The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-09-21

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lsessls. shs salas n Al tHenrs ~.
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inssv~*s tie aa~nsasy ~ ssssa Nass ssis.s
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sANsr tssns rsvshabst ~ riirsA snd ~
vNlme will slerltn~ IN rsv9ussinn r. the
inesvAsr. unlrs@ inrs~AsuSl vsrlsAnxvv NJ.
sosh n The salne n silver hns ,l~vlin-l
l~e~ns~ IN quantity haa i~~n incrss~sl
IN the onr hand. while ita nse hA~ hrrn
,liminish~l un tle ushrs.
There il nnr lA~ VI flnane~, however,
that shussld rvvr W. hotn~ In minA
Whrn any ronntsy IN I'm atxcir harris,
anil Tins IN paper money II cDnvcFtihle
inlo rpsrie n viii, amy incrrAse In eithef
The Nt,krir ~ paper money will rMstHe 4
,lsrline In The whole naMea ii apccie anil
paper. without knuwlcslgw anil -.
acknowledgement III this fact, no intelligent
comprehension VI Tho whole auljcrt III
finance cAn l~ hal. Yrt this knowlelgc
II generally ignored by our modern
statesmen, and by many " our so.rallc,l
political economists. Thcar prr~Ona
think that w the resumption II specie
pAyment~ the money III the country will
l,e accorded Axcd value, which will
never hereafter vary. Hut the srutl, ",
The hnctuAtion VI convertible or specie.
baaia money In any country depends
upon tho quantity of that kind u money
ailoAt, compared with the vent III the ~
changes.
Bearing the above principles and fIctS
on finance " view, u will ~ secn that
Secretary Sherman and Mr.. We~t thu
latter the candidate for Governor VI
OhioD, Ia their late spccchss, exhibit
total ignorance of the cUmmonrNt prin-
ciplcs VI national finance. Mr.. West
proposes ~ resume specie payments
without contraction. He sAyH, very
truly. that contraction would destroy
what IN left III our industries, and pro-
,lucc, besides, labor revolution, COM
pared with which tho lnst wonll ba mere
child's play. IN this hc In correct hut
resumption without contraction would
simply be throwing the specie ninl pnper
money III the whole country, IN IL wer,,
into onc pot. Thu effect oi this would
bc u dcprcss Tin value III thr whole
mnss. This would make the specie part
~ cheap that every man who hnd nny
commodity ~ sell In amy otler country
would dump II into ours, anil, taking Tho
chenpcncd specie In exchange, hc would
ship II ~ That country In which, u wMs
tleArer.
Secretary Sherman isa little moro spc.
rious, II not more sagaci0us, Ia hts Ut
ternnccs. than Mr.. West. Htill, he thinks
resumption can be effected by 1870,
either Wy contraction, or by Mr.. Wrsts
plnn oi expansion. II seems ~ him,
from what VI can gather. IL " I'm
material which why II In brought
about. III thinks tho prospect
NJ present In vcry hopeful oi better
tary exception In these United Htatcs.
Nevertheless. even now grrcnhncks nn.l
lDMnk note. Aru nj discount vi / 1Nr
cent. with gold, which Representa-, IN
case oi resumption. n discount " from
20 tn no PER cent. on All other lnscrip-
tionA of property. When the DAnk of
EnRland resumed specie paymentA, Tim
discount on tlle paper money 0f Nreat
Britain was lint 3 u Sl pr cent. still,
1nO hank. and III innuniersble nnmlMr
u mercantile houses failed, while tho
.listrcss and dcstitmtion Among the Arti.
sans u thu country was ~ great thnt
they thrunged the streets NJ The great
citic. In tiOusAnls, crying fM hscad or
bloal. IN Bristol anl (ilnagow and other
cities they were shot down In large mum.
l,rrn lv the military.
Have ~ not l,A4l 4 sufficiently app.ll.
ing specimen f thin wort of thing In this
country, without further inviting what
possibly may end In a social rrv0lnlion
snch ~ thu world has never witnc2sed7
No resumption can tAke placo In this
Or any county without contraction. and
contraction Ii destruction to American
industry ~ home, and American credit
4 a