The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1879-10-10


RsessIicas Dsrsrtse u lk;A
In February is7s, the republican
legislature adopted resolutions, rail-.
Ing upon congress tor III increase 10
currency. The State Register. now
the most prominen, paper In Iowa
demanding specie payments" la
1874 was In full accord with tho leg.
islatlve resolutions. and In February
~ that year. having the same editors
and publishers II has now, published
the editorial below. We ask the re.
publican farmers of Howard county
to read II carefully and decide III tho
light Of their own experience, with
the ruined home and bliRhicd hopes
that has "hetraycd and imrpscr.
ished the people. whether |, told the
truth then or now. II then. don't
follow II now. Here is wha, 4, told
You In 1871:
"Sr.cic payments ns recognized
and prncticcd by ilnancicr-, Il 4
h,mhng 81 the most gigantic kind.
There " really no such u thing In
this country and never has bccn, In
practice; and until the whole com.
mcrcial and financial system Is thor.
ouHhly aud radically reformed,
there never will DO specie payments.
Aud the whole history OF this
country amply proves this position.
Gold and silver have never been
paid 10 notcholdcrs, whenever there
was drmnnd for the precious
metals. In the days Of peace and
quiet monetary world. when paper liz
better and moro convenient than
gold ur silver, banks aud the govern
mcnt have always been ready to
exchange their gold for their own
paper. But rs soon rs some stock
jobber or produce gambler wishes 10
create u panic 80 rs to dcprcss the
products IT the farm, all lac has 10
do Is 10 close tile door III some mort
hund hank, md instantly on tho fash
Of thu news along the wire all the
other banks follow tho lead, render
Ing bank piper III deprecated value,
and making a Demand Tor specie,
but no specie can be had. This IL
not u snppositious cnse, nor Nh cx.
ccption. II IN the practice, and spc-
Gle payments have NEVER been the
rule aud mover will be. And the on.
~ demand and argument there IL
In favor Of II. II that some stock Job.
her may hold tho cards In his hands
10 create another panic whenever he
wants 10 get the produce Of the
county for MALf rRIcE.
specie payments 10 q very fine
hobby 10 ride, and y POPULAR DELI.
sIoN when there Is no demand and
no use Tor specie. but when tho
demand comes there Ii non to be
had, And there never will BE- any
stability to our financial system 50
long ~ this SotrH-sEA bubble, this
WILL o. TnE.Nisr HrMnro Of "Sperie
payments II used to dclndc. botray
and impoverish the people. There
10 nothing ri lit IL phantom, only
to bctrAy. II N myth that ynnishcs
into thin mir 1T tho first test ~ to Its
reality.
The great English economist,
Adam Smith, hns said that hs did
not consider gold NECESSARY for the
transaction of business. Mansfield.
the greatest living political ccono.
mist In America, says gold IN not Il
standard 81 vnlucs," and Wendell
Phillips, who frequently has many
truths with his rash expressions.
says, "A return 10 specie payments
10 merely RETURN TO BARBARiAM."
Judge Campbell, of Illinois, who Ia
nm able writer and n profound legal
aud scientific scholar says In the latc
article In the Northwestern Review,
that tho attempt 10 make gold ~ the
standard aud representative Of values
is nj tho best but u cuNNiNaLy devils
I'D SCHEME ToK ESlsicHiN0 THE FEw
MONEY DEALERS At TUE EXPENSE or THE
INDUSTRIAL CLASSES" THE FARMER AND
LAHoKhn WANT No RESUMPTION or sPE.
Gle PAYMENTS. II they arc to take
paper, they wnnt TO know that X Will
never be redeemed, and not 10 be do.
ludcd with tho hope TINT when II II
needed specie can DO had III cx.
change. The farmer has learned
the banks have suspended" means
half price for his lnb0r or his pro-
dncc. and the banks never pny apc.
Gle when II Ii needed. WI nrc op.
posed 10 my more specie pAymcnts.
II ID tho only way TO have stability.
And II will cut on ono of the moans
that gamblers In produce and stock
have III BEARING AND nrLLlM0 TINE
PRODUCE Of the country.
Wore there amy plan BY which
hunks could be placed on n solid
foundation 10 that they could re-
deem their paper 1T any time, and
any law could bc devised ~ which
they could be compelled to 10 II. We
would bc willing, la order u bc set
On our feet. 10 have tho currency
contracted, stand the terrible shrink
age In prices of everything - 90
through that ordeal Which will
make tho rich vastly richer. and tho
poor, worry poor indeed. that after
generations may have stability. Hut
M there Ii No HOPE In this direction
In the fnturc--hs banks will only r..
sumo In calm To suspend again ut the
ilrst financial panic gotten up BY
some jay bird swinging upon
some uncertain financial limb We
want no mere specie payments. Even
Judas IscariOt pnid AZ long a. hc
had anything In his bag. but HLoArED
NATIONAL DAAka, hraxenly proclaim
ing that they had millions In their
vaults, closed their doors and refused
70 redeem any of their promixcs,