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

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~ ssvsst tga tNhv ~ ~ refsfsni
Th4 rv.nssisnssaH h@s ~tnAisa III xus~ta
msA, sAs sslr sna snrssms russs = .if
riMfng vtns .Anf vrsfse.sft srrsevv
shAs shsll he iseAl tsHslss IN u
arsts. public Taa private, sna, when !
has ~ DECLARED. what IA hws sl.~isssd /,
w. suehrs II ~ su~~fivH VI Mssss~s II
ihe ue.sFrm~ni N setefsiFn A. u tss~ss
n slselxsvd Ssiuf and EulA. n r*sfni,
wright sna iinrnsss. ~ ~ saahst, and i
Mewms mpnvy. An money II sHs sa
prsew fus MI ihr pnft~,ess IL muns i
fAs.r sns nsfsfng s.yrti.v ~ IL. anil
III, svfas~. lhvfr waA nsthihe ip which Il
acknowledged iss dependency Int NJ.
Government witch eseased ~ " ronlt
n"s h~ r~.lr~med. iut i.a spv~fvigns,
made N srpsvMr. Government not pnl,
declared ite susrfvienty m mcmss. hul
u received N fur III txxra, fnf IN vvs.
nnre, for all ita demands ~ the surwm.
power. In This vrner. Mnd LA thiN arnts
alone, the Government redeemed ID. II
rr.itstiet II m fAat anil A. often ~ N r..
rriy.d u, thua perretnally admitting
anil drclMFing lin sovereignty ~ money.
The distinction h#twven muncy that
In, and may hc, declared a legal tender.
and state on individual hank bills, sr.
rpneonsiv cnfisf money, which carmel
be made legal tcndcr, IN obvious. The
State which charters hank. with power
io ISSUE bills m currency, through the
individuals which constitute ita cospor.
Ate existeucc, h0s M porer IN maxi or
deriarc sMfh biiis u,DHs " no power 10
declare them a tfgai fendrr. Tho
State neither potseHscs tnc sovereignty
NOR The power oi declaring what shall be
money, nor what shall constitute legal
tender. State banks cannot create
money; they may create 4 currency III
doubtful character. They posscsa no
single elements of sovereignty m crva.
tors of money, hut arc entirely snbortli.
nntc 70 double sovereignty. II | may
bc permitted thc csprcrsion. For. tlrst,
they arc the creatures vi HtRto laws, tho
State creating thcm being sovereign In
all matters In which they arc not aMbor.
,linAtn 10 tho Government of thc United
States. They--that IL each of the States
---arc subordinate In tho power NJ Great.
ing money. In this thu States arc not
sovereign. Tho United Statss'p
and can ml0nc exercise this sovereignty.
From this II follows that all currency,
vhether IL khe Jorme( tii!1. or ~ gotd.
or siircr. authorized Nv a .State, through,
banks, whether individual or corporate,
In inferior, not recognized by thu eov.
rrcign power II thu United Mates, ana
therefore not MONEY. Icing interior,
and recognizing superior Kind NJ
money, iehich IL sDtereiDN ~ money, II
II compelled ~ redeem isself, and ~
maintain agents for its redemption, and
means ~ procure the money tho Gov.
ernment declares u he money, to redeem
tl,s promise Oh which II IL received a,d
recognized dS currency, aud tho moment
Il fails 10 NO redeem itself thu public dis
card il. In fact. these State bank and
individual bank bilis are nothing more
nor less than thu individual Or limited
corporate promise oi combined individ.
uals 10 reieem thu bills they ixsnc, IN
legal sr sovereign money vi tlie United
States. Redemption In the sole last ri
its value. 4 (atihrc To rsdeem " q
failure " the hank, n Jaiiure ~ The
bunk " the ioxs " tho I,eDI,td iOho trust
the bank.
n wa@ tho perpetual failures, the con-
atant ntoppagra III tho State banks 10 RI
deem, which constituted the curse of the
Aystem. They were founded exclusively
by indipidnals. their entire RELIABILITY
rested on indipidnal honesty and Oood
(aifh. They dbl not possess even State
guarantees. THY wera snboriinatcs oi
q subordinate authority. and their info
riority ~ national money wAa m .llssinet
and ~ absolute ~ the power of the ind.-
vidual Ii inferior 10 thu power Of the
nation. In word, they were but tho
iniiniteaimAl constituents Of tho sover-
eighty of power aud of tho sovereignty
ri money. The relation they bore 10
sovereign money was The relation one In.
diyidnal, acting n = banker, or hlty In.
dividMalA IN corporate capacity, bears ~
tho ~, OO0. .0OO in.lividnals who colnpoNe
tho Government: and tho $4,000 of
the individual bank capital. or tho o..
O)O, 900 of tho corporlata bank capital
bear tho same ratio of infcriority 10 M.
tiOnal money ~ those sums henr to the
elO, ,OOO, OOO, ,O0O of our national re-
sources. 10 sum up the difference, Ii Ii
only essential " say thAt HiAte bank cur.
scncy represcnts M individual; national
money represents tho nation.
Gold and SILVER aru but limited elr.
ments u national production but,
rccognixed and declared 10 be money BY
tho sovereign power, They become n0y.
ercign money. aud, therefore, neither
require nor Aru capable ri redemption.
Tho greenbacks, like gold aud silver,
aTc declared 10 be money ~ tho sop.
ereiDn p0ipcv. and arc w that l0Ner
sovereJ0n ~ money, and, being nov
erciRn, they nrc ~ incapable ii ~.
~ gold aud silver, and. repre-.
ssnting al the p,0lncts oi she nation
aud Ail tho sovereignty of tho nation, IN
! mere representative III sovereign
power. they afu ~ superior To gold and
silver ~ whole II superior 10 4 limited
constituent past.
A currency which has ~ bn redeemed
ID nUt money. ~ ID mHrN tMaltvtuMAl
promise y redeem In money that h
sovereign promise oitenes broken
than kept Il was perpetual shuttle.
cook flying between certainty nnd M.
certainty, With the uncertainty - certain
~ intlisllMal unsrllAbility. TAe Dreen
back has Killed II. The nation lus IL.
clarcd that II viii rcly On thu nation ;
ths people thst thcy viii rely
On the psoplc. Tho greenback
u tho symbOl u tho nations faith aud
of tho nations sovereignty. II Ii n,oney
of tho people, proclaimed W tl,r people
- the 1ypc III their sovereign iu,ielcnl-
cnce VI III mere Individual rvsponsibili.
". Ono hA2 only 10 trace TIM history u
tho purposes u redemption III individual
money |, lind tho curse and the tyranny
of Tho aystcm. W. hAvs nd ourselves
u the slavery VI its eternal oppression.
Thia II the neD departure. Il !. thu
nation'D now declaration u in.lrl,cn.l.
ence against the long catalogue Of tAe
wrongs of cepilAl anl IL csimus. IL
usurpstt0na, iis bAronisl fen.ialitics, ita
niOnHyed artatOcracies, IL slamnablU