Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-08-28
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SOUND SENSE.

EDITOR COURIER IL believe it was
the great English historian, Macauly,
who said that our form Of govern.
ment could not stand. That in time
New England would be as thickly
populated as old England; when
there would be no more fertile unoc.
cupied lands for our expanding pop.
ulation; that there would come peri
DDS Of scarcity and distress; when
thousands of laborers would be out
of work, and men would begin tL
say there was no justice in allowing
one man to have u million while an
other hears his children cry for bread.
Then would come tho war of labor
on capital, as q consequence of dis
honest politicians and hateful COM
munists, in intlaming the minds Of
the idle. the Ignorant and the mali
cious. Aud when that hour comes
(he says) our government will be
brought to its final and fatal test.
The Disconnected, hopeless and row.
ing majority, led on by disappointed
and dishonest politicians, will elect
the governors, the Legislators and the
president, and then, if not in this CEN
fury certainly in the next, our coun-
try will be as fearfnlly ravaged az
was the Roman Empire by the Huns
and Nandals in the fifth century, only
with this difference: our Huns and
Vandals will have been engendered
by our own institutions. Our consti-
tuition, he says, is all sail and no an
Choir; there is nothing to stay us.
In reading these predictions as 10
the future of this country, by that
great historian, Macauly, who does
not tremble when he sees, Of late,
such unmistakable symptoms of SEEM
ing approaching decay and downfall.
How is it to-day? After passing
through one of the most severe and
destructive contests of modern times,
in order to maintain our nationality,
we find the same class that then strug-
gled for dissolution, proclaiming pub :
licly, boldly and defiantly, through
their leaders, their press, their pulpit
and their school books, that secession
is right; that this is not nation that
can enforce its laws in the states with
out the permission of those states.
AMI to-day we have the pitiful exhi-
bition of the general government
TREATING with South Carolina and
promising immunity to violaters of
law, in order to have her own reve-
nue. officers released from the prisons
of that state.
Then again, on the financial ques-
ton we find men abandoning all the
lessons taught by the experience OF
the civilized world for the last three
thousand years, and leading parties
after strange and delusive theories.
We have had late exhibition Of
this in our city, as also at other places.
Here the great democratic party, the
party that has always rs party advo-
Gated sound and redeemable currency,
now when the equality of the paper
currency of the country, with specie, is
virtually an accomplished fact this
party is being stultified and trailed
by its leaders after a deIusive theory
of absolute fiat money.
Gen. Weaver, the advocate of this
theory proclaims for the issue OF
"seven hundred millions of green.
the backs" enough to pay Off all
$50 interest bearing debt, with no pro.
vision for redemption, but that "cir-
culation shall be redemption" Then
comes Judge Trimble, who, hereto.
fore, has been a leader in forming
platforms, declaring for redeemable
sound currency, now following in the
wake, and endeavoring to trail the
democratic party after this "Ishmael.
tie" Weaver, whose financial theories
if carried out TO their legitimate re.
suits, would, as inevitably, lead to an.
archy, "a that water seeks its level.
Judge Trimble says in his speech
here, no more interest bearing obi.
cations of the Government that we
wont pay any more interest in gold,
or silver or paper. And then in or
der to lead the party on after Weav-
er and his pernicious theories. he
would have the people believe that
the two thousand National banks, are
SO many uncontrolled corporations,
An incubus upon society, breeder 81
tyamps when the facts are, they are
created by, and under the direct con.
troll of the Government, and subject
to examination at any and all times.
Thus, under our political system, in
times of financial distress, how easy q
matter II IL TOR tho VIVA tneUrist TO
pull down, to play upon the credulity
of the people, 70 excite the prejudices
of the masses, array labor against
capital, aud by sophistry and tact
possibly control majorities and lead
to anarchy and ruin.
i Ii this banking system ia the great
engine of oppression, as represented
ma ha kaf no m oh -,
while tearing down, to suggest some.
thing better " ould he have no banks
and if banks, what kind. Would he
return to the old wild cat system OF
the States, which some of the South.
ern States are now clamoring for,
Banking is business free to all, and
in all civilized countries, as much of a
necessity as merchandising or any
other branch of business and in this
country no more Of monopoly, un.
less he would claim that every man
should have his own fiat bank in his
pocket, aud thus do away with the
necessity for National Banks and the
tramp at the same time. If the Gov.
eminent chooses to take up their cir
culation and issue greenbacks instead
the National Banks would not object
so far as any profit to them is concern.
ed. The tax, and expense of keeping
their bills good from wear and tear
is equal to all the profits they get in
circulation; the lost and worn GU,
bills are to the profit of the govern.
ment. They would not toss copper
for the privilege of circulating notes
with the present taxation and expense
by the government upon them. II
this were not so, they would not sur
render as they have and leave l02
million uncalled for in the treasury,
unused. The circulation Of the Ma
tional Banks is not given to them as a
source of profit to the banks, but as a
matter Of safe and uniform currency
for the people, and az q means of as
sisting the government TO keep lar
ger amount of paper currency in cir
culation, at par with specie, than it
otherwise could. No government
ever has or ever could bring its notes
to specie basis to any great extent,
without the assistance of banks of is
sue. Withdraw the National Bank
circulation you would then have con-
traction as never before. The people
then would have to do with what
greenbacks the government could
keep out at par with specie. On the
other hand, with two thousand banks
scattered all over the country, double
the amount of paper money can be
kept at par, that could be with green
backs alone.
| Upon no other basis can this theory
of "no more interest bearing obliga-
tions of the government, no more Ma
tional Banks, as advocated by Messrs
Trimble and Weaver, be maintained,
except upon the basis of an issue Of
irredeemable, absolute, fiat money.
And to this senseless fallacy would
they commit tho democratic party, a
party that, as such, has always advo-
Gated stable and sound CURRENCY.
Money, in all civilized countries,
must be the representative of labor,
no human fiat can change this fiat Of
the Great Jehovah. Theorists and
fanatics have tried this for the last
three thousand years, and have dem
\ Al