The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-09-28

N""~NN - ~sAss MsNASVNSs
sasx~ k~.l-s ~ke~a ss~w n n safely and
rs~sse@s'sy Es~rloy~sa w th~ NAMAa.
T. The Etlsnr ~ the Philadelphia rinse4f
Will yon permit ms ~ respond h
larntions which Ume tonne In such mum.
snrs that ! Am unable I" reply specific.
ally to cArh ~ Tho rNrncst men who
prppound them, anil ~ withhold rply
from which IL ~ sanction misstatc.
naent of facts which II, In my jndgmcnA
working grrat cvil 10 thc suffering PRO.
plc II thc country Many people ,e.
licvr that the worldwide dcprssiou ii
tnrle with whirh VIZ arc now afflicted II
thu rsnlt u mismanaRemcn III the
tlnNMc. " this county anil Germany
TINT the rhormoms contraction by thrM,
two Governments of Tho volume III
moMc-. ~ whicl, the business IN tl.c
world hal adjusted itself, hm~ lnrn tl,c
fruitful soMrce III NIL our present woes,
nrnl Ia Tho discussion III wu grave i
,lslestion The aim " every man should
hc t0 make known tho truth, and Tie
truth only, whether II bear for or
against thu thcory lc mny advocate
Having devoted thu later ycnrs III my
lifc ID resistance III thia contraction. /
nm intrrrogntcl hy earnest men,
la every section NJ The country, IN ~
how u " TINT. " contraction H. the
cansr ~ our evils. money IN M abundant
TINT s'ip, ,sHN',M nf RrcnlmrkH nrr W.
ing, unused ami nn,rnlnrtivr to their
owners, IN thu trcnHnry 0f thu United
States. My answer, in each pcrwnnal
reply ! lnvc hecn nl,lr " make, ha. lnnn
tint nnel. IL mot the tart. Hut my po,r
allegation IN met hy clippings from III.
nn,ncmble journals showing mc TINT
during tlc recent absence ol Secretary
sherman, Assistant SECRETARY McCor.
mick, Ia direct rsponsc ~ my theory,
aud, mentioning me by name, spoke oi
the /" ridiculous MhHnr,lity" II charging
the business parnlvsis upon The contrac.
tlon II the currency, and pointed IL the
fact TINT, on the lit III July Inst, e!tl..
NM, 900 III grcsnbMckH had been In the
trcM1nry, deposited hy their owners
without interest, anil incapable III nsr
until thu certlticntes of slcpo~it held In
exchanges therefor should l,r surrendered
nnd thu n0tc. Withdrawn and further
TINT, though on TIN LIT III July tho
amount had heen bnt ~, OOO, nm, II ha,l
become. IN The day thc Secretary made
this allegation, tho 10Th III July, more
thnn otW, NM, 100. On hia return from
his trip along tho coaat Secretary Hher.
man made haste 10 inlorsc, with mucl,
emphasis, this statement u Assistant
SECRETARY Mccormick, and 10 givc the
ntmo&t p0.Hiblc pahlicity 10 lis in.lorse.
mcnt. McNArN. Sherman and Mc('or-
mick have lNen counted among my cher.
iHlcd frscnds Tor more than aixtccn
years. | owe neither of tl.cm aught hut
friendship. Fcw men cnn hNvc held
either II them In higher rHlsem than l,
And l havc, therefore, hoped that others
would spare ma thu neecaaity II this
communication by pointing ont The glAr.
ing fAlAity II this statement. But tho
number ot question. profoundcd " me-
on this suipjss,t, and tho frequent refer.
cncc mnAlr tO these Avcrmnnln In tho
course Ut financial .lincusni0n. conntrait
mo 10 assume thc painful duty, wllicl,
will rMise In many minda thu question
"ORn II ha thai tho hccrntAry III The
Treasury aud his assistant an ignorant
u TIN laws governing tho tvAsmry la IL
relation with The national banks anil
with tho practical busineHs III 10th or
have tliosr stAtrmcnlA lNcn deliberately
n,aAlc for thu purpose of contonnsling
earnest men ~ pursuit of \ proper solu.
tion u tho financial question: The
truth II TINT. with thu exception II onc
And two dollar, and. perhaps, dvc..lollAr
grrcnhAckn. which pas~ In The market
place. In retail trMlc ALd In tho MINOR
,,seH " life, no part II Tho paper money
u tho Government II In such
active and efficient circulation or
snch profitable Msc ~ that deposited
III tho treasury, anil Tor which, ccrtifl-
Gates of deposit Are held by the national
bAnkA. Tho truth NJ my Averlncnt II
known to every national banker Ia cities
In which clcAring huuscA have isrn ~.
tAhliAhctl, and ~ many others, AMI can.
not but bc known III the Hrcrutmry VI
tho Treasury, for this active, efficient
and proiilAl,fr NM waA impaired 70 notes
10 deposited n,s! e.prcssly, * An sct y Con:
tho President On thc nth u June, 1A73,
and the passage u which through Tho
Senate waa chAinpioncsl hy hccMlary
sherman, then senator from Ohio. Thu
text will lN found ~ settion D, I'M. IN
page i,Oli VI tho lhvisssl t3latuts~ of the
United ntatcs, and rrAslA - follows;
h.etiom Z, lua. The hecretAry " thu Treasury
may rccultu United hlAtes ilole~ a, dUposit,
without interest. frum Any national bAiaking
association Ia sums VI mol lees than tlO. .Gtlb.
and Issue ecstineatcs thurefur In such form As
he may pss~csibc. In denominations III nul less
than eD,NU. snd payable on demand in unilssl
ntAtcs nosss Il ths plAcc vhefo The deposits
wusc made. Tho nolos - depusilsd shall MT
b. vuslstssi ~ part NJ tho lawful money Wwersu
VI tho A.~rlAtton. hut the csstlGcelas issued
lAssufof may ~ cs,lnted ~ part III ~ lawful
money reserve. aud may b. accslptud III lhc
settlrsHnt vi clearing 9-hounu balances 81 thu
place. ~hssv tho deposits thsrsfor wsgs made.
have sAid thcsc notNA nrc In Arltvc,
efficient and profitable mse. The kn0wl.
edge that 4 hank holds ccrtiiicatss fos
such notes u ! guarantee 10 depositors
TINT "A hAa Al lnnsi sAr4 81 Ala r.aa.wa