The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-09-18

rom the coldwater Republican.

From the Coldwater Republican.
Hon. James Il. Wilson. OF Iowa, dis
cussed the political issues OF the day al
Altoona, in that State, on Wednesday
evening last He called attention Il
some facts in the history Of the curren
cy question which deserves a general
circulation. The speech is practical
shows impossibilities, and bids the
people be careful lest they cut theil
own throats by the rash demands that
are made.
The first demand that is made by the
Greenbackers is the destruction OF the
national banks. Mr.. Wilson says that
the United States Treasurey holds u.
:. bonds 10 the amount OF 1897, 727, 800
TO secure the redemption Of the nation.
al bank notes. While they are there,
the banks are virtually paying taxes
upon them in the shape Of taxation up
on bank stock. For the period from
1864 to 1877, the United States have re-
ceived in taxes upon banks $40, 49,, $50.
For the same period the State of Iowa
has received for State, County and
municipal purposes, S94, ,S43, ,660-mak-
ing total OF STA, ,326, ,023. Now. Mr..
Wilson says, with these figures before
you, can you conceive of a more absurd
proposition than that which suggests
the abolition Of the national banking
system?" Destroy the banks and you
lose the tax on over 1897, 900, 900, SIM
ply because the bonds are not taxable.
Mr.. Wilson did not discuss the ques-
ton of taxation Of bonds, but we throw
in the query here: How could you
tax those bonds without impairing the
validity OF contract already existing
"a contract between the United States
aud the bondholder, promising that
they shall not be taxed? Would not
the Supreme Court declare law tax
ing those bonds to be a violation OF the
nations faith with its creditors? II
these questions be answered as we be-
lieve they would, what sense is there in
getting up party to do any impossi-
bility?
The second argument that Mr.. Will
son makes is that withdrawal OF the
national bank notes would result in a
contraction of the currency TO the
amount of over 1900, 900, 900. The
Greenbackers say issue greenbacks in
their place. Why would their be con-
traction? Simply because the law is
suing graenbacks expressly limited the
amount to &+00, 100000. To increase
them would be scheme "lacking in
wisdom, dishonest and impolitic." To
this that great greenback sheet OF the
West, the Inter-Ocean, says: 1--WE
confess for ourselves that this has been
one serious objection to the issue Of
an exclusive greenback currency"
Mr.. Wilson said
The creation OF legal tender was a
war measure. But for the war which
drew so heavily upon our resources. no
one would have dreamed of legal ten
der paper issue. IL took three steps TO
reach the limit OF issue. There was is
sued by the act OF Feb. %, 1862, $780,
600, 600; by the act OF July IL, 1862,
$3.50, 600, 600; by the act OF March 3,
1853, 500, 900, 900. or Si00. 900 in
the aggregate, Now the last act con-
tains the express provision that no
more than S400, 600, 900 should be issu-
ed. This is the promise of the nation.
IL is your promise, and not another
greenback legal-tender can be issued
without a violation of this obligation.
You made il when you felt the neces-
sity OF staying the rapid depreciation
Of your legal-tender paper, so rapidly
was this depreciation OF your legal-ten-
der paper, so rapidly was this depreci-
alton going on, that the very success of
your arms, aud the existence Of the
nation itself seemed to depend upon
the doing Of some act which should ar
rest il, and tend TO restore confidence.
Distrust was abroad. question
was everywhere asked, will not these
legal tender notes become absolutely
worthless by multiplication OF their
issues? In your sore straight you re-
flected upon your course OF action.
You saw the reasonableness OF the dis
trust which attended you. You made
bold and honest resolve, and pro-
claimed 10 the world that your legal
tender issues should at no time exceed
si00, 600, 900. You can't violate this
promise without dishonor, nor do be-
lieve You wish to try il.
Further, in speaking OF the imitation
Of the greenbacks, he says:
There are reasons why IL cannot be
done, and why il ought not 10 be done.
TIE reasoning OF the Supreme Court Of
the United States in legal tender cases,
carried TO its logical conclusion, shows
with striking clearness that that tribu-
nal stands in the way OF n realization
OF this scheme; the legal tender charac-
ter OF the greenback was supported by
that court as an incident TO the war
power OF the government. The narrow
escape commanded but bare majority
OF the court in it's behalf. The exi-
gencies of war do not now exist and an
enlargement of the volume OF legal
tender U. 3. notes at this time by Con-
gress, would, beyond all reasonable
question, be held unconstitutional by
the court. The risk involved is too
great 10 he run. IL the scheme should
be enacted into law by Congress, the
greenback issued, and an adverse de-
cision follow from the Supreme Court,
the consequent confusion of our fnan-
cial interests and the disaster TO our
business concerns would be fearful.
Instead Of getting rid OF our present
troubles we would have but multiplied
them by untold numbers. Nobody
would be benefited, and harm fall up
on all, The scheme is a delusion and
a snare.
Mr.. Wilson then shows that with the
present banking law there can be no
ruinous contraction of the currency.
Any person who wishes can secure the
establishment Of bank. III it is a fact
that banks are 30 exceedingly prohta-
BILE there is nothing 10 hinder the es-
tablishment of one at every four corn
ers throughout the country. He asserts
that all the facts in our present hnan-
cial condition go TO prove that we do
not need a greater amount OF paper