The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-09-14

lHtp ttt,1taN5 H.aGat7a
M. NJ. 't'.t'''. ..Ss'ssvM y, a.p w EM sia
That which Ii trtic " irun and irun MANN
fAclnrrs II tvnc III oil our prss1ncttve ii,iun-
tries. Just ~ tho Government I,rusttics lhu
means ny which exchanges are ims4ls. tho dc.
i'a''d fot thy productions VI laiDs incrcAscs or
tlectrAr1. Here II the power that stimulates
The productive wealth III thu nMtlnn. Tho
people viii consume sll they arc able 10 pro-
tluco II thu Government will only mvutt t(,vu,
Y r'anl, eacl, other through their own natural
channols.
=, y s.nase,.oa with tho FOREGOING ,..ls %.
tho following figures In studied. Ihia state.
mont shows tho volume of currency, including
coin, number of hands. ai,d wages paid for
labor employed In thu workshops Of tho United
states Tor tho years is5o. !scO Aia 1910
IA. sss' ..s s,.sss' f.ssss' :,s ~: s:gs.; *: i,
isia -. -n.sS,s.. paper. asss,sS as;s iis.s.s.sss
These Agnrcs show That our prosiucllvo pow
er ksop# .pace with The Increase u the eur.
reuey. and bears no relation IL tho incsua4o of
population. Then take the proiuct of sis
manufactures for each of tho Aluyo years. and
We go Tho enormous Increase III onr national
wealth Ivy promoting our industrial power
Production Tor isoO, 4I,Olp. .itd, ,0iG isgO,
u. sso. .sJi ,G70 fr7O, u, 252. .315, AZ.
Ihs primary le.so', i.owosM, % b. gathered
skilAEes Vt purely t,AtionAl currency. Thu
wealth of nation eonalsta solely In In pro-
durtisG puWur. build Mp tho productive iiitor.
este and tls evidences Ut tho wealth thus cru
atutl can everywhere IN sccn In tho bmllding III
roads. .lip. and telegrAph3 In tho opening "
q machinery tn tho clearing of land. building
u houHcs. and education of thu people. on
tho 0lhCr hand, destroy tho productive indns-
tries of thu country tAs Wa hAvo bccti doing Ia
trying ~ reArh specie payments hy contraction
" tho c,lrreicy), and Tile rnl,sous eject. can inst
m plalmly le sucn In tho idlunrss, n,isery and
criilla which muiiipllcs with overy stop No take
IN thls mistaken policy. RUf several years this
war Upon tin productive iitIti.trius hax bocsl
erow.IlnH oiir highways With tranlpr, our
al,n4l o,,sea with I'Anpers. AMI our prisons with
criminals.
the wAnls " trade u apparent ~ every business
man. Hut must paper currency bo made 81
fuettiato with every change ~ thc Miitd1 II II
rOsrlblu thAt wherever NJ reach condition VI
industrial tro1jntty VA must, from i,rccssity,
hasr laIin, followed by tile wholesalu ruin u
W.slnecfs1
Wl,1. W look Into lilo nature 81 hanks u
i.siie. W. st0 at oiien thu danger u hank cnr.
ruiicy In tin first place, w provide that
liuihlnE Int rotn shall ~ lawful money Then
VIZ Antliori1e few private Adsenturrvs ~ issl,o
their own promises ~ pAy for thu ptrlspru VI
providing lliu means u commercial exchange.
These PROMISES 10 i'sy are three. fur " fIvu
!linpn the paying power VI tho hanks IN cstla.
l'.slnoss mn, Aro aomMlicd " pressure li,is
currency, and juHl ~ tlGsu nutcs tus'rcAso IN
circulation tue bNrttUAs 0s tho country IN.
cieasua. hut tin l0lca nnnt " vaid, AMI there
ara hnt tNp Ways ~ l,ay either in coti ur ill
satisfaction ~ l1alial aud the volume Ut Hsis
currency II liable to be contracted 81 any time
" thu limit ~ ihu lAyll,H power or 14cie bAsis.
When contracted tho Mlslilass ~ tllu country
gan utler llst n certainly Il. lliu fact that "A
Viii mt pay NJ Ut siubt.
These banks III ins,lu. however. contain d
noru i1rl,lrious p,~cr than that u contraction
~ expansions. That III. lhair ltowUr ~ absorb
thu productive capital u tho country. Take.
fvf illustration. our national banking system.
Any man ur company 0f men hoisllnE I.ativs.ai
buihle usHt Evt thu luwer ~ lsssic l,Ailk nutu~
~ tlio VAlult ~ - IAr eat. Vt tho actual vAlnu
VI thu bunls, Tlln.e bonds aru Al, actual In
se.lret u, themselves. AMI oi,. u III. beat In
ssati.riita. as HssI, lh el,slr market tAlile. Yet
any man. ~ t.cnnlilK tho holder VI st,ero
bonds aid sl.insttiig tltrn with thu CDmlAfUl.
lsr ~ the CutrciTy. may got authority ~ isHite
hank ,olur. and Al tllr law requires IT him IL
tint liu ker iAwfnl-mpl.cy reserve ~ ~ lNr
cont. and ~ lvr cont. ~ Washington With
whirh ~ redeem hs ilot.s. Here, then. In hls
entire cM~l. capital. BaIrD~o hu gulA authority
~ iss,io siuU,0Ob lie Il required ny lAw u
have of lawful moIlcy IS inf a.,nt., ur t15. ONO,
whIeh II tho wliuIu II thu "a III capital involved
III thu t1stiu III thu 4tN OOU III rilrrpiscy. Tho
manufacturer mnsl have currency with which
~ uAsry IN li1 business, and fTOm Iscrra1ity
,ns,~t NJ u tho lank Tor II, Al tiu batsk I.A,is
tliu ttO0.l .lsU uf its owl, lvonaAe ~ lAy 80 tnr
cont, ~hlel, |. laarIy n iHr cont: upon ~ en.
llre eaAh ca(Atal. III lyc year. (rloes baIiklng)
Tho hank viii have tusibicd ~ casli capital.
and In Uss than twelve years. By careful ma
isiliAltnn ~ In diMuilills, will have AbssflAxl
tho tlsO originally Issued, Aild wsill l,Otd tllo
l4tfuwcrs tsalMr ~ ttia exteHt 0f Utery duilAf
II r,rrciW, III circulation. Thus. this xystAns
" providing currency fur The tstsle II rUIlata.
luK tho jNsluctise capital Ut the country, Ai,d
thereby Destroying our psulactlso sssd Cum.
MsUrclAl luwcr.
M 10 inr euut. dicoalA (li,o rate a wticl,
nprl ~ li,c hank. pnl nut tlsolr clrcniatipt,)
l11ay VIII have duul,l.I ttseis cash rAIItAl Ii,
| three yuArr. Hinl in luss than eight Will hAsG
al1Hins uscry tluiiAr nj their i2rlies aud still
| laAye thr esninlry IN dult tu thu hanks fur
usuFy tluilAf ~ ttitrei,cy ~ circulation. nipsu
| inHrisiDtis Hy1teM 10 AlpAwt, the tHAlucttsu
wealth ~ III" i.opls e0nld hardly ls devised.
feIuifos ii0 Argument ~ eofslnra tho n,alsii-
farttrrr thAt ia raiatlot long surviva With such
| n ta,Nur urNyils nuui his sltals.
| AII hura w hasn An explanation Ut tic
cAr.e III tho abundance IT esitrui9y tn lhs
haiJs III ile hanks. The borrower. altar III.
turning II ilip l,aiL III tho thapu u discounts
All tbu .iiitsny originally isAud |. yet tn debt
| fuf III lH borrowed, H. raDi,ut doul,l. liis
loan e,efs tinia thu rtlftetN' i rlsnThsd III IN.