The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-11-02

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tbs, The hanks will hep any "A their u~fa
n,tes m circulation lH'ssnA thr smm "a
rts~hl'arAa ihss may hase ah lnn,l. bic
lslnsinn must ~ great. They must ~.
,,~m th.is nsss~ rn demand In rnl.l ~ Ii,
VtrehlArkE. anI therefore mmsi h@u,
vith.f ihr uns ~ The uiler IN hand,
When they ssslerm their NOTES there will
he contraction b. TINT cxtent, and, II the
Efrenharks they pay nnl Tor that pus
Iw,~c l,e redeemed In eoli hy thu srrn..
Nry. then The contraction ~ paper will
Ire lsoth In hank notes anil Er~nhaekH.
!" II must l~ remembered that The
Treasury Department will have Ia hor.
row the eiun. OO,, ono with which II will
,rgin specie paymrnts. II has little W
M gold income i,evonl liz necessary
gold expenditures, and when II cxl,ausss
this borrowc,l eoll then II mus, suspend
the redemption II grrcnhacks. There
arr about sGU0. 100000 paper money
outstanding. Tho S~rvtary will give
notice that he has elO0, COO, 00O II gold
which he will pny out In exchange for
paper at par to those who shalt tirat M
ply therefor. That il, he will have
about III cents ON the dollar IN gold,
which he will pay ont, not pro rata,
but to whoever shall flrst pre-
~nt the piper for redemption.
He offers Ia redeem onc.sixtl, oi
the currency in gold nj par, and The
holders III the paper will bc too busy IL
call for The money. When only one innn
ant II every ak il 10 have gold for his
currency, and that IMAM Ia ~ br the tirS.
who applies, he does not even think tim,
even tho one man will spare the time u
present tho notes and take the gold.
The Secretary comforts himself la th,
belief TINT while hc offers gold for pn.
per 1T Washington, the merchants of The
country will sell their paper nj u Ills.
count Tor gold, sooner than send II ~
Washington And ON that expectation
the Secretary III the Treasury feels |,
saic to undertake tho redemption al
VrpcnONckN III goltl -