The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-08-16

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| imts~eltsMhie altsmlA III susvv sy~r<~ yAsments
II was ~ff~tiy ArrArvus srcm .h~ cslts<ss Y
every wslllnfusned and fwAsrninr man. thai
| she srhcnc invulwa shis disstwss. 81 lAsvtlAhl,
1 ~ The AsnrNtatiua ri lsG inSulvr& 4 ssstnn'
sh~ch n the nervous ssssrsA. W. havs IN
Attle csAn, and ton lallls rcwvt n hecr Y, Z
snAhv I~smAuent resumption iscsslhle withnnI
m etoFsanns contfArtiua u onf pAy~v car
wuTy. wv hare eaIsstenesA I conifAssien ~
about 4sn.OtM mn hv eAnc~llAsion and snsaei
more than that by hoariine, thruagh fears II
cavisAlists o. 10 the effect ~ the Resumption
lAw, and this contraction he's rcsnltcd In VI
cnnvusua. fAll " prices, ruin " .i~h!nts and
ranwf wages, want VI emrlusunans, stsrvA
iirn, ragecdness, heReArv and esinae,
/ HIT, Nv Arv tnld thefc can W. M further con
irhellen because Conrvse has foshsddeu thu
destruction u Tho gstcnhack currency. aud r.
qnirud the ssesesary VI the TrvAsufs 10 ray Il
ont when redeemed. Hut that law IL 4 .lrad
moral rtSrcs II the declaration that thr green
hack ehal, Mot utterly I~r,,h. Tho Sccrrtasy
| In hls telegram ii tho Hon. William
4. Phillips. IL kNnsa~, u June III
ls7s, which ysn Viii nna Ia Mcrh,rscn'.
political manual Or this year, dce'Arc,
that Ae twill kccp ~ circulation all th,
rar with coin.s That means that he will heard
Ill thu rcdccmsd 9rcenhAcks, u necesaAsy. h
| maintain rcsumrtlOn. Tho Law III Jan. II,
| lH7H permanently AppFupFtA(ea fuF resump,
sion purposes "Nll surplus raonUss Ia lhs
treasury not otherwlsc appropriated When
thu EfuenhacAs AhAll he redeemed, after Jan,
next, they Will bccoms 4 oncc appropriated \,
the Law 10 rcsumptl0n purposes and the Moo.
retAty Asows his Intention to hold aud hnari
them, ~ sAr ~ he thinks ncccssary, fE tho@s
rMr,usea. ln other words. he thlnka that llss
recent law prohibiting Tho destruction % green.
backs, aud requiring them Ia 30 paid unt
again, only requires him TO pay thcm out IN
oh~tliencc ~ appropriations, And that ths
sweeping appropriation far resumption plr.
pows II An RrcenhAcks that may come III By
redemption puts tho Ntssar entirely 81 hlr
dtsctrttOn. 10 be made oily m, and when, ths
ne *lM ~ resumption demand. What dlfEtr.
| ence will II be 10 the business Ut the country
whether gsccnhAcks arr destroyed or unly
hnAr,lcl sud held fast tn the treasury NJ.
hoiy ~ho hAa ssi.dled tho subject knowa, that
large contraction oe the pApcr currency Ia
nses A.Nrs tu maintain resumption, No that,
after thu III III January next, contraction will
| ~ IN with All Ia cAlaMttoua consequence
precisely N II M law had hscn pAssed Forbid
dtt.R TIM destruction VI gstsnbacks.
| lrrMuae III thia construction hy Mr. sherman
| nf thu Resumption law In connection with The
| law ferhlsldlnH thu cancellation III HrcenhArkp,
resisted aud MAS Instrumental Ia defeating,
on thu 18Th of June lasi, 4 motion iii cnMcnr III
Tho nenate substitute fur thu HOUSE Till Ii ~
peal lhe Resumption law, This substitute pro.
posed 10 strike mt oil of ths llouse bill repeal
!nx the resumption rchemc aud insert N lie,'
thereof ! provision making NtueuhAcks rocriv.
Ahle iof customs And Also receivable sor l-por'
cent. honds, II waa = drag let devised by Mr..
khurn,sn u haul IA thu grecnhaek~ In payment
| for honds, and lhua make them ~ scarce that
fcW would be presented fur redemption, Thrus
days later the House passcd 4 btll making
etecnhAcks scrsnhe Tor eussoma but not fol
boAds. That bull Wlll pruLAhly pMNa TIM ApuAls
neat rrs,iun. Meantime tAr Honsc blll ID M,
peal TIN nc.umptlon Law, With Mr.. nhermAn'u
substitute, iluH IN tho Speakers table, and
hopc tho people thla fall will tell thu House aud
lhc henAsp Ia thunder tones that thu Nusump,
llon law shall be repealed, without substituted os
NoihIu. il morr certain than tina, f,,rshe,
large contraction III the paper currency II LII.
.iisI,ensAhu ~ thu nsAlntenance III rpaunlption.
Oar paper currency Ii fruM two 10 three times
greater than NIL tho culn In TIM lnlits oi ths
rnited NtAtua No uNtion 0n earth over main.
tAniud ! ruiueniAhlo paper currency equal Il
the amount Of coin IL a,sch country In fAct,
payments n all. GMglAnd. France aud Der,
many, tho chief creditor aud Hpeclc.pAyinn
countries, have three times more cuin than ~,
dcumAhla paper. lcfnruths WAs, when We had
paper currency spAsmosltcAlly rsdsen,ahls,
w ,l,vcr had volume NJ pApuI equal III tht
amount u coin In the United NlAlss. How eAu
~ now expect g maintain resumption With
luss than tsOO. .OoO. .0t,O ot coin In lhs country
and near COX, ,OO0. .O00 Ut paper loaded dow,
- we Aro with enormous foreign dehls aud "
pendlturps which Ia any year may drain AwAy
every dollar VI our e0tns u can't hc done
Thu only poaAthlp way 10 maintain slScis pay,
nent Il by exttnkMlnhuaonl VI Otir annual for
elwn tribute, Aud BY = swccplng Reduction o'
our papsr c,lrre!cy, entalltnx Or greater bu1i
Tho AAvucAtea n resumption teAt thcir hnru,
on thre fAllacluMs assumptions.
tttat, they sAy the people Of this country
viii noi call for gold. lsscailccl thAl rs4umIr
li0n means that every hank dsl,oAltoF " Oov,
sra.asnt creditor sasll have lss srse eholee y!
tS6O, ,oO. 900 of legal tender ana esOO, ,QdO. .OOl
" hank pApss, md W, iOO. .0OO. .000 u n1linnAI
and cthes hank duroetts. every holder Ut which
must b given guld u tle demand II. before 70.
slnaption eAn 10 regarded y established. Wess
~ nAtioslAl bAuAH thu right hower of ~
Tr.Assry Depsrsnssnt % n tase 70 pay xo!d u
% ~cai - in;sspssssd to mean wssAass. @ iis Il ~
treasury. Confidence would bp ahAkan Ths
eecrstAry relle4 On confidence - substilnts
tor two.thirda II ths coin nsssied. Whom thai
ID shaken rveumpslon dte1. II maintain lhil
c0nndsnce All nsti0aal banks must pay gokl !,
fsssly - paper ~ Allvus n demanded. Nov
Tho l,eoplu outside oe tho raclne alos,s have N
Rold They Mold their hoAFs1u ian Os fflsss
ysass Ago. Won't they want ~ Of courn,
lAHy wtll, sunturc thu prcdlcslon that IN,
gold thu Secretary has hnArdsd VI sueh slor
aud cost will nos supply thu homo dcmAns
alone.
Tha SECOND lallAcloua theory Il, that TIN No.
retAry ~ the Treasury can refuse 10 rAy gNl.
Assl l,Ay only alivas for Hrosuba0ks, and thA
tho bAnkn, sxportasu and people viii nOt wan
silver. HIT hu viii hAvp but o0.O0O ono |,
~, ,O0O, ,u0tA0e silver dpllars. N he rvfnse Il
pAy 9old when demanded. he viii AAverltse hi
Inability ~ sosua.o IN 9old. II Wtll hy thai ~
IN put Il pssminm hln harrtrA1lp ii alive
Will be drawn onl W NJ u the gold, and u
sumption Will COLLAPSE III "hlack Friday"
i Tho third fallAcy III tbs rcsumltloi,lsts II
that TIM balance VI merchandise trade tor III,
pAnt slxhtasn Hi0nths II mAklnx tho naAin
leuanee 0f resumption euslAln. hut II hrlng,
NJ No xold--inf tho reason thal " nay trlb
uls eeah year ID Europe u MT loss thar
t90O, ,0OO. w fur tnteseat 0n AtuurtaAn b0nA,
and invvstnlaiila, sxpensss VI sosplen restdencs