Ottumwa weekly courier., 1878-07-17

safe to 0ntruBJ tne money -MdkluS
pcwer in tho hands Of few men who
make up their fortunes by that pow
er it is not just liberty, or statesman
ship, and no man rejecting would for
moment lodge the money. making
power in the hands OF a few mon.
1t is far more dangerous than the law
making power: the money -making
power constitutes the blood of the
body polite, on the circulation of
which depends the whole life of the
body polite. 1t Is dangerous pow
err Where did the opposition to the
demonstration of silver come from?
1t como from yon farmers. You OPP
posed it; and all the industrial classes
of this country opposed it, and you
know the organized opposition 10 the
reconciliation of silver come from
tho bankers association, the money
making power of the country. They
sent their claguers aud lobbyists from
everywhere to the capital, in the COM
mittee rooms. aud the committees
could not meet in session but these
claouers were there from Liverpool,
London, New YORK, and Boston, con-
stantly belaboring congress, notwlth.
standing niue tenths of the people
were In favor of that movement, and
they finally succeeded in their plot.
1t was of this dangerous power that
Horace Greeley, that great and good
man who once controlled the columns
of his paper against this power and in
behalf of the interests of the poor men,
remarked tthe time was coming when
the banks would hold thisspower In
their hands," aud he said the financial
corporations would exercise 1t, and
that neither the people nor congress
itself had any power to resist it. A
voice, "Treason Just think OF it.
That 10 from the once honest Tribune
once presided over by Horace Greeley,
whose mind was almost ready to break
away from tho bonds which bind the
finite mind. He entered his protest
in defense of liberty and that paper
to-day is owned by the money pow
err, the national bank association, and
"no act of congress OF the people can
resist them" Yes, we all think tits
dangerous power; apower you can
not trust. aud that you won't trust,
unless YOU are willing and ready to
be made slaves, and to have this
English system Of finance foisted on
the people, and ready also to have the
national debt made a perpetuity,
perpetual national lien on you and on
your posterity, and all that you or
they shall ever own. And now De-
fore leave this question OF the ma
tional banks l want to make one or
two other points. There is one Mr..
Nlchol. president of tho "Honest
Money League" here is an argument
made by him. The bible speaks Of
him, in the letter Of Ephesus, "the
deeds of the Nicolaitainea, which |
also hate" He says, "onr provisions
for an elastic currency are almost
complete. 1.-THE wants from any one
locality at any time requires more
currency the banks can obtain it by
depositing bonds with the treasurer TO
secure it, and ii the currency becomes
redundant they can surrender II. Ihat
is the way the whole system lodges
with the national bank association the
right to superintend tho currency, and
contract or expand it when they please
1t places the control of the volume
ofcurrency in the hands of the na-
tional banks, whereas it ought TO be in
the hands OF the government, in the
hands of the whole people, and not in
the hands of few.
1t will be seen that this is true by
reference to the law BY the act of
Jan. Ia 1875, page II, report of the
treasurer for 1876, the limit TO the
volume of national bank currency
was repealed, and tho volume left to
be determined by the wants Of the
country. The law Of 1874 authorizes
the banks to withdraw their currency y
ia whole or in part: and by the act
known as the resumption act they
have the authority to initiate the cur
rency to any amount they please, an
unlimited amount. Now that Ia q
dangerous power. In theory we vii
at once reject it. This system wonl.
be rejected by any business man. W.
have had it in vogue since 1874. W.
have had it in operation under a gen
2 crsi banking law. We have had ]
? since tho passage OF the law in lSi-
3 down to the present time so far a.
? affecting tbs volume Of currency i
r concerned. On page GG of the treas
: urer's report for 1877 We find that ol
: the 18th of December congress pssse'
: q law to regulate this contraction
G the currency. The gentleman thei
Il road from said report showing tn
: amount of contraction OF currency 10
n the years II, 10, rs. IA. rs, '76, a
j. follows: .'Destruction OF the currenc;
o for the year 1871, S24,Ii,041; lSI:
J. $3l2ll,720; 1873, $50 433l1l; 1871
# s49,939,74l; 1875, Sl57,697 .696; ls't
# S9S,Si0,06S.
Q You see it is very elastic currency
Q Under these two laws they have tn
r right to initiate or expand the volum
J. of tho currency. Here right in th
d midst of financial trouble and dii
d tress, and this banking law organize
n for the laudable purpose of aiding Ia
" people in their distreus, these bank
l. under that law, and empowered b
t, that law, contract the circulating m,
10 dium, right in the midst of all this di
70 tress. Since the panic began we hav
IN been having q fearful contraction
Of the currency under the banking sy
le tenn. This is dangerous power whic
ID you will not long continue If you ca
a. get rid of it, and the way to get rid I
Id il is to vote for men who are oppose
" to it-opposed to this national ban
al system. That is the way to g
10 rid of it, and YOU will meyer get rid
" it by voting for republicans who star
~ pledged to perpetuate that syslem, al
al stand pledged to perpetuate the publ
u, debt.
OF THE SILVER BILL.
IN Now with regard to the silver b
re Twill first refer you to the bill itse
Is or q few items contained in that bi
3. which you will readily remembe
70 That bill provided when it Il
ot tho house for free coinage. "h
'e branch of congress stands nearer
lp the people than the other branch, a,
ld it passed an honest silver bill. Itpr
g, vided for free coinage Of an unlimit
la legal tender. The congress had DC
,.e of the opinion that some additio
ou should be made to the currency" al
lat the house passed the silver bill. T
ue senate put their shears on it, Allis
"a sheared it until as Frank Leslie had
OF .oouo,cct,I So, 20 rfnnu-o NJ ica a n