Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-10-17


The Republican party, by its wisdom
and profound craftsmanship, was able to
raise two millions of dollars every day
during the war. A party that can do
that deserves the trust and gratitude of all.
OF the 1000 millions of debt which
was funded abroad at the close of the
war, by the wisdom of the party
800 millions have been funded at home,
and the interest is now paid to ourselves.
BY The return Of confidence the balance
Of trade is in our favor to the amount of
1G2 million dollars per annum.
As the fiat Of the government avails
only within our own borders. were the
greenback fallacy to prevail, prices would
drop to the gold standard of the European
markets, and the greenback would be
worthless outside the U. S., and then even
destroy our credit among ourselves.
Good faith! What good or bad faith
is there in note which is never intended
to be paid! Good faith in a protcssedly
irredeemable currency, is an excellent
joke.
Fiat money involves breach Of the
solemn promise Of the country, made both
when the bonds were issued and repeated
in 1869 by vote Of the people.
The effect Of issuing large amounts of
paper money is seen in the continental
scrip Of early times; it became worthless.
Here in Minnesota our own banks all
failed, only one bank in the whole state
redeeming its bills.
For eleven years the entire effort of the
government has been to get grcenbacks
up to gold and thus resume. Repeal the
National banking law, and this becomes
impossible. For, the bank bill is re-
deemable in sreenbacks, and if you do
away with the banks, their circulation
will be Withdrawn and must be paid
back 10 them in some way, the debt will
be increased just that amount, and there
will be no possibility of resumption.
The government would save nothing by
abolishing the banks, since some one
would hold the bonds and the interest
would have to be paid just the same. No
man has ever lost single dollar from
holding national bank note! The stock
holders are personally responsible tor the
amount of their stock. There is lien
upon the bank building and furniture to
secure its circulation. The government
has close supervision Of them and the
on any one bill amounts to SEVEN
TINES its value. They are no monopoly.
A man of any politics can engage in them.
They are compelled to redeem their own
bills, for the government only redeems
5reenbacks, and so again they aid in re-
umption and are almost indispensable to
t. They lose all the wear and tear of
heir circulation. while other banks gain
hat, for to get their bonds back they
must pay dollar for dollar. Guarded by
very precaution, seven times secured,
md super vised by the government, they
constitute the best system ever known to
he world.
These are only few Of the points elu-
:idated by the Senator. But as the Lord
liveth, he showed the fallacy of the cry
against the national bank and showed it
% conclusively, that he leaves nothing
or the enemy to say. The "national"
gun has only two barrels. One of them
IS the cry against the national bank.
Senator McMillan's speech plugs, snikes
t, and twists it. Owing to a terrible
torn, the audience was small and the
Senator spoke very briefly. What there
vas Of his speech was sound and salts.