The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-04-19

II
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asl tsiistv 81 ssAsesn "a Isslass II
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IhA aaast~he~. nnslss Chr aid eaii
stAAsA sytttm, w&A r&ll~si rAThAnw~
NumiasIlt II u intended III represent
The sv,si IN transferring the hIll W N~~
Nnfh Ifusn ~. lysais. New Ofissna, TIN.
rinnNsi. rhirsRa. CLEVELAND. ~ nunnln,
nF my aihst tHini, snd gussimv IL
rlAnKs~i inta enftvnt fnnsls. ihe rslnisA.
lent ~ raii fvalls IA mrHni nut unls
the rssst M thr exchange, khf The rial
vua nv tAs svsAunvvvs IA, sniwnfE ty
me huht etss mnWt Mas n
~ vrrAnrgra This exchange w.
ried with seeiiuns, eitiee, rtsses.
nnh crmtnnnitirs. II varied frum
a quarter or an eight u PER
evn' ~ ~ =. 4. and \. and ~ per
cent. In orlinsty times. II wna Al.
ways rsnAhinT burden upon The pso.
,inrer N we'll n the consnnicr. 1hr city
hanks held lhe rouniy hnnks m their
snhjerts. Tncy hal the power 10 sw@vp
.lown upon them whenever they could
accumulate thrir hills in sufficient qnan.
,itiea 10 make II an object 10 do M. II
a country hahk waA strung. and II money
WAS plenty, thcn the New York banks
~unld use thr currency, and nol retain II
for redemption bnt " hank showed
the slighicst signs of weakness-~thmt II,
| ". In tile leeirc IL iss officers to Actpmmo-
date manufacturers, mcrchants, and
dealers, " discounted freely, and pail
ont ita own bills---it always ran the risk
Of having its currency iina itA wny 10 the
money ccuters. and, through tho bankers
thcrc, 10 = demand for redemption In
New York city funds or gold, and they
had " be ready Or they ilnl 10 fall.
This systcm of redemption wAx essen.
tinl for the safety Of tho lenders. or ~.
dsmption houses at the renters: Tor, ~
the circulation II the country banks was
hassl IN boHds rnd nDrfgGgss, aud the
Individual iinbtitty oil the stockhol,lcrs,
The Secnrity mdA aiMays uncertain, and
therefore Mll credit had 10 bc based on
tho promptncas with which the r.
tlempiiuns wcrn made. II was m end.
less cnrb on bank accommodations; II
was M endlesa uncertainty, and there.
fore tlle system always lacked that posi-.
tive stability which creates certainty,
thc mofhar ~ confidence. A customer
applying fur adisconnt waH met with Tho
excuse, 1.-THE Now York bnnks compel
~ 10 redeem weekly, and W. never know
when VIZ arn sRic." This enabled
thu bnker ~ require, first. that
the paper should bc short: sec.
0nd, tint II should bo made pay
able In New York; and, third. that II
should y" paid IN drafts, purchased of
the disconntiug hank Iii Nrw York, nj
tha regular rates. of exchange. The .ys-
tom WIN. yexatious, expensive, anl I'M.
certain. hut II brought grists 10 the mill
Of tho gr.nt rclccming houses and ~ ihe
banks. The national currency known
NJ greenbnckm IN free from All these cpin-
plicati0na, Tor IL rsslecMs itself. IL In
money. Tho national bnnk issues arc
sill subject 10 tho old curs.---tIicy have
10 redeem In greenhaeks or In gold. and
II affords the banker tho argument by
which he can magnify the power Of his
money. II IN thisny.trm of diridfd and
dirersiHed Habliity, reSting On indi.
ni,ynuI ..r..y..... .IfffI.n. .....y .1......Sa
which Ii thr cure III the national .bank
currency; and in.t ~ long ~ that II fur.
nlshcd ny the Government IL tho m
tional banks will these endless hnctua.
iions eIist. Money apecnlatorn live on
these fluctuations; they are the nutri-
ment and sonl of all the gambling inis-
mics of Wall street.
Tho grecnback theory Ii thc only one
ever invented which strips paper cur.
rrncy from All the ceaaeless burdens anil
fluctuations caused BY thu cry for re-.
lemption. Tho grcenback In money
money poxseHsing all thc power of gold;
II needs nd redemption, for there ID no
superior u II. IL Ii superior 10 gold,
for gold II one of its subordinate snp.
ports; gold il one 0f itS inferior cOnatit-
neita. m wheat. and corn, and cotton,
anil wool, and cheese, united ~ thu
whole manifold round ui production,
arr itM constituents. These ARE tie cie.
ments III national strength aud national
wealth. The grcrnlack In the nation "
self; combining MI that Ii material with
all that In intangible, II Ii hte united
mhoir, not part 10 be clasAed ~
product oi labor, hut the combined
n1iI.. - ysIl x,x4.s sIil11DssIs ..sllstf f..tx
p0ncr Mhtch kn0ieA no superior. Il
can, therefore. know no power 10 r@lcem
II. II IL fvved1eBlabte. because II is the
whole. u pays for everything W want
to eat. drink, wcnr, burn, consume OF
create. Il pays all debts, public
or private: y bnys MI tlAt
can bc bought, and pays for
everything demanding payment. II
- money iu the hiOhesf se,isc ~ nafi0n-
aiitD. N IN nnt cursed with the limita-
ton of any individual liability. II II not
limited hy individual wealth or corpor.
ate wealth, measured BY bsate laws os
State Inability. II - the grand realise
tion of ~ Pf,lribus ruHD,." II II of
ono value everywhere ~ everybody. II
Ii the Same on the Atlantic coast ~ u
ID on tho coast Of the Pacific.
Prom Alaska 10 Kay West, wherever thc
sovereignty of our Gag II recognised, the
grccnbMck 10 recognized. II owes no
one. and being the highest. the strong.
cst, Tho bcst indication of value, - the
expression u national will there Ii no
center 10 which II mast culminAte.
Wherever tho constitution 10 paramount
the grc~nback In paramount. A. gold
II nne u its constituents, ~ II silver; -
tl,at, whenever either of these metals Ii
wautcd ios exchanges beyond tl.c sove-
rrignty ol our nationality. the superior
always can nnd always will command
them, either ~ coin bearing The stamp
II tho mint ~ ~ bullion in tAe lar, rep
rescnting ita value w y mefchantabla
product.
Tho grcenback being superior 10 Ill
i.lea. VI redemption, II bMries and for
ever all individual moneys Or corpore-