The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-05-03

@**&* s@s s&~* &@stM*&
W. give twsiu~ 49, @.~~= fsam ths
twWsBsN VA ~tsW#fss tvamsx rs~Aa sEFvs
Tavw4h. sasias+@sA ~ sNss N ~snms. ~,#swN
t~w st~t* Ava. W. ~AssA WV st~mAsa
lh~lt ~tsh M. t~saasaA "A s~MsmsasuA
Al sle lss~ens ssnswsNs, wh~m shr gnsa
sswA a s~*amrssvA N hsss~s thr ~anaass
w sarh festn ". W r@il F,s auts~n. W.
fNsA mnA rvnsssstt@sssns naaiar~.i Vi, alss
%snass# aFe rerahasa, ,i.~tsssne "A rase
fnl rsnsiarfasson " ~sil w. n~sare.l
That ~isen she Ssrases s1ssAe 49, haA ~
ssrlassve vrla standard. hnt This iae,
si"s sus asisrt IN the ~iAwhte~s dsvrre,
~hai he sNss AsAfnt tlr anacani N cxsis
n~~Asass M resumption fnnd. III
huli. that n lrass Asln.ns, ,uu woHl,
l~ rnuircsi. IN gold and silver, ~ r..
dsmrt,.n fnnd. n will 10 noticed Tim,
senator Joncs rosnta " Enslani's ~,
rerrnec m hearing oat hts deductions
and certainly all those economists VII,
say that II IN impc~sihlc to rcsnmr on !
email ssock II The precious metals have
the former experience of England and
the rcens experience of France 10 ap.
peal 10.
Tho worlds stock of ccin is o. -oo, ,oca. .eoo.
~ Which neAt,, one-half II of silver. OF this
snn, Europe, America, aud Tho r,ss ~ the oc.
cidcntai wotId emrloy about t3GD0, ,n0n aoo.
Previous Ia the lats partial Recommendations of
,iivet IN the Latin Jnton and in Germany and
th. United States the~c o. dou mn. .0sso consist.
cd II, lot ns say, el.ooo. .ooo.u COO of gold and
st,0pl. un, ono II silver. They nuw csnsist ~
say. ahcut "a ao1, OOn oo gold and ti, 2o0, 600.
0uo silver, ly continuing 10 exclude salver from
equal participation With gold In the currcIcy VI
thc United Mates, and attempting 10 resume
specie ravmcntr, VIZ occasion q demand for,
SAY, $s5n, 700 ~ gold whcrc~ish 81 pay on
tho arecnbacka aud furnish hank reservvs. and
s5n,u00. 600 VI silver IN lieu u tho fractional
notes. II We could obtain these Sta0, O00. 600
of metal without drawing II from other coun.
tttes III Europe or America they would add ~
much to the stock VI coin In the Occidental
wufld. which would then bc "a, $50, 600, OO0 of
gold and FL, 200, ,OC0, 00O VI silver. Thia Ii the
answer Ia u. question ~ Tar ~ tho Occidental
world l. q ccncctnct. The quantity % tho pre-.
clous metals needed for money and the basis of
thu quantity needed to maintain psiccs a. their
present lrvel--is At least $t.OW). 900 O0o OF
this sum tho United hfAtcs, II Il succeeds III rc-
OOO 0Ol.
Now, hi mo ask. Ia tho arst place. where
these $sou, uis. 900 arc expected 10 come frony
ticntlemen may dispute tho prentice aud con.
tend that no such sum of 100, ,00O, 600 Il neccs.
sAry. They may potut 10 thu fact that ln-t
proyions 10 tho tune of tho suspension Ia iss,2
the entire stock ~ coin Ia this country WAS ~.
tn,Atod Al not over e3u0. 600. O0U (tinanctAl
kepnrt, 1861, pp. 10 and dl) ~ which proba-
bly, not over throc fourthso or ta25 NM, ,Otk, we're
III gnld. Urantsh that this was the fact, and
have no doubt Y was. u must not ba forgotten
that siiara 1862 tho population ~ this country
has increased ~ pcr cent, snd ~ exchan I, 4
fully Inn tsr cent. What u tho proof VI this
A,mpy that in iSdl our whole circulating
mohia consisted VI k3O,. .OOO,HM la coin aud
$aDO. .0t,. .tsi0 " bank notes, which circulated
w.tain limited Ar,Ar y % nearly psr whcrcas
" coin and sonic $1SO, ,ntO, ,000 of Government
and bank paper. tho latter circulating tthrough.
ont nearly tho whole country NJ AOout HTiv
cents ta the dollar tAy total circulation at pAr
equal To eHs0.n0ti tAO. This Il 10 yrr cent.
lnurc than tho par circulation " 1901 IAN Ia.
eon,rstxbl. pronf that exchanges have in.
cresscd In volume III least 10 jNr cent. TAX.
ing Into consideration thu superior activity of
tho legal.tensl.r and nAtionAl-bAnk n~tcS over
the oil ats-hank nutcs, and Tim Improvement
and development " railways, tclcgrxph~, clear.
ing.hu,,scs and othcr meclIAsittns uf exchange,
since 1851, II cannot b. doubted that the bulk III
ln.slasS exchanges IN this country III II lcA~t
double thAt ~ corresponding day IA 1872,
suppose, however, we put II at nuls 10 pcr
cent. higher, then, III order 10 resume specie
payment upon ~ least NJ Arm I footing a.
specie paynient4 stood In lsdl And tho uni-
vrIHAl suspension III tho banks toward tho cnd
III that year proves tlAt X wAs mot 10 nrnl
footing ~ could hayp been wishcdwc shall
require Ai least 10 pcr cent moro spccic than
w employed Iii isGi. Add 10 mr. cent. 10
tgoN NH, ,OOO, And yun have t5tO, ,OO0. 400. Al
low tli0 uO0. 600 Tor slxctc already IA the coun.
thy, III tho bAnkv, In private hands, and Ia lhc
vault. u TIM treasury, and you will need 1870
OOn, ,0nN IN order 10 resumc. Of this 4a7n OOn..
ono thu Government will ncad, rurhapa. about
t33O, ,O0J, ,ttON and tho banks tho roma nsicr.
Hut the Al,purtioimrnt " ~ no consequence in
this connection. The substantial fat Il that
III order ID resume specie payments w HhAli'
need .J7O, ,0OO. .tNl0 SAY, for round ngnrex.
kto0, OK, ,0u0-nf specie, " which. under tho
operation ~ tho act II 1879. about ESQ OO0,- =
O00 must bc In gold.
nov Ask where Are thcnc 4ab0. .O0O, 200 u.
pccted to como frum2 Again, do l fancy
bear Interpolation. ! shAsl porhaps bO told
that 4 prntnsl ion Ii even now before Congress
proposition from careful and able sosirccs
and boAsling tho Endorsement 0f high financial
authority, = proposition which assumes that
ti00 O01 0OO III gold will b. sufficient wherewish
10 enable the country 10 return 10 specie pay
mrnts.
refer to speech which haa been made ia
thu Senate, Int warn gentlemen 10 beware
u making > mistake IN rcspect Of thia matter.
Tor mistake will sut m back many years.
Tho british uovcrnnsent tried 70 resume Ia
1877, after suspension of twenty years, but Il
failed and resumption wAa deferred fur seven
other years, until 1871. II ~ Try 70 resume IN
1870 with ei0O. 00O, ,OOO and fail, W may BE- ~
back quarter 0f century. Moreover, II wc
fall, somebody most probably some clique OF
out q tho operation. now2 Easy enough
Knowing that eiOO. 0O0. 400 WAS the limit of the
Governments ability 81 pay, they could easily
make arrangements with tho banks and dsros-
itors throughout tho country 10 withdraw
eiOO, 0o0, 900 IN greenbacks on tho eve os the
day u resumption. and prossnt them Tor pay
last do lar of specie out d tho latter they
could. BY presonlipe On additomAl note, compel
II 10 MI pend again. Then gold would 70 MI
oincN moro, pofhapa 10 tho full extent of the
figure from which Il would have fallen. aud tho
clique could sell their Spccso Ia the market and
realize their pr0ht.
JHN ~ WW UHNy poFNUf NNNEfrslt, W ~ ~
probable ons-a highly probable on~ almost
svrtdinfy. There IL nothing In the world TO
prevent Il except two things, First, the In
ability of 3 clique 10 sAiss ei0O, ,0OO. 900 sec.
ond. tho possibility that tho treasury, In ~
fertng To redeem its issues, may arbitrarily and
nnsx lect.diy prefer notes oe parlicular mum.
hers os dAtes 0f ISSUE. HUT these objections
are frivolous. Experience has dsmon.srAlcd
thal thors u no difficulty whatever on the part
Ut stock -iobbng cliquca 10 rAtsc eId0. OK. t0O.
while, with regard - making preferred credits
Ut certain noles, thc treasury haA no authority
~ do No. aud, u II had. tho exercise of such
authority would bc almost certain 70 bc do
feated through trcachrry. bScrvtS ~ weighsy
AZ this ane would be arr impossible to keep
Er.n IL IL I'D Hnt hdk nni, fhs clique ,roMid ~
orfdin % noHoIotir M i,yasnvy doors n Ms
egciustoa ~ all cun.rs. IN short, wealth,
powur. organization, experience aud special
training wumid hr ranged on tho 0ilr sl,ic
against scattcrud Ani indifferent population
Oh tho other and who can doubt which would
VIM
Finally, oven II carried ous successfully, tho
rssrcIss u such authority wonid ~ unlawful
aud unjust.
We cannot resume with ti00, ,O0O, 600 nor with
e9O0. O0O. .0OO. Why. gentlemen. wc have hAd
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