The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-04-12
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CotMsulttee III Banking and Currency
Ii the winter u IN 4 The tulla@ihws
Whatever amount NJ currency
l~xiplnllpn slncs mt furnish, ihr reo.
~ Win furnish, md that vii " N
IN inferior quality.
n - ledl and ieas. IN my hua.
lsesA, whlrh vAs email. ! wNs mt On.
ered "a individual note. All that
could make wNs called tor nn,l paid
Tor IN cash ~ soon a. ! cpnld dellv.
" H. n vas 70 With all my neiehhors
about mn, tina lumber, paref, irnn
and leather manufacturers In ied0
there came IN bc offered somr pnrer.
; small amount, iHd7 still mnrr, In
Tres aslll more. Then saw by Tho re.
etrictlons placed upon our currency
that . panic was inevitable nnlcss
there was u change. ! warned my
nolghbors aud stopped myself nntl
refused ID srll. ~ buaincs~ went
down from eSo,000 to t0.000 and !
have stopped. WAS not offered, /
think. but = solitary tlW In 1871
hogan % make inquiries m 10 tho n.
mount others were receiving In
notes for their products, and / found
thas their experience was mine. -
! mud thAt IN tho leather mAnmfnc.
turc, which II = cnsh article. thAt no
moro than 20 per cent WINS paid In
money: In iron manufacture no
more than % per cent wins paid In
money, the balance IN notes. In the
lumber business not more thnn ii
per cent. and Aoms men said thcrc
Vas nothing paid. In cotton manu-
features no more than 10 per cent.
was paid In money. tho balance In
uoteH.
Tho Chnirman(Mr. MaynnrtD-. -.
How long would those notes run2
Mr. BMnborn Three. slx nnl eight
months, aud sometimes twelve.
ASksd tho lnrgcst leather dealer TINT
] wAs acquainted with, n they were
paid " maturity. ut three or elk
months. and he said not more thNn
One. half, the balance went by de-
fault. Some, hr said, were re.nc-
ku0wlrdged for three months
Mr.. Maynard Is that true of I'll
branches N Industry
Mr. HAnborn--YcH.
u. Merriam fmcmbrr 0f committed
Would not this increase Ut erc.llls
naturally Arlse from The confidence
that men have In cnch other In doing
business, no matter What amount
Of currency you hAvcf
Mr.. tNnhorn-~1 can answer TINT
by my experience In 16ttb. We had
thcn 10 much confidence M WIN could
have In each other, and there was no
OFFER Ut anything but money, and
there would not DO now were the
currency sufficient.