The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1877-09-20
OUR PAPER CCRRENCY.
worc Gmporsans Facts and Figures from las.
Wilson'S speech.

said that the proposition 10 destroy the national
hanks involves the question of of
some $500 But all Of the supporters of this prop
oston claim that they are opposed to contraction How
hank notes BY issuing greenbacks in their stead they
tell That is they propose to increase the legal tender
United States TO that amount and even Indefinitely
Let us get at real features and true character of this
suggestion absurd scheme has not been brough,
l In wisdom dishonest and impotic There
are reasons why cannot be DONE and why II ought
to he done The reasonings Of the Supreme Court OF
United states in the legaender carried its log
ca conclusions shows with striking eearness that that
the character greenback supported
by Court incident of the war power OF the Gov
majority of the Court its behalf The exgencies of
war exist and an enlargement OF the volume
rress would eyond all reasonable question: held I'M
constitutional by that Court The risk involved il
great TO be run scheme should De enacted into
decision follow from the Supreme Court the consequent
confusion financial interests and the disaster to
hsiness-concerns would be fearful Instead of getting
rid OF present troubles would have but multiplied
them by untold numbers. Nobody would be benefited,
and harm fall upon ALL The schemes deusion and
Another reason which ought to be quite potent
the ability of the nation 70 do this act of financial
folly is that people ghRepresentatves promis-
ed that it should done The creation of the legal
tender was = war But for the which drew
ed of leratender paper issue. It took three steps to
reach the limit There issued by the act
M ~ is' ,he aei Of March 1883 Or 500
the aggregate Now the last act contains the
ex.,rssS
he Issued Thisis the promise Of the nation. 1t is your
promise and another greenback egal-tender be
..ued without violation Of this obligation. You made
il when YOU felt the necessity Of staying the rapid depre-
citation Of your legal-tender paper So rapidly this
s Of Nation itself 10
on the doing act which should arrest and tend
was asked will these legaltender notes
become absolutely worthless by muitpicatons of their
IN s"De saw the the
trust which attended You made bold and honest
resolve and proclaimed to the world that your egatend
violate this promise without dishonor; nor do believe
you wish do it. cannot believe that the most rabid
reenbacker in Iowa, when he comes to understand his
own scheme, and sees that he can effect 1t only by
breach of faith involving national dishonor will follow
Suppose these reasons against the greenback scheme
were out way would IL not still be impolic
ACT II Before national bank issue to crcu-
late as money provide for its redemption This
involves question Of Pnolie taxation The private
make the provision for redemption with their funds
This is not with the egaltender Treasury note
Every such issued by the Government involves the
question Of taxation The note must at time and in
some way be redeemed and there responsible party
yisa for its redemption but that which represented by
your property and ndusries The capital and labor
the fund from which the redemption- money is To he
drawn When the time comes for this, taxation direct
na indirect mode of reaching substance and
applying the redemption OF the notes Of the nation
Now you have over $50 Of paper circulation which
with taxes; and the institutions which issue it pay you
an annual tax-Federal, State county, municipal-of
this? You now complain of your taxes DO you wish to
increase your burdens by displacing the 500
natonal-ban notes with notes which you redeem
and surrender the $40 0D oo0 per which you get
in taxes from the banks: Why, think Of this absurd
scheme seriously You are To destroy the banks That
i the work which is set before The you do
this you contract currency over $500 relieve
s3s ~ 800 Of United States bonds from the direct tax
which rests upon them through the stock of the banks
DESTROY source public which, dating from the
adoption Of the banking system has paid aggregate
tax Of STA Sa $50 and which pays annually about
81 20 900 Then you are tn make good the contraction
of 800 oe 600 by issuing legaender notes which YOU
must redeem by levying direct indirect taxes upon
Yourselves having nrst wiped out of your most inn
sortant sources o revenue. confess that it tries ones
patience to talk this subject 1t widely sided
that ii becomes uninteresting The whole scheme I'M
dishonest and unwise III enacted could
bring nothing but confusion and distress
The assertion that ruinons contraction going on IN
the volume of our currency true The eyaltender
circulation under existing law be reduced below
s3Do OoOo Until the Government is prepared to re-
cannot be placed below that point and then one pro-
poses to withdraw the greenback circulation there
danger in that direction II more paper noneyis need
citation men, not less than five in number having the
requisite capital, start national bank; there il no
mopoly here. The doors are wide open to all Corners
Here the check contraction If the country fears
contraction aud wants more paper money why don't it
banking said to be enormously profitable. Well If it
is So and more money is needed, why don't YOU 20 to
same time supply this alleged want Of more MONEY The
truth is that every weli-informe knows that nei
Their branch Oh inns proposition - true Hanks conduct
ing legitimate banking business none other should
allowed not making great profits: and every fact
In our present financial condition goes to- prove that we
do not need OF paper currency than is
ut present ,lculatioa Vast of money are idle
in this country This idle money cannot be made active
by increasing its amount. Since the lst Of March last
ss have been invested in Al per cent bonds and
ST 900 in per cents These embrace both
this country and Europe but OF the per cent bonds SCI
900 taken In this country Now when our peo-
pie investing their money at per cent per annu
and great amounts besides wholly idle il seems AL
dioc for any body to talk need OF more
money in the country The money is here but it is in
active III you have got anything to SELL YOU can reach
the money it won't come to you without return. II
you have got money you can buy bond; il you have
can buy money. If you have none Of these YOU ,nsf
work Even additional issue Of greenbacks will moi
relieve wants you have nothing to sell and won't
work.
In direction safely provide for an increase
Of our circulating medium and upon this we shall In