The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-05-10
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wtsissle sain e~an when srsamaasrn
iahes plare, eshrtwiss sh.se u na ".
snsnrsssn, Mr. shsrmAn eiaims thas
he has na~ -. .tAu.nn n nan w ~.
ce@s ~ MI a.msnas W. thinks Nv ra~
,spnr eln,sn, nn III ensa rffsAe~avA IN
.ss~rs "A u,ln .iepn.issi. and halsl. "
beast sitl. .snn. tn Ins whleh an demand
will be mad., undef hia arrangement
| imas made with the ell Syndicate he will
ees gtu, INN, ,ts,n mrfr nv the III m Ian.
nary. Thus giving him RranI tas~i ~ she
date ~ fv@nmpsaoA IL els5.sssl. .fn III
rosn The rric~ under whirh sherman
rrspc~ss b .lispoec II 90. .nn. .tOO of
United States PER crnt l,on.ls to ths
money brokers ii moi m favorable ~ IL
might t,c. hut sherman doubtless holds
~ The view eArrcHAcd by the New York
7riLnHs. that !" iLe Government could
we'll afford 10 pay 35,OO0, pM oF even
elO. .O0n. .00O rather than fail In its mn.
dcrtakings." That In 10 eav, tho carry.
inc ont ~ John Sherman's policy will
hr 10 beneficial b the cApitAlists of
Wall street that they consider the *.
pcndisurc of few millions of the l~o.
pies money In their behalf quite the
thing on the part Of TIE Government.
Well, by the most favorable showing,
granting that Shermans schemes NIL
turn out Just m hr expects. tho Govern.
mrnt will have sll5, ,OOO, mo III coin on
the lst ~ January next, with which 10
redeem SsilO. ON. 600 of paper. Can act
nal resumption take place on this basis [
OF course II would be absurd 10 argue
That such will be the case. Tho Gov.
crnmcnt and hanks can only redeem
about onc.ilfth of the paper outstanding.
sherman. however, does not propose
To resume specie pAymcnts, but only 10
bring about an appreciation of the green
hacks TO par with gold. When asked by
Glen. Ewing II tho banks would not take
his small hnsiH away from him nj the
start. hc answered no, anil then threw
ont threat M 10 his power to cripple
tho banks should they show any lack of
faith In hin plans. Hc went ON to I'M.
fold his scheme. He dcsircs Congress
10 empower him 10 reissue $500, O(j, ,OOO
of the grcenhack circulation. That IN 70
Say, he wants 10 float inst that amount of
irrcdecmablr paper money. lie thus
accepts M correct the theory Of the Nh
tionAiA, TINT Il II wise 10 hoat MI irrc-
decmable paper money. Anil no doubt
the proposed action of the Senate ri.
nance Committee in the presentation Of q
bill making the grecnbncka full legal
tender, and receivable for NIL dues, In.
cluling customs, has Hhcrinana sane
ton. This measure alone II enacted
long ago would have brought the paper
currency 10 u par with gold, but coupled
with the coin transactions Of the 6ccre.
tary and the RECOMMENDATION of silver
there IN no doubt u its effect IN bringing
about appreciation Ia 1870.
We have clearly demonstrated that tho
Secretary of the Treasury han no intcn.
tion Of establishing specie payments.
lie acknowledges his inability 10 substi-
tutc coin for tho volume of paper money
adoat. by stealing some of the green.
back thunder, however, he proposes,
and undoubtedly will bring paper and
coin together. Will this restore contl-
dcnce and start the country npon an era
of prosperity Not NJ all. A slight
move ON the European chesaboafd or \
concerted movement on the pnrt of the
money brokers ri Wall and Lombard
streets Ii likely 10 take away She rman's
base and force the Government 10 sus-
pend the so-called specie payments e.
tablished. Such plan IL not pcrma-
ncnt and satisfactory settlement Of the
financial problem. Tho currency will
bc kept contracted and the volume can
not l,e adjusted ID tho wants and noccAki.
thea of the business oi the country. The
principle must be recognized that the
Government alone possesaes the sole
prcrogative Of issuing money; md that
Nh elastic system IL the only salvation
for our industries. Under Hhcrman'A \
plan the per capita of circulation
will he trine above %. while Il
should be certainly equal 10 that ol
France, which IL end. Sherman and his
followers want 10 pcrpetuate the ra-
tionnl banks. which are standing mon.
acc 10 the commercial intereata and !
burden 10 the people. While they hold
sway the currency ID sure 10 be kept IN.
adequate TO tho wants Of business. The
experience oi France proves that full
legal. tender paper currency can be float.
oil In almost unlimited quantities and
maintained ri par with coin. This fat't
called forth the following from Victor
Bonnet, the celebrated economist:
1T apparently rcverses tho econom-
ical and financial principles which the
authorities IN the subject have hitherto
| lab6rcd 10 establish.
"IH financial science assuming 4 new
| aspect, and proving that we have been
all wrong In fearing irrc.lcemablc paper
money! Are w 10 learn that ideas
have made progress, and that W arc on
tho cvc OF realizing That fanons wagon.
way through the air spoken of by Adam
Smith and Ricar.lo-a paper circulation
| without metallic hase
This IL thc new problem which agi.
tntcs the world, AMI 40 IL which there
is moro uncertainty than ever, after what
has recently taken place In France.
| Here Ii presented the problem of the
National party. W. favor the cStAb'
lixhmcnt u pApcr-m0ncy aystrn
which viii not depend upon The capriccs
VI the capitalists u the world for II,
value, thus giving them nm enormcn,
power over tho people.
Mcclimg 81 the llllmols Central CORl'
/ mltlet.
Tho Illinois State Central Committet
of the National party recently held ,
meeting ut the fremont House. Chica
90. There were present den. Bates
candidate for State Treasurer: Dr. d
n Akss~nx4nss 80 ns..1..1N fshat SeN ~ - ~.