Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-23

% onuA TtseTSos, anu INC 6ppreclAtlOn IN
the purchasing power Of the paper money,
be taken into consideration az they ought to
be, there has been expansion rather than CON-
traction, as shown by these treasury state.
ments: .r
sua s.ff lH July l, 1876 July l. 1878.
Greenbacks 1882 0OOOOO 8346 oSl ,Ol6
National bank nOtes......... 354 100000 324 514 2S4
Coin in treasury 448O97 S4 l36, S55 U9O
Ooln IN certlncates....... "A, 655, 500 1857 600
Total ,4s5 os4 1851 4O7, 2so
Instead of cont 40 ion the figures show an
increase of $47,00O,OOO, which would be
still further augmented if the purchasing
power or gold value Of the paper were taken
into account The full amount of the circu-
lation, both specie and paper, now in the
country will show further on.
LEGIsLATING FOR BANKERS AND BoNDHoLDERs.
The platform Of the national greenback
party charges that the present co ndition Of
affairs has been brought about by legisla-
ton in the interests Of and dictated by bank
ers and bondholders." But when this charge
comes to be examined in the light Of history
it proves to be baseless What are now seen
to be the radical mistakes Of con ress and Of
Secretary Chase's Management of the
Au~uSVc W0sAoA SAO W0G W0H0 m0u0 AZ VPYVs
sition to the advice of the banking interest
of the country Take. for example, tho
greatest mistake Of all, that In relation to
the exchange Of greenbacks for bonds The
original act authorizing the issue Of legal
tender notes o'ntained the provision that
these notes could be exchanged at the op-
ton of the holder for fve-twenty
six per cent bonds in other words
the government being unable to
redeem its notes in coin, proposed
TO redeem them in bonds bearing interest.
The provision was wise one, and had it
been continued, as was advised by the bank
ers, it would have prevented much of the de-
probation Of greenbacks that occurred, and
would have restored them to par soon after
the close Of tho war. In On unfortunate
hour, Mr. Chase and congress yielded to other
counsel, and this option was Withdrawn and
from that day to this greenbscks have been
foundering in the slough Of irredeemsbility.
fl TAXING GOVERNMENT BoNDs...-.-.
The exemption Of government bonds from
taxa ion forms the basis OF smother charge,
that legislation has been in. the interest Of
the money lenders when, as q matter Of fact,
the obi cations Of the government, whether
in the form of bonds, treasury notes, or GER
tifca es of debt, have been exempt from tax
alton on constitutional principles enunoiated
by the supreme court in unbr0ken succession
from Marshall to Chase, and the principle is
in the interest of the government and an
essential prerogative to the full exercise of
its power TO borrow money. Chief Justice
Marshal said:
The right to tax tn contract to any extent, when
made operate the power borrow before 1t is
exercised and have sensible influence the contract
tax government stock is thought by this court to
be tax on the contract, tax on the power Of tho
United States to borrow money on the credit Of the
United States and consequently repugnant to the con-
stitution
Chief Justice Chase says that {" in no case
decided since have these propositions been
retrscted or qualified" and they are 70
clearly correct that it may be added that
they are not likely to be changed. .
E THAT $500, 900 STORY.
1t Is further charged that the bankers and
bondholders secured the demonstration of
silver in 1873. and that to effect that legisla.
ton $500,000 we're sent to W ,shington by
the bankers and bondholders Of London and
Amsterdam In November last, Mr.. Riddle,
of Tennessee. said (ses congressional Record.
November 9. 1871 SIT has been published
to the world, and it has not been denied,
that after the demon etization Of silver in
France, Germany, England, and Holland, .
capital of $500 600 was raised and Ernest
Lloyd, Of London, was sent to this country
with this fund ~ the agent Of the London
bondholders and capitalists to effect the Same
object and it was SUCCESSFUL .,.@ite ,.,i
Thereupon Mr.. William D.,bKeiley, Of
Pennsylvania, the weIl-known intiationist,
arose and remarked .,1.s, Il ~. .-..
81 ask the gentleman to yield to me to correct an
error pto which he has been misled a. was. know
nlent injuries cause The Ernest Lloyd referred to
by the gentleman is Ernest Seyd and his name has
been published Ernest Lloyd. The record il that
Mr. Seyd is, and always has been, an opponent of the
demone liz alton of 81 yer. Therefore the story 10 an
invention put All cat to his prejudicS, AID think to
the prejudice of the cause in which have used it, a.
the gentean has surprising that 1t Ernest Lloyd.
[ know Ernest Seyd by his writings to be now, and
has been uoformly opponent Of the characterization
of silver Therefore the gentleman will not care to
give publicity to statemeat which eau exploded by
our enemies He would sooner be corrected by one
who agrees with him Ia opinion"
There never Was any foundation for this
absurd story, bu. a. it is still being repeated
to give you this emphatic denial of it from
the highest ereenbsck authority. Other
stories Of the influence exerted by bankers
and capitalists to control legislation at WASH
ington, like this one, will vanish into thin
air when examined by the light Of truth.
THE TRUE CAUSES OF HARD TIMES.
It must be remembered that our industry
and commerce are suffering from general
causes that are producing like re-
suits In ell civilized countries. 1t may be
difficult to define accurately ell these general
causes Some of them are apparent enough.
Thus the accumulation Of national debts, re-
presenting mainly tho waste Of war, is every
where burden upon industry. The aggre-
gate of these national debts " placed BY
raoooui zed authoritv of Fin GLAND ERNEST Seyd