Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-09

The Greenback theorists, to main
tain their position, that the currency of
the country has been ruinously con-
tracted since 1868, are compelled to in
cludc in their enumeration Of the cur
rency in circulation previous to that
time the 1890, 100000 of I, 80 notes issu-
ed in 1865. These notes were issued for
three years, were legal tender, and bore
seven and three-tenths per cent. inter-
est. They circulated but very short
time, and, on account Of their interest
bearing quality, very soon were absorbed
by parties who boarded them until they
were, at the end of three years, called
in and converted into long time 6 per
cent bonds. They never entered into
general circulation, as do greenbacks and
National bank bills, and the attempt to
make it appear that they bore the char
acter or performed the functions of cur
rency in the ordinary business Of the
country, is sheer dishonesty. The
Greenbackers complain of the retire
mcnt of these 7,3O notes at the time
they became due, claiming that they
should have been suffered to stand for
an indefinite period. The unreasonable
ness OF this demand is shown by the
fact that while the 1880 notes contrib
uted no appreciable amount to the cur
rency actually employed in business,
their conversion into G per cent. bonds
effected saving In interest Of upwards
of a million dollars per anpum, which
would amount, during the ten years
since they were called in, to over one
hundred millions. Owing to the fact
that their presence in the currency of
the country was not appreciated, no.
body felt or complained of the effects of
the " contraction when they were re-
tired. 1t was left for the Greenbackers
par eccelleuce of the year 1878 to dis
cover that the country suffered great
shock when the 1905 were called in,
and their plea that this & contraction :"
should not have been contaminated,
amounts in effect to this: that tho 1880
notes should have been suffered to rest
in the possession of the parties who
were holding them as an investment,
and drawing interest on them at the
rate Of pyer $6O,OOO,OOO per year, even
beyond the time set by the government
at which it could reduce the burden of
interest. The 7,3O notes were, to all in
tents and purposes. bonds bearing high
rate of interest. The Greenbackers pro-
test against the act that placed this in
terest at lower figure, and has saved
hundred millions to the treasury, with
out impairing single condition of the
prosperity Of tas country.
We notice that several of OUR e4-
changes, notably the Dubuque Herald
and the Davenport Gasette, fell INTO q
singular error in their accounts of the
release of Jim Stroll from the peni-
Tertiary The Herald directly and the
Gazette inferentially state that after
Stroll had refused a pardon, Gov. Gear
ordered his immediate and uncondition-
atrelease, Those papers ought to know
that except though the exeerise of tho
pardoning power, the Governor has no
authority to order an unconditional re-
lease of prisoner in the penltentiary.
Neither would Gov. Gear be likely to
exercise his power to pardon in the alb
sence of the preliminary forms he has
himself prescribed, none of which was
gone through with in this Instance. The
truth is that Stroll is at largely NJ
act Of the Governor, but by order of
the court (; nor is his release unpopdi-
tional. He and Rourke are simply out
on bail pending the appeal Of their
cases to the Supreme Court. 1t is
quite possible, nay, very probable. that
when reached, they will be dismissed,
but the above is the actual facts con-
corning their release.