The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-01-18

NV WYNN S0HsVFHVys
trtuss NE Wv srst ssrsrhset
In une yraF W AR IN resume sisrric
payments. Money ninst then M either
specie nr convertible nj will into specie.
The Government has outstanding. In
runni numbers, e35o, oN,. ONO IL green.
hicks. Tho national hanks he,c alan,.
NM. uOp IL circulation. total. siTu, go.
600 III currency. Resumption means
that the holder III these notes can 10 viii
obtain specie for them.
Now, experience shows THAT specie
payments cannot be- maintained without
IN least one third IN much specie ~ paper.
Tint In. the Government anil the banks
must hold NJ least oil !. 0DO. OtpO VI specie.
They now have only onr.half of this. To
gnard against pMnirs they ought 10 hold
III least s',On.OOO, 900 of specie. W.
must then, during the year 1874, either
a,l,l between elO0, nOn, 900 and 600, Ms,,.
OOO IN our stock III specie. or wc must
reduce the volume Of our paper money
one. half.
To draw this year sln0, 0oO, 900 of gold
from Europe Ia quite imposnible: II
Wpu9u dlF&Wbo NHtWEo w HHttl
extent TINT their three great banks that
hold the gold would not permit II Il
leave. We could not even draw la gold
tho alb, 0DO, 600 for the Geneva award,
but nh arrangement hal 10 l,c made b. re-
NIT - IN bonds instead I'll coin.
We cannot get II from our gold mines,
for they produce only nbon. S'O, ooo, Wm
per year.
II, then, VIZ etick 10 gol,l, We mus,
either indefinitely postpone resumption
nr reduce the volume III nmr currency
one.hnlf. hut, u W. contract II 40 much
na that, II ruins every bank In tho conn.
try, for i.s discounted paper eonld not
~ lnid: II ruins every man whose prop.
erty IN mortgagcd Tor half its value, for
II would shrink onc-hnlf In value from
its present low point: IL .n.as thc nsci.
cllnnt aud manufacturer, for their stocks
must, M III the past iont years, continue
10 shrink In value. Suspensions and
bankruptcies would meet un on ever,
aide.
hut this liz juk, what tho gold con.
rpiratora wnnt aud nre working for with
might AID main. They hnve now got
their hands upon the property Wt this
90 intfy through The debts incurred In
times of imitation, AMI they mean b. hold
their grip until they can awecp II all In.
10 their coffera. This, In substance,
wns confessed by one of them IN this
city u few days since in the following
dialogue, which took place between I've
tnpn III wealth, whom, In order not IL he
personal, W.T. will call Mr.. q. nnd Mr.. IL.
Nv. y. III In favor ~ letting mp Oh the
people now. Mr.. H.. WHO mny have II
vote ~ Washington on the question.
Wishes 10 continue IN turn screws OH The
people ill their last dollar ~ property
u squeezed out 70 pay their obligations,
! give the substance. bnt not the exact
worln ~ tlieir colloquy.
q. Mr., H.. hnvc large amount III
money lying idle, md my opinion IL II IL
u. Mr.. g., 10 not 10 Il yet !; the time
lian not come !; VIZ nre nA near ~ the
bottom yet. have e2b0,OD0 on lie.
posit M only II rer cent. and awaiting
investment. II WI can defeat this re-.
monetixaiion Of silver and hold on IL
resumption in 1870. property must 60
down i great dcnl lower than II In now,
AMI W. can get double for our money.
You inst wait ill We aec what We can do
il Washington.
C.--Mr. H., you seem 10 be locking
nnt we'll for number one. think I will
follow yonr lead for while longer and
roe whether yon succeed. lint ! nm
nfraid TINT II You dcfent silver you will
als0 defeat resumption. Tor the people
cannot benr much more depression Of
prices resumption IN gold alone means
that.
The two parties 10 the above con-
yersatior are widcly-known citizens.
They disclosed the sclf.intrrc.t that II.
fected by stealth the decentralization ot
silver In 1874 anl now oppose its rcslor-
asion. They want q. u property In
payment for III III dsbt, aud they In.
tend 10 use every means In their power
10 get II.
Onr mines produce 90, O0O, 400 Of sil.
vcr per year. II NJ restore silver 10 tn
proper position m money, then with, the
aiO,OlM, 900 products Of our gold minca
W. shall have ON, OOO, OOO added To our
htock Of specie BY the end Of 1879. This
would bring IN close up !" thc minimum
MINI required for resumption. Added ~
the product of the gold and silver mines
for fsT0, aud /. would give IN nh ample
supply u coin for permanent ansl safe
resumption; and. DO II, too, without amy
severe contraction " further depression
of tho industries 81 tllr country.
The national honor and crcslit will be
preserved by resuming IN silver and gold.
The two metals arc the money III ths
world, and nre the money II tho connli.
tuition they afe tin money Of onr
national bonds. Payment III either or
both fnlfils the bonds In letter nnl spirit.
To pay In deacr metal than tic bond
requires shows weakness akin n appean-
ing tyrAnt with gift instead ~ ten
3ering ~ him simply his due. ~ per.
fectly III this understood hy investors,
not only in Governments hut In other NJ.
curiticH. TINT whMn they mean gold they
have Ind gold alone stated In tho bond
Or contract. Tho courts sustain these
gold contracts IN they do silver contracts
and currency contracts hut they never
change thu contract FROM one kind III
money ~ the other. 10 do w would bs
the highest exercise II arbitrary power.
II would b. judicial robbery. To 10 tile
salne deed by legislation IL Legislative
tobbeey.
Our railroads, coal minea, factories,
furnaces, towns, cities anil States have |
incurred some 81. O0o. 900, 600 Of bonded
-