The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-11-01

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n.ssns iahen lssssY the tsasnmittss III
lsanksna and tmrnss II ths Nam. ~
Representative. Ian, III. lsst,
-. II Gnittrn,i.n. II Nm York.
said Il l@l.r,. thai IA | .ssN national
lmnk~. ih.re arr n,i iwrstlinis ~ ilam
sssuha te-,las nean ma t~osthissls IN
nnmiar, In thu vast prspostlssn ~
thrm the eMiasal il srfs siaall know.
FIR snssahs@. huw unr National hank
MAS established. and | presume there
WIRE hHHdssvls established In tlas saans
way ~as knn~ NATIONAL lA.k ~
<isn.,NN capital. wha~c hts.ker IN N.w
Nusk purchased ~l,s..s ..sAn in Government
l~,,ls and pail for them. The owners
IL iAe hank furnished the ma,yin w..
tween the ~ i~r cent IN currency
which th.y Merr allowed tu draw on she
ierusit ni lnnds anl th. sosf of thu
hon,ls. astl TINT margin was all thu rari.
tai that wns ever rnt into the .sshk,
The hrokcr sent the lrn.ls IL Washing.
inn, gnt lns ssNl.,xA.. ur ~ pr cent. IN
the dollar IN currency, and got tho
margin frnm the gentlemen from the
men who established the hank. Tint
annk iii tho bate crisis ilNsss, WA ons of
thu first IL suspend. hut resumed aynin
shortly. ami II going IN ~ before. II
Inns lMnking.hanse which cost over
SN.tNM."
,Italics ours, The reader will nutice
that there WIS not single dollar IN the
hank. tho $inOlM margin and the
$.O.tNO drawn from the treasury going
IL tho broker who furnished the slM',.
nm in la,nds. Five hundred thousand
dollars II bonds anil si5O,tNm in na.
tional.lank notes could lmvc hecn pnr.
chased anil drawn IN the saMe princi.
rlc. And Mr.. Chittcnden, who IL now
4 member III Congress, amt all the time
the hittcrcst ~ har.l-nuncy men, says
In tho rasf proportion III them It'll.
hanks, thu capital II rerp small.
Now the next. Esrhanae,
(fhoN~e ".
TN th, 10Th ,lay u March, is,il, the
National Bank hill was approved, M'.
thoriging thu issnc If satM,,NN,, ,nst,, and
restricting the hank issue u this amount.
lsy the second section af the act ot
.Imnn ~. is,sl. il was provided TINT the
total amount of United States notes
issued or IL le is.nrh shall not exceed
AIM. .nuu tANl
Isy thesc two acts thu future parer
currency nf thu country wns limited tn
~1no.Ous,.nM
At lhia time there WI. II mueh larger
amount 81 treasury nutes IN circulation,
which. hv subsequent nets. was more
than doubled.
After the war. .tn.wi,. .,n tie It'll, ,las
III March. ls,,6 thu Contraction act was
passed. authorizing the Secretary u the
Treasury tn fund, cancel AMI retire all
the United States treasury notes IN ~.
ccss ot Sl0n.Nn,NA,.
In is75 thu Resumption net Wa
passed. This net provided for the re-
,lcmption of all the fractional currency
In fractional silver an,l the final rcdemp-
tion and retirement et all tle green.
! hacks IN January |. ls1p,
: This nrt also removes thu Am, ,tNbl..
mo limitation tu thu hnnk currency. nu,l
opened th. doors wide ior bank-nots in.
, iln,ion hy allowing thu hank currency
~ he expanded without limit
Mark the inevitable result II this hunk
policy IL allowed Ii hc carried ont,
After resumption, the financial ,lis.
tress III the country would call loudly
for an incrrase nf money
Property would hc worthless. and MI
TINT hal l~en under mortgage would ~
rnlea into the hands II mortgage hold
.i's under thu Ahcriil'n hammer,
The hanks having the property would
,. initiate tho currency (which would cnsl
: them nothingl ~ ~ - enhance tlls salu,
of sach IA they hud on their hands; ~,
NIL the factories In motion; light M th,
. !, furnace tircs; iill thc country ngnin Will
wcMltl. and prosperity. and, when there
I wis enough of new wealth an hand L
y make Ii M object. they would agnin Gem
tract thu currency. dcpfess values, IN
!. augs,rNtc another period II bankruptcy
|, hanl in their net nlll hag the game. J.
Under Il Wcll.regnlatc,l. uniform wi
unlc III Government nnn.conNcrtlhl.
= money. heyonl the cuntrol or mnnopol,
!, II ~harkS. panics would never take rlacs
= : Expansions and contmetinns coult
!. !. not occur. Int uniform mud uninter
. !. rnptcl growth and prosperity would n
suit .lirotuff.
Y The DMly or (onKr~ss.
!. The constitution III the United Slut.