The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-08-31


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fast hsanT ni~sh ti* lnsinsstssi tlaas#s
sstsasesasWs shaspvsl m,~n sAr t.lsas
lsaysls ~ sa~ s~sunsft ii 4 susan llwi Nv
sIs rftNt snAsufsit IA tlsT paaaaals ~ise IA
lsla,t hass rtssIas~~i III ihs ~ssallh III hi.
l~ni, 1hvn ~ W shr gnr>tann n
"ussAf rfsAlnsfsaa Aht NfsltsAsIl~ss
knows thai pssslmtiun il ~r~ish, and III
laisat IsssslsvtiMs nw accumulated. rtssl
tltr mnfv pwslmp,ie,ns asv aarmsns, i
siHs ssalshssf shs ruaniry vra~s. II
ras that W. have rrsslne*I ssu nash u,
IN efN'ri snssssihr slaat ~~ hasr slssse ss~
tuaeh With. have wufkssl ts~, hHsl. Hm.
nnw, n, otiss ~ sv~tsav rss4t~riiy, II I,
i's~issni ilai ~ tnnsi f,lI unf arms, lila
charge n,a ~sTkefs, kinp thr machinery.
k"sl thr risstnsvfr IL MsHith islla. a,rl
rsslmre sll. flas~s~ ta l,antwts~m AMI
starvation, Hni, hs p,itrHsnr this H..
~sr,,siase es,ntwn long enough, ~ .hsll
br"me wealthy anil prosperous. An.
Tsls nni ministers II grace ,leIcml n- I
The mare cur las.rf~ arr rmplnyetl, III.
snurs wealth will h. created. Hut h,s.
withdrawing this plain truth, there AZ
taen shallow enough " insist nIun TN,
foolish not,nn sl,at hy stepping work,
reducing lalsnr, ,lisrtarr.nv all tl.c wnlk.
err. AMI through i,llen~ss driving them Ii
poverty. - very lepr That they may
siavc Tint roiilr day or utlhrr, that u,
AMI by. througl, llir prm@ss IL extreme
poverty ahd despair, 49,, m a people.
may beculae ~ rich that W. shall l,r nil.
10 pay onr debts. AMI while W al,ni,
TINT the employment, NJ machinery anil
labur.raving inventions have greatly ang.
mcnte,l productions, yct they have not,
nor Will they ever, keep pace with the
Increasing wants ani demands of n.l.
saiicing civilization. The higher tile
civilization VI people, tlr more II de.
vclurr new nnd increasing wants ANIL
drHiten, nl,l Ia this there liz M limit.
The wants ~ savage can bc counted
on the fingers nj yunr hand, Will. Il
would require 4 lifetime 10 cnnmerat.
the neetls and desires VI The highly c,lu.
catcsl, the refined and accomplished
gentleman Ia the far.oif and better cra III
civilization.
Aud now with reference to tho CON.
traction ot thu grccnback currency, mil
tho substitution of the national .hnnk
bills, m M Oh. Inns ever pretended ~
explain how tlle scheme could operate b..
nciics ntly, or have any remote tendency
g restore prosperity and gNM times, |
ln not deem IL worth while 10 occupy
space upon this point, ~ IL mnst appear
plum 70 every candid person tllnt, In.
steal of blcssing 10 tile country, the
measure, " carried ont, will still further
augment the .vila under which W. M.
now suffering.
Anil now, having referred IL the nnt
and stupid theories advanced by th.
bt,llluuirts and specie rcAumptionists
| will eiil"nvur IL give you Il npIilnhoplli.
cal explanation Of the causes which hive
produced the hArl times, and suggest
the remedies wl,ieh III my Judgment will
relieve thr county. rcHtore prosperity
~ onr industries, and revive business.
generally.
The present condition VI affairs has
laen brought about by the unparalleled
contraction VI our legal. slender currency,
nnd illronRl, numerous hnnofnl ncts II
Congress passed by tho vol.s III bnnkcrs
nnd bonlilol.lcrH IL rnricl, anil nRgrand.
izc themselves by impDv.ri.hing, pau.
pcrizing anil ei,rsaving The people of the
country, During tl,c pMht twrly. years
our currency hMs beet contracted ny.r
81 ,3fNl. I'M. .iNNl, nnd when | refer 10 tho
volume of the currency twelve ycarsngn,
! include grernbacks. the one. year trcun.
nry noter, the two nnd thrcc-ycar trcas.
nry notes. the certificates ~ indebted
ncsa. y per cent national. hank bills,
nnd the various issncs uf legal ten.ler
and circulating medium. incluling com.
pottn.lslLTreHt notes. amounting alto.
gcthrr on the first .lny of September,
isti5, 10 over ~, I'm, NM. .lNND.
On the advice II Hugh McCnllMl,
fhow a banker In London, EnRinnil,
Congress twelve years ago directed Il
contraction NJ thu currency, anil within
two years and 4 hnlf from TINT time the
amount Withdrawn from circulation -rni..
trarted wan edsi, NM, INN, ,as reported by
the Seerctary " the Treasury III Decsil.
her, iA67. congrers authorized tIe il.
sue Of goli interest. .h#aring bonds In *.
change for 0r - rnisn the means 10 rDn.
tract AMI enrsnil the circulating medium
NJ tho realm. II provided for the intia.
iion nnd will expansion III com bonds in
order ~ reduce tllc currency which III
that time was in the hands III thu people.
eilecting their exchanges, stimulating
industries and making IN the most pros-
porous nation OH the face II the globe,
The squeezing proces. ri contraction
wins continued nntil currency fnmin.
WAS produced, cnlminAting In tte great
panic of bs'pt'mlrs, ih73. aud thu hank.
riptcy md rnin now existing are the IL.
gitimalc md bitter fruit ~ thi. bMnefnI
policy inAnRnrMtcI by Mctull0cIl. Coi.
traction l1la always IN every country r..
.nlted In like disastrous consequences.
History proves this, and our naI expert.
anre IL sufficient ~ give usn clear nn,ter
standing II tl,c subject.
The contraction In England during the
Ave years preceding the resumption II
coin payments III May, iA1;j, was only
elO1, I'M, lttt. mud yet tlIAt insignificant
reduction In the circulating medium con.
y,llsrd the in.iustrie. anil cpmmrr.u u
tlie kingdom, resulting In thc panic u
iH2o--a panic which ruined the miners,
merchants. manufacturers anil others
engaged IN useful pursuits. aud thc
workingmril, driven 10 despair, as.0m.
bled ~ demand bread, were tir.l upon
In the streets l,y tie soldiers NJ the King.
II such were the Consequences la I'm.
gland Oh 4 reduction " the currency III
Tho limited amount stated, who should
not lr surprised at thr stin0us eoi,se-
Iuences II contraction tcnfold greal~S
In our own country. The discharge II
laborers wl,o II employcd would have
created wealth, and the shrinkagc III ths
value u property since thu panic VI is7a
In the aggregate cannot hc estimated IL
lcrs than 97.OND. NM, mo inor tIlAi
three time. ilie amount ~ the uaiional
dclt. A. labor increases wealth, ths
actual lo~s b thr cDiintry W the illcness
VI rvrn 5,tHl1, ,dtD VI lMl,orera reaches i
fabulous ann cven In 4 single yrar.
RtsMmel nasumel