The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-10-19

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usit knuwletlkv us tAiA question n u
cNsrfnlly .prvl~rrl paper hy lhe Hon.
VIM. u. Kelley, pnblishcsl In the rhila.
dclphia Tfmvs.
kmsMe the essential fNs.ts preliminary
10 The general ,lirus~iun, Mr. Kelley
calls particular Attruiiun ~ twu timber
all changes IL dynasty anil formr ~
government thu labor ~ France hAa
lTrn protected hy the mo~t elAlnfatc
and ingenious tariff and ayrlrm u pru.
hibitiuns ever devised The patronage
NJ nrt w tl,e Government. tho ,liiiusion
~ love ~ nrt anil thc knowledge III
In laws among the producing claasca,
srcurvs market for French fabrics anil
wHrrs when The hone Mnl forrign mar.
kcts III other nations arr ahrinking
This blending u art with utility not
only srurc~ franrr universal markets,
but enables her ~ scll abroad iml,on.
,lcrahlc things, such m genius. taste. Hrt,
and akill.
Mr.. Kelley believes that tho ,listin.
gushing characteristic " tlc financial
policy III the French Government In
iounl hi thu fact tl,Atit assumes the duty
n preventing alternate periods of infia.
Mon, and their inevitable consequent
intervals ri contraction. To accom-.
pliall this cnsl, whenever wnr or other
exigcncy has cnMsed the iH~mc 81 ire.
slc~mMblc paper, II hax invested rucl
issue with the character of legal
tender. or, In other words, made IL
available for Ill purposes 10 which, mon.
~ could hc applied In France. In such
cMAcs the Government In. also taken
measures ~ prevent the withdrawal of
The paper money until continuous pal.
ance n trnsle hnd brought int0 the coun-
try metallic currency enough IL supply
thc channels temporarily iill~l by Tho
paper money. The Government main
lainA ita power over the money of The
country hy demanding u slight tax upon
circulation. whenever II authorizes u
bank ~ lsHue notex, nnd pays tho hank
hut | per cent. IN the amount u notes
leaned Il when first issued.
Great britain and the United states
rcstrict tho volume II legnl-trnder money
~ the narrowcHt pO~siblc limits avail.
able m basis for lMnk circulation.
France Hcek. ~ give the whole people
money; We, following the example NJ
England, seek 10 compel thcm IL use
credit or currency obtained through
banks ri such mtrH ii discount IN may
prevail" The iaet that France hnn tcci,
prosperous, while England nn,l tile TINT
ied HtatcH have experienced periods of
financial depression, speaks wrll for the
French aystem.
Tho last war experience of Frnnce was
peculiar. In April, lh7O, three months
before wnF WIN declared, thr circulation
of the Bank of France WIN e4As, 7nl, ,tDt)O,
And II held ri specie And bullion 42tii,
BOO, nm. Iii August thc Government ~.
quirsl Tho hank t0 suspend specie pny.
ncnts, and by Tho same decree made In
notes legal tender. The first statement
published after I,0ace Ind bccn restored
showed circulation of esla. I'M, ,tllO,
with 9ltO, I'M, ,NHNl Of specie. The .lc-
crce II legal tender fixel the maximum
III tho ia.,se u the lnnk vt etHl, I'M, NM.
This w,M increased hy Inv III Dcc, -,
lA7f, N 414tO, ,t4DO, ,t,t)lD, And finally, by thu
Inv of July IL. is7., " eA,tO, O,0hl, NM.
This N the hank rccorl, anil the l,ies-
ti0n NJ Oier occurs. whit effect l,Ml the
iSw,in III tlliH vnHt amount III pnlHr moncy
on tho premium ON gold3
In November, lN7i, when large pAy.
mcnt on the war tinc VIM .lne, The
prrinimnA on gold rosc n its higlcst
point, ~ per cent. II remained III this
but 4 few days. When Chr irrpslevmnble
circulation hH4l bOrn increased from
esetl, ON, O0O ~ 9aOO, NM, ,O0O, tho PR.
mium frll 10 lMr cent. and In October,
ik75. when the volume VI notes haL net.
sinlly reached etill ,OOO. INN. the heprcmimm
wNa merely nominal. An.l VIVA only .le.
imandosl ~ large suin1. legal tender.
gold, silver, anil paper money were then
circulating In common, and n lMr with
each other.
This IN itself ans xers many VI TIN Ar.
gmmcntN III the contractiunislH, Int there
n another important point. striking
illustration III thu harmony III Tho inter.
cstH NJ the Government Mnd tlie people,
something TINT very many people loH,
sight Vt In this country.
Tho WAr tlnc amounted tO III IN. 100.
tltD: tho tOtHl NMt VI tho war ~ o9.tANp,.
ON. .tNtD: the direct lO~~ ~ agriculture
wns about oAtN1, ,OtO, ONO. Yet thu Inst
payment on account VI the wnr wAH male
bfpt. ., Or In two ycnrx and fonr month.
Aftrr the conclusion VI thc treaty of
peAcc.
Tho Bank NJ France In now bnrlrne.l
with M cxcess of gold. ami holds In ad.
,litioii. ii Ii Hai.l. eld0, OOO. ono NJ silver,
which, like gold, II legal tca.ler; UT Tie
Inv will not permit tho hank 10 resume
specie payments until Jan. 4, 1878. The
hank pays now. and haa paid Tor nearly
two years, III gold ~ silver, sums II l.OlIsl
francs Or lesa, Ansl, ~ escape the tAx on
circulation, would have rs'sumcd more
than year ago hA4l tho Government con.
srntrA. The latest returns ~ ID srccie
held BY The different nations show that
France AxA. by the nil III paper cur.
rcncy, by which thu industries II tln na-
tion were kept artivc, accumulated
nearly ol0O, M. 100 II gold more than
the nnilsxl stock of tho banks of Englan.l