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

ountry. NoWEWhel ours,people are
,vesting their money at a per Ce'1.
err annum and great amounts be. LAT!
re wholly idle, it seems air tsldes
tic for ANYBODY to az . s ahost tpSfI
he money is ahcra 2 fhalh ~; Go sa:t::a
81 ge po, nsy .s any{Singto seiiyoa
: un nua ~; 40 money; it wont come
!, you I" ilthoht refn,,rpa.H II YOU have
.noney You can hbuya bond ifli
ou have wheat, on corn, Oh. pork. or ~
else OF value you car 81,
money. If~you have ~. nuJ
'Ou must work. j. F.ti a5it s.A ~ ,haae
ssue' Of gre" 10 ,a.,e,, an additional
'our W - -anbAc ks will not relieve
nj ,.antsli if .,yoq have nothing ITO !
..,i and wont work. Ia40a |
In one direction we may safelyiRrQnl
vide for an increase of our cireAlatrj
ing medium, and Upon this We shall, 1
in Iowa, pretty generally agree.
refer Ito the 1emOnetizati of silver,
The exporisnce of our own country,
as well as of other, countries where
the double standard has obtained,
justities us in the restoration OF silver
to its proper place In our monetary
system. The Act Of'1878'wAs hgteat
mistake, and should be changed With
out much delay, We are all sp near
ly together in IIdWaA on this subject
that II do not care. ton discuss, y at
length. The country can absorb "a
vast amount Of silver coin UflpropgrS1
standard without actually incF casing
the volume Of money in active ciftu-
lation.. tits a bulky, announcement
coin which will be boarded, and. w
times improve theR amount thus
disposed of will rapidly increase
This, boarded coin will form d vast
reserve of ready motley IN the haitds
of the people, not needed for active
use, but ready to come forth to re-.
spond to any great EFFICIENCY that may
come upon the country from waiats0-
ever cause and at any time. IN q large
sums in single hand, but small
amounts in the possession Of millions
will form an aggregate thht may,
play no unimportant part at some fd-
ture junctnre Of our national or COM
mercial affairs. 1t'inay at some time
do for us what It helped to do for
France after the close of the Franco
German war, when the whole world
was surprised by the alacrity with
which the French people took up the
loan necessary by the enormous war
indemnity levied on them by the vic
torious Germans. Tho world said
that France was financially crushed !;
but the French people saidsiNO, ana
from the boarded coins Of their
double standard system came no
small amount necessary to rid their
country. of the presence of the con-
queror. There was great vitality in
France, and not q little of twas ow-
ing to her hoardedIcoins. They had O
money reserve unfelt and unknown
by her active business circles. They
were not disturbed by it., for 1t NOV
ed only when the nation needed its
aid, and when tho custodians, reused
by patriotic fervor, resolved to show
to the world how strong Franco was
financially. Such result is possible
only in countries where the double
i-standard is malntaiuud. Paper will
not be boarded by the people. Silver
has always been and always will be.
This is the history of all times and all
people. Then this silver coin takes
care of itself. 1t goes from the mint,
its own master, its home is anywhere
and every where; it needs no tax levy
for its redemption it redeems itself
as it passes from hand to hand and
is redeemed when it lies stored away
in an old stocking, A nation can
stand q great deal of money which
thus takes care of itself. Your paper
currency owes its value to the fact
that somewhere, in some way, and at
some time the promise which 1t car
RIGS upon its face will be made ga fe
by conversion into coin. We use pa
per for convenience, and will always
for that reason continue to use il. but
our faith in it takes root in the coin
which is supposed to lie behind 1t g y
Let me now briefly refer to some
other features of the financial con-
Germs about which our people are
talking and will continue to talk to the
close Of the campaign. The opponents
Of the Republican party ynbw seem
greatly disturbed because GOVERN
ment bonds are not taxed. Il am not
now going into the legal phase Of
1 Suls luC6tloH " SuOW you tuaL lnC
Supreme Court of the United States
have held that United States Bond
can't be taxed by a State, aud that to
surrender. to the State the power Of
taxing such bonds might enable them
to destroy the credit Of the General
Government and prevent 1t from rails
ing money byloan for any exigency
however pressing and supreme IL
might bes~NOr am going to discuss
the peculiarities of that system Of
ethics which teaches our Greenback
and Democratic friends that IT is
right to disregard a promise or to
tell a lie. am going to deal with d
different question. The Government
is now borrowing money lat '4 per
cent, interest with which to pay Off
bonds that are drawing 9 per cent
The cost of carrying on the Govern
ment is paid out of tho public reve-
nues. These revenues are raised BY
direct and Indirect taxation. How
ever raised, they come from thn pock-
cts of the people. If the Govern
ment pays ten per cent. interest Oh its
loans You have TO pay more taxes
than you would il the rate was bit {, 4
per cent. If it pays per cent. your
taxes are more than they would be i'll
but 4 per cent was paid. Some, oil
you, doubtless, lend money I'll
you do not you may have sonlobody'si
note for something you have sold him. |
In either case look at your notes and |
see if they do not all draw ten per
cent. interest per oannum. Yes, they |
all do. Now you are taxed under |
the State law on accnunf nf tho MON,