The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-05-10
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Yrns itirAssrt thas hs u. ensisAsns VI
snaA4 ~ ralalr lwi~* thss ~ has
freshly i,suHels si~sas sl~~ss payments
IIsss II Aa~ eussssHtisre paper ess
ealssset "A Nssams pnsn. Sn, usa. ..ss
,iuliAs a ~tTh s~vAi W W. ss~tlsls ~sn'
sstsi,ls insn ~nan when sv~nmfAinr
takse place, otherwise their IL M ",
sampssan. Mr. sherman clnim. TIA,
he ha. NV eNn. maun II eosa In -.
cs%s n All ,ismAnas. W. thinks hs ~nH
assne tin,Wo.nsn n ~an ~rsiAesira IN
eseess ~ rain isrnsissa, and hal.is ~
irast eln, NNl, nm fos which na demand
will be made. Under hia arrangement
| Inn, made with The oil Syndicate he will
| ~ 80, INN, MN mnrr IN she III II Ian.
nary, Tins giving him grand tosal n thr
1 late III freumpslan III oll5,isn, tteN III
coin. The prize under which sherman
prulnsss 81 ,listmse II eo0. uD. nm "
United States Al PR cent. bonds ~ thu
money hrnkcsS ~ not M favorable ~ "
might be, Int sherman doubtless holds
IN the view expressed ~ The New York
Tribune, that 1.-THE Government could
we'll AFFORD 10 pay e5,OOO, O0O or evrn
0,nO0, oOO rather than fail In In mn.
dertakinRs.' That n ~ ~, thc carry.
Ing ont IL John Shcrman's policy will
l,c 10 beneficial 70 the capitalists II
Wall street that they consider the ~.
pendiiurc of few millions of the Iro.
pies money In their behalf quite the
thing OH The part ri TIE Government.
Well, Nv tho most favorable showing,
granting that Shcrmnn's schemes all
turn out inst m he expccts. tho Govern.
ment will have ell5, OOO, no of coin on
the Int ri January next, with which 10
redeem e'iaO. on, 600 of paper. Can act.
ual resumption take place On this bAAia I
or course II would hc absurd 70 argue
that snch will bc the case. Tho Gov.
eminent and banks can only redeem
about one.fiflh Of the paper outstanding.
GNWVEUtMuS nOWNVVNS NtN6 INV Ht01NSWN
10 resume specie paymcntA, but only 70
bring about IN appreciation 81 the green
hicks to par with gold. When asked BY
Gen. Ewing II the hanks would not take
his small hnsiS away from him At the
start, he answered no, AMI then threw
out threat M % his power 10 cripple
tho hanks should they show any lack Of
faith In hiH plans. lie went on IN nm.
fold his scheme. He desires Congress
to empower him to reissue $500. UOJ, 600
of the grccnbnck circulation. That II 70
nay, he wants To float inst that amount ~
irrc.lecmablc paper money. Hc titus
accepts m correct the theory Of the Nm.
tionnls, that II IL wise 10 noat M irrc.
,lccmablc paper money. And no doubt
the proposed action Of the Senate III.
nance Committee In the presentation ri q
bill making the grrcnbAcks ! full legal
tender, and receivable for NIL ducs, In.
GLIDING customs, Inns ShcrtnAn'a sane.
ton. This measure alone II enacted
long ago would have brought the paper
currency 10 par with gold, but coupled
with tho coin transactions ri the 1ecrc.
tary md the demonstration III silver
there IN no doubt of its effect In bringing
about appreciation IN 1870.
We have clearly demonstrated that tho
Secretary oi the Treasury Inns no inten.
tion of establishing specie paymHntA.
Hc acknowledges his inability 10 snbHti-
tute coin for the volume of paper money
ahoat. BY stealing some Of the green.
buck thunder, however, he proposes,
and undoubtedly will bring paper and
coin together. Will this restore conf.
hcnce and start the country upon M err
Of prosperity Not At al. A slight
move ON the European chessboAfd or \
concerted movement on the part of the
money brokers 81 Wall and Lombard
streets IL likely 10 take away Ahernnn's
base and force the Government 10 sus-
pend the so.callcd specie payments 90
tablished. Such a plan II not = permn.
ncnt and satisfactory settlement Of the
financial problem. Tho currency will
III kept contracted and the volume can.
not bc adjusted 10 the wants aud nsccski.
tlea of the business u the country. The
principle must be recognized that the
Government alone possesses the sole
prerogatiye of issuing money; and that
All elastic xystcm II the only salvation
for our industries. Under sherman =
plum the pcr capita Of circulation
will no 4 trihc above %, while Il
should be certainly equal 10 TINT Of
France, which IL e:,6. Sherman and his
followers want 10 pcrpetuatc the IN.
tiunal banks, which arc standing men.
ncc 10 the commercial interests and 4
burden 10 the people. While they hold
sway tho currency In sure 10 be kept In.
adequate 10 tho wants 81 business. The
experience Of France proves that full
legal. tender paper currency can bc float.
al In almost unlimited quantities and
maintained q par with coin. This fAst
called forth the following from Victor
bonnet, the celebrated economist:
1T apparently reycrscs tho cconom-
ical and financial principles which Tho
authorities on the subject have hitherto
lab6red 10 establish.
ia financial science assuming a new
aspect. and proving that 80 have bccu
ali wrong In fearing irredccmablc paper
money! Arc W. 10 learn that ideas
have made progress, aud that ~ arc On
tho eve Of rcalixing TINT famous wagon.
way through the air spoken Of by Adam
smith aud nicasdo---a paper circulation
without metallic basc?
This IN tho new problem which agi.
tatcs the world, and - 10 which there
III more uncertainty than ever, after what
has recently taken place IN France"
Here Ii presented the problem II the
National party. We favor the estAb.
lishmcnt u papcr-m0ncy systrm
which will not depend upon the capEiccs
Of the capitalists VI the world Tor IL
value. Thus giving them m enormous
power over the people.
Meetlmg og NE Illinois Central COm'
| mlttee.
The Illinois State Central Committee
Of the National party recently held !
meeting NJ tho fremont House, chicn
10. There were present Glen. BatcH
candidate for State Treasurer; DR.. y