The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-07-26
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sw&~vsl W. fas, Thrt kne~ that shs NJ
sM~ha Nv tnufss ~rA - usrvhs, III snvl
thw almsmshv a,wMn i ri the wNs, tha
r~rstal. w hnl',nt hsrA, h, nsRnifsias
,lAnevre. inrsvss~a hs tie daily inrsrTs
ing nsvwe asiee Ius feunes, nnd by humfl,
tu, iasine ~ lite DIM wliies anil danger,
n rssii var, eu,ald ,iemsnd ATTY nsuf,
she wilaeAs sipsvhenAsna ~ i,snkrar,
treasury runM jussiiy, t,ali, m II al
ways ,lo~A when I, II f~quirr.. N onrs
,lisMrp~aer~l, even what there wnA oi IA
hut th~f~ wAA mt ruld enough In th,
Cnisri Nsatcs, ri ~hirh crnld have lwen
tt~l from ~ thr coin fr~cnrrca of En
RlMrd. tn meet The var r1~nAta "A
iM2.3 4 for twr months. Money hal "
W. fM.rel. II was The price " conssisn.
sional liberty, and, whnMvrs The cost, 1,
must be procured. No lifsculty was
found In using and negotiating our
Treasury certificates nr i,tetcst note.
and II the statesmen nj the time ha poe
sesscsl shc coursseto 4, ~ mn pns dawn
tho Hensclsse clnmor IL capisl NJ ,lnss
paper money there wonlL have been no
fer the issninr 4 single han,i
outside NJ the United States. With the
moncy held ~ savings tanks and The
10 invest In United States
BY men vi moderate means, III
w had dared ~ have relied upon our.
selves, and issucd srccnbAcks ~ abso.
lntc money, to meet any aud every
emergency, We should have saved Ia the
United States more than o. Nm, ON. |. ON,
And would have Men stroL ger ~ n Gov.
eminent, more united ~ = people, more
prosperous In our enterprises, than ever
before bnt wc dared not trust ourselves,
and thc qaesti ~ comes MP. Why was
Il that thc people I'll tho uLit~l btaN,a
lAFr not trust themselves ID issue their
Dwn money!
In answering this question I shalt
lopc tO ahow not only thu exact fallacy
" thc fear, but tho enormous cost the
10 the ,lerisive clamor of capital
,as imposed upon m.
Th. old idea upon which capital has
made labor its slave was that gold and
silver were thu only safc basis IN me-
limm 0f exchanges that all lila issued,
Ind circulated ~ monty, must bc re-
lccmMblc In gold and silver, aud that
my issue ~ bills beyond tl,c p ,wcr of
redemption In gold md silver would b.
dangerous that 10 issue bills 10 meet
hc war expenses. and 10 pay for all w.
would soon crvWtr III excess ~
,apcr IAN excess M great N ~ preclude
my po.sible idea of finding gold and
'ilvcr TO redeem u that this exccas
would create tiistrust, distrust deprc.
station, aud that tho result of the de.
,reciAtion wonld be that tho money liz.
'mcd by thu Government III tho United
states would become NJ worthless ~ the
french nssignHt--ihe paper money is.
u.d by FfAne~ during the Il enCh II vD.
.tx14
4 money issued by thc colonies before
hoy hA4i consolidated into government.
i unitv and power, or again ~ destitute
i reliability 4. the paper money ismncd
" tho Southern Confe.lcrany while
.,',eln were attempting ~ disrupt the
Union.
I,mid men, ignorant of all the rca.
ons which led 10 tho failure u the as-
tgn9t of the french, the Continental
uIrcncy Of the colonies, aud the base
cxs bills of thu Southern Confederacy,
,lacei the Unitctl States In tho exact
,oNition of ihc Iscvolntionists without
Governments, constitutional power. or
usonvceA. Az France, ~ tho time the
ssignAt waA issued, was without 4 (loy.
tho colonies were united by no
'0liticsl 0r governmental obligations,
nd, m the Southern C0nicderacy was 8
acre revolutionary experiment, the
'onds given by either u these merely
evolutionary combinations would have
s.cn ~ utterly valneless ~ tho currency
hey issued. With the United States
Government II was admitted that thn
'onAs w0mld hc goo.l, while NJ The sane
Ime II wMs iusistI that tho bills they
night issue N money wOnll ba ~ w.sStil.
~. ~ thr French nAsignAt, which ~
rwt Ind M foundation for ha.ss hut
oblMFy, which wAs killed hy forgery,
u was upon this b.&ele~s ialla'y that
no bonds ot the Government were
pvccd np.n the market nj thc price u
oil. To convince tle communities and
. creAte n political excnse for issuing
'0nds, gold, which could not he Oh.
sinc,l snd which by no possibility conlL
% prWmrssl, VIM made the s'an,lar,l "
slue by which thu standard u tho valu.
I tile grceni,nnk wns 10 bc measured,
lulA ~ one tlmc went ~ 4 premium III
N Tor loo, 70 that, ace0nIing - tho
lAnslarl, the Rrccnback WAS ~ ID ID.
hoy then flied tho valuc of thu bond ~
ic price tho grtenbaak wonld bring Id
old. CougrcAs was .luped into aiding
lis trick 10 resli.cV tho value II Tho bond
, tho standard of the ereenbark meas.
rid by gold In that way. II tho green.
ack was Issued ~ full legal tender
y all puvposes. II would bc ahsolnte
I0ney. II absolute money, then Il
omM 10 what gold would 10. BAnkrrs
nd brokers and nsureFs and capitalists
smbined 10 prevent this. They 49,
eAlcJ ~ thu senate. They said
tho grccnbHck Ii issued ~
fnll legal tender, you viii ron
estsvy IT. vaIn', Tor you viii
ave- ~ issne ~ many bills anil 70 large
that yen will glnt The market,
nj they will dcprrciase snd Mrome M
AluslesS - the assignat. To prevent
nis thay provide that they shall not IN
r~ived Tor revenue duties. nor Tor In
'rest IN TIN public debt. for unless you
o this yon aannot scll your bonds, fur
} make your bonds available you must
aako thu interest payable IN gold, ANA
0n cAun0t get tlis gold 10 pAy tho Ia.
srcst mnirsA y0n require yonr revenue
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