Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-10-30
DEBAslNo TINE CURRENCY
Chicago Tribune.

part Of his life as an invalid, who
had suffered the pains and discom.
forts of protracted arrangement oi
his system, and after years of cndur.
ance should find himself restored tc
health and in possession again of q
vigorous body, would not be apt, vol.
UNFAIRLY, to resort to any means to
destroy that health and return him to
his former illness and prostration
Such . man would be universally
considered as bereft of his senses and
fit person to be placed under con.
straint and control.
After more than sixteen years OF
struggling with the arrangements ol
business and of industry consequent
upon long civil war, and cursed
with the afiliction of debased cur.
rency, the country has endured losses
and financial calamities such as had
never been anticipated, and far ex.
ceeding any previous experience
The war being over, naturally the
work Of recovery was entered upon
1t was slow, tedious and very unsat.
isfactory. The Government credi,
" % Aos OOAVW Puts ~ COuiu uOl UUE'
row except at high rate of interest
and at q large discount. Owing te
the debasement Of the currency, the
widest speculation and gambling
took place. Credit took the place OF
capital, and credit values and credit
wealth, and credit expectations be.
came extravagant. Finally the cred.
It bubble burst, and there was addi.
tional suffering, loss and distress
The actual condition of the country
was perhaps eventually improved by
the explosion. Gradually public
credit improved. The Government
was able in time to borrow money al
5 per cent. at par; after q while the
Government was able to take up 6 pei
cent. bonds by IN issue of Az per ct
bonds; and still further on, there hav.
ing been a day fixed for . return to
specie values, the Government wal
able to substitute 4 per cent. bonds
for 6 per cent. bonds. The coinage
Of silver was resumed the flow OF
gold was arrested; our annual bal.
ances due us in coin from other coun.
tries grew larger; coin, both gold
and silver, were exchangeable for pa.
per. The country was relieved al
last of deprecated currency, busi.
ness improved, production was re.
sumed, labor, so long unemployed
was put at work, manufactures were
produced and exported, aud practi.
cally the finances and the currency
were once more established. Just
At thin vnnmoM< -ha< 10 <ho -wo-1n:
ton made, and to promote which q
new party 10 organized ? It 10 prop.
osition to 60 back into the delirium
OF . debased currency; to reject coin,
reject coin values, and reject all paper
Of coin value, and to bury the bust.
ness, the production, the enterprise,
labor, and the credit Of the country
and of the people under . volume ot
valueless, irredeemable paper money,
forced by law upon the public, and
leading, 40 the universal history OF
such paper shows, to imitation, gam
bling, panic, destruction, loss and
ruin.
The proposition is that the sick
man, upon recovering his health and
strength, shall voluntarily seek hi,
old ailments.
Az we pointed out few days ago
there 10 no nation that has ever vol.
UNFAIRLY debased its currency. Hav.
Ing, % consequence of war or other
calamity, been compelled to adop,
such currency, it has been the effort
to recover national credit, and discon.
tinue the use offorcsd money. Hav.
ing recovered from the calamity o1
forced money, NO nation has ever en-.
tertained the suicidal, idiotic scheme
OF voluntarily returning to Il. II Il
only here In the United States tha,
such scheme has ever been seriously
proposed, ever countenanced, or evel
had the support Of any body Of In
telligent people.