foundation. Tho tag m
circulation u1ona vaatlJ exceeds the cost Of the