Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-01-23

|
istrate Of the State, I recognize with t
gratitude the high honor conferred .
upon me by my fellow citizens,
trusting that time will evidence to
them that they have not misplaced
their confidence. K
All the political parties in the state
ave adopted resolutions in favor of
he demonstration OF silver, which
would lead to the inference that q ma
GRITTY of our people are united on this
question and it is to be hoped that
Congress will at an early day restore
he coinage of the silver dollar and
make it legal tender for all debts not
otherwise now provided for by law.
Gold and silver have been the money
IF account" of the world for ages, and
should be maintained rs such. The
effect of the restoration Of silver to its
former position in the finances of the
nation will, in the opinion of many Of
The best writer's on finance, advance its
value and at the same time slightly de-
preciate the value of gold, and thus
zach would have compromising eff
feet on the other, and both metals be
brought to o uniform value. Remone-
of silver, in my opinion would
have a marked effect in helping to
to sooth the difficulties which in the
minds Of many now seem TO surround
the resumption Of specie pay ment.
During the war and under the tinan-
cial exigence Of the times it became
necessary in the wisdom of congress
for the government to resort to the is-
sue of paper money called "Green-
backs" This paper money was is-
sued only under the war-powcr Of the
government, and II was made q legal
tender for all debts with the excep-
ton of duties on imports and interest
on the public debt. The legal tender
act was really in the nature of fore
ed loan from the people. Since the
day of the first issue it has never been
been at par with coin, owing to the
fact that the government has not been
In financial condition to pay that
which the promises called for, to-wit !:
dollars" In 1876, congress enacted
| law naming January l, 1879, as the
time at which the government would
redeem in coin its paper promises.
Whether it was wise or not to name
special date by statute for resumption,
or to leave it to the laws of trade to
accomplish, is not now the question !;
but the passage of The resumption act
itself was 40 evidence of the honest In
tention of the government to keep lite
promise by making it's paper Issues
/ convertible into coin at the pleasure
of the holder thereof. Political par
ties have been organized in this and
other states with view to have the
government continue to issue ire.
deemable psper-money to an nnlimit.
ed amount, policy, which if carried
out-judging the future by the pas
history Of nations which have resor.ed
to this kind Of currency-could no
but result in bringing financial ruiz
lon the nation. The large majority o
the people Of Iowa have declared b!
lno ssuncertain sound" their intention
to stand by the policy OF resumption
and have evidenced by their vote
their faith in good money and in tn
ability Of the country to resume speci
payment at an early day, and also thei
belief that, resumption once accom-
4 plished, coupled with the remonetiza
ton Of silver, the nation will enter q
q new era of confidence and prospect
: ty.
,, STATE FINANCES.
Nv predecessor has called your al
tention to the specific condition an
wants of the respective institutions Q
!: the State. The generous maintenance
/ of our charitable and other institu
tons during past years is ample ev
dence that they will receive from 20
the careful consideration that they re
Q ouire. The charitable. educationa
Q aud penal institutions of th
tons of the state are growing s;pa'
passu' with the state itself, and mul
of necessity call for the appropris
ton of large amounts of money fo
: their support. While it is an impel
a alive duty on the part of the state t
, support all her institutions in accord
ance with their necessities, yet strit
economy should be the rule, and az
e preparations should be made only t
/. meet their actual wants. 1t shout
also be borne in mind that, owing t
the shrinkage and general reductio
of values during the last few year.
and the near approach of our pape
money to par with coin, a dollar to
day has a much larger purchasin
power than at any time since 1867
. 1t would, therefore, seem that SINAI
: appropriations will be equal in thei
r results to the large appropriations
: former years, and it is an absolui
y necessity that our state finance
I'll should be in accordances with th
new adjustment of the monetary al
fairs Of the nation. Past geners
= assemblies have appropriated larg
o amounts of money that were necesss
> nv for the erection and maintenance
of our charitable institutions, fo
. carrying forward towards compile
!. ton our new Capitol, and for the ea
}. penses of the state. The appropris
, lions amounted to more than th
receipts of the state treasury frol
= taxes and all other sources of reN
J. enue; consequently your treasur
has not at all times been in funds
meet the warrants drawn thereon b
!, the auditor of state, in pursuance (
y the acts of the general assembly. III
r state treasurer has been compelled
q indorse the warrants "no funds
= which causes them to draw intere
d at the rate of six per cont. per annun
% The result is that the state is nov
= and has been for some time, payin
!, interest on quite large amount
money. The fact that warrants 81
= not paid on presentation causes col
n tractors and all others who do wol
It or furnish supplies to the state,
IL charge higher prices than they othe
wise would, ID order to reimburl
. themselves for any loss that the
IT might be subjected to by virtue I
t, discount on the warrants, which,
Il course, is a direct loss to the stat
= Aside from the doubtful constitution
10 atty of mourning a floating or al
" other kind of debt, except in Il
Ie manner and for the purposes pr
10 scribed by the constitution, it shout
be the policy of state which hi
= such vast resources at her comman
q as has Iowa, to be at all times in
r, financial condition to honor, at sigh
q all demands made on her treasury
pursuance of law. The state tax
y during the past twenty-three yea
6 have averaged but trifle over tw
mills on the dollar-and this on
n very low valuation of property-an
\ during this long term of years hay
!" been less than those of any 9TH
le western state. This, coupled with Il
d fact that the state has, comparativel
n speaking, no debt, has doubtless col
y tributed largely to her growth an
!. rapid increase Of population, and it
> most desirable for her prosperit
le and reputation abroad, that taxatie
a should be restricted to the lowe
10 possible point compatible with h,
actual necessities. recommend tn
= all appropriations Of an cxtraord
y nary character, such as embrace II
ir construction and repairing of Il
g state buildings, should be drawn fro
le the state treasury in installmen
le from time to time, as the work {
b the building progresses, and thu
II only on the filing Of proper vouche
1t with the state auditor, that Il
ID amount drawn previously had BET
he expended in accordance with the Ia
apnropriatinR the same. In view