The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-08-09
TnE FINANCIAL PKOHLgN.


have 10 many theories ahoat III thu co,in.
try with respect 10 the causes of our
Irescnt financial tribnlntion when W.
have No mnny volumes oi experience
compressed n tho practical history of
many nations, which show exactly vhat
IN the matter. We have before us the
experience Of more tlian twonty diflcr-
ont governments wIicl, have tfieI our
rninonr financial syrlcm, anL always
with tle same disastrous results while
other governments wliich have cstab.
liHled wiser anl better financial ay..
TENS, ot financial systeina upon better
basis. have snlltred none u tbs financial
evls with which We are no often afflicted.
but have enjoyed uninterrupted ,om.
mcreinl prosperity. The facts furnisl,
~ viii, \ full md satisfactory solution
of tile financial problem and point ont
very clearly iIr true policy ID be pur.
sued by omr Government. Three none.
tnry Hystrm. have becn tried by nearly
all tho ciyillzol governments ii the
cnrtl, aud with similar results III ecl,
case. ThcAr systfms age known m. 1.
The Harl Money system; =. Tho bank.
ing System. j. The boit Money, or II.
rcd.etnable Paper Money System. Two
0f tliesa systrms have been \ source ut
almost perpetual evil. and m unmiti.
gated curse u tho lal,oTinR clMs1cs aud
tho business clnsnes wherever they have
been tricl Or tolerated. while tIia other
syxtrm ha. besn attended with exactly
tLc 0ppo.itu results. aud, on th. ouii.
trnry. llas secured permanent prosperity
10 nll clasres aud all kinds 81 business.
while II l,as bern permitted 10 exist. in
tho nanle 0f reason would ssk Ii snel,
facts do not indicate the true financial
policy. will briefly notice the psiuci.
pies anl practical results III cNcl sss.
tenn, nnd IN Loing ~ will occupy ~ little
space ~ possible.
/. TNe thanking NU1fcUl. This sys.
tam has proved ~ br 4 deadly enemy IL
the interests ii MI cla~srs but Tho mon.
eyed aTiatNrnry hi every nation which
Inns tolerated IL. II In founded upon asi
unjust principle III monopoly which
allows ils Stockholders ~ draw intescsl
on mouey they never possessed aud
rate oi interest, too, which will rnin the
business men Of my nation sooner or
latcr. And then they ara allowed tO ".
pand their lpAna I'LL they become 10
" inflated tlias they arr compelled to
suspend ~ avoid RIM On their vaults
that would drain tliem Try. Iii this
why thry forfeit their charters. Int
then they Arc privileged elias. anL nre
allowed To btrak The laws ii lh0 conn.
try with impunity. There II not
banking Ayhtsm In eIistencc, aud never
has been, that has not becn guilty of M
open infsactian II the laws Ia this why,
which. u committed by laiosing man,
would have H<nt him 10 tho jail.
penitrnliary 0r gaIlows. lint, for money
sharks AnL hhylocks, laws asc mere
c0bwebn. 5y THE principle III expansion
anil contraction titus indicated tIir bank.
Ing system kreps u.r busineH. ii i IN.
tiOn ptFpctually yarillating up to-day
anil down tomorrow. WI aSr bu.y.
scttve, and entarpriaiug nation. an,l
hence soon regain our ~0ntrd activity
AftrT having been pro~tsAtcd Iy this NJ
cnvs,d institution. bnt W are hardly
upon 0nr feet before ~ are triprxl up
AGaiH anI thrown nat on our backs.
This Inns bcrn oiiF mp and..lown expert.
encc for si1ty-eighf ycsEa under tho
banking System. Eleven times W have
hrcn up and eleven times down; thus
rising An.l falling nncc On al average
every III yrArs; and avcry ranking m.
tiOn In thu WurlL llss hal similar ~.
parieise. ald All III them will bc subject
~ tlcse ealAmitias while they allow hi.
great iiDdH ffpas 10 cxixt and
control TIM currency ~ thu conn.
Try. Anil u all banking syAtcms
o,ir present nationally system IL thr
worst In liz DISASTROUS effects upon thu
business ot the county. Or Will bc. n
least. when IT. principles are carSiesl
out, ~ II could not II II would, and
would MT II II could furnish ons. .ionstl,
N thH amount II currency ~ money