Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-23
THE REMEDIES PROPOSED.

We have seen that industry and trade are
depressed in all the leading nations of the world:
causes the remedies must be of q general charac-
tor but of these it is not my purposenow to speak,
nor of those which may depend on our imperfect
tons. indeed, if we are to credit the claims Of
the national greenback platform, all our troubles
are to be entirely removed by the adoption of an
American monetary system" Here Is g,ls.
THE aREENBAcK REMEDY.
1.-The adoption of an American monetary system,
as proposed herein, will harmonic all differences
in regard to tariff and federal taxation, distribute
equitably the joint earnings of capital and labor
secure to the producers of wealth the results OF
army of idlers Who under the existing system,
grow rich upon the earning of others, that every
man and woman may by their own efforts secure
IRENE So poVerty will he seldom found within the
limits OF our republic. .J. a
Looking elsewhere in this platform for the
details Of this wonderful system, we ma that II
preston of bank issues and the creation OF great
quantity of government money
THE NATIONAL BANKS.
There are many persons who do not as yet
endorse the wild initiation doctrines of the green
back party, who are still unable to see why 1t
would not be good policy to substitute greenbacks
for national bank notes, thus providing for
permanent, uniform and exclusive issue OF lega!
tender government notes. The consideration of
this subject will lead us into an examination of
the organization of the national banking system,
and its merits in comparison with the state sys-
lens which itsucceeded, and which will probably
be restored If the national banks are destroyed.
Secretary Chase in his report in 1861, suggested
the issue of national bank notes secured by a
deposit of United States bonds to replace the exis-
ting notes of state banks. The advantages claimed
for the system were " currency OF uniform secu-
rity and value protection from losses in discounts
and k es
of interest or participation Of the people in the
profits of circulation, an avoidance OF the perils
of great money monopoly, and distribution OF
the bonds of the nation to the leading monetary
interests with those of the government: The
losses, varying value of notes, and general imper-
fectOns of the old state and local banks taken as
q whole, are well remembered. And yet the peO-
pie were SO welded to them that 1t would probably
have been impossible in time of peace to have
to the subject in his report for 1862, and in the
following year the national bank act was passed.
The state bank system continued for two years Ion
ger, and did not disappear until a tax OF ten per
cent was placed upon its issues
The national banks have answered fully the
favorable expectations attending their organiza-
ton. Their notes being thoroughly secured have
been of uniform value throughout the country,
and not dollar has been lost to the holder OF
notes on account Of the failure ofany bank. And
the losses to depOSiOrs on account OF the failures
have been far less than under the former system.
1t is estimated by the Comptroller that the total
losses to creditors from the nearly two thousand
four hundred national bank organized during the
last fifteen years, have not exceeded six millions
! of dollars, an amount probably not equal to the
losses which have fallen upon the creditors OF
savings and state banks during the past year
1 alone Up to 1875 the national banks annually
| increased their surplus fund.- and 1t amounted at
that time to one hundred and thirty.three mal'