Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-09-12

" ucpenu upon the OOlnS OF some 8cti
which should arrest it and tend to
restore confidence. Distrust was
abroad. The question was every
where asked, will not these legal ten
der notes become absolutely worth
less by multiplication Of their issue ?
In your sore strait you reflecte d
upon yourcourse of action. You saw
the reasonableness of the, distrust
which attended you. You made q
bold and honest resolve, and pro-
claimed 10 the:world that your legal
tender issues should at no time ex-
coed $40O,O00,OOO. You can't violate
this promise without dishonor, nor
do believe you wish to do it. can
not believe that the most ultra Green
hacker in Iowa, when he comes to
understand his own scheme, and sees
that he can effect it only by a breach
Of faithinvolving National dishonor,
will follow that flag another step.
Suppose these reasons against the
greenback scheme were out of the
way, would it not still be impolitic to
enact it.? Before o national bank can
issue o note to circulate as money, it
must provide for its redemption
This involves no question of public
taxation. The private parties who
are associated as stockholders in the
bank make the provision for redcmp-
ton with their own funds. This is
not the case with the legal tender
Treasury note. Every such note is
sued by the Government involves the
question of taxation. The note must
at some time and in some way be re-
deemed, and there is no responsible
party back of it, but you. 1.-THE people,
There is no fund provided for its re-
demption but that which ia represent
ed by your property and industries.
The capital and labor of the people in
all their multitudinous forms consti-
tute the fund from which the redemp-
ton money is to be drawn. When
the time comes for this, taxation, di-
rect and indirect, is the mode of
reaching your substance and apply
ing it to the redemption Of the notes
of the Nation. Now you have over
$500, 100000 Of paper circulation
which takes care of its own redemp-
ton without troubling you with tax
alton; and the institution, which is
sues it pays you an annual tax-Fed-
eral, State, County, Municipal-more
than $l7, 100000. Do you think il
wise to surrender this ? You now
complain of your taxes. Do you wish
to- increase your burdens by dis
placing the $500, 100000 of national
bank notes with notes which you must
redeem, and surrender the sl7, 600, OOO
per annum which you get in taxes
from the bank? Why, think of this
absurd scheme seriously. You are to
destroy the banks. That is the work
which is set before you. The mo-
ment you do this YOU contract your
currency over $3OOOOO,O 600, relieve
$685., 727, 800 of United States bonds
from the Indirect tax which rests upon
them through the stock of the banks,
destroy source Of public revenue
which, dating from the adoption of
the banking system, has paid an ag.
gregate tax of $l74.325, $3.50, and whick
now pays annually about $4,000, 600.
Then you are to make good the con-
traction of 100000 by issuing
legal tender notes which you must
redeem by levying direct or indirect
taxes upon yourselves, having first
wiped out one of your most import
ant sources of revenue. Iconfess that
it tries ones patience to talk ON this
subject. 1t IL so wholly One-sided
that it becomes uninteresting. The
whole scheme is unconstitutional, dis
honest and unwise. If enacted it
could bring nothing but confusion
and distress. ,s.tl -.r-ls.
) The assertion that rninous con-
traction is going on in the volume of
our currency is not true. The legal
tender circulation cannot under cx-
isting law, be reduced below $780,
W0,O 900. Until the Government is
prepared to replace these notes with
coin the volume for circulation cannot
be placed below that point, and then
no one proposes to withdraw the
greenback circulation 80 there il no
danger in that direction. Ifmore pa
paper moneyris needed the national
banking system is open and free to all.
Any association of men, not Tess than
five in number, having the requisite |
capital can start . national bank
there ia no monopoly here. The
doors are open to all corners. Here
ls the check on contraction. If the
fears contraction and wants