Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1879-09-26

Money loaned in productive enterprises
is, therefore, withdrawn because The en-.
terpriSes themselves become nnpro>per,
Gus and the loan hazardous; money 4 ms
from the veins and arteries OF business
and congeStS in the vaults of huardeyS, Il
is true THAT every step under the re-
sumption act has had a tendency TO II.
duce prices, and to lead us thus slowly
and surely to the specie standards" and
it is just this steady ana proIraCtcd TALL
otpriceS caused By the resumption law,
of which the people have complained,
But 70 assert that il has produced easy
times is prepostcrous, unless easy times
are those in which money Shrinks from
all investment or loan in productive in
dustry, while ii seeks investment i'll per
cent. government bonds, or is loaned only
on collateralS which can be converted
Into money nj days notice,
has EQUALIZATION BRoUGng rEcs.
PERlTY.
The two secretaries bring to the PEG.
PIE Of OHIO that prosperous times have
come again; that all labor is fully en-
ployed and we'll paid every branch OF
manufacturing industry prosperous;
trade iiouriShing, and that We all have
reason TO rejoice and be contcat with the
present situation. admit that some
special branches Of business are in bet
ter condition than before the democracy
stopped contraction and partially re.
monetized silver, but cannot learn of
any general revival OF business The
iron industries are specially quoted as
rcviving rapidly, yet Pittsburg friend,
who is manufacturing iron, told me the
other day that wages have not increased
al all, and that there is very large sur.
plGs Of labor, Hanging Rock mill and
foundry iron sells this year lower than
last, and sold last year lower than tho
year before.
saw hundreds of ore diggers in Law
renee county, last week, whose average
wages don't exceed fifty ccuts day
The coal mined in the Hooking Valley
--one.third Of the whole product of the
statc-sells on the cars now NJ siXtytivc
To seventy cents ton, as against
ninety cents last year, s the year before
and $l50 the year after the panic. The
Coal.diggers now get fifty cents a ton and
half work, rs against seventy five cents
ton and full work in 1914, the year
after the panic, and the year before the
industries OF the country were put under
the screw of preparation for gold re-
sumption. Iron furnaces at Shawnee
and Ogden, Steubenville and Ashland,
rolling mills at Steubenville, Marietta
aud Pomeroy, have recently been sold at
from fourth to sixth OF their cost,
Salt which sold at the furnace at an aver
age of $l.2G per barrel, in 1874, now sells
at eighty-two cents per barrel, The iron,
coal and salt industries OF Ohio, as far
as | can learn, are paying, where best
managed, only the cost of production,
and that based on starvation wages
counting the capital and investment as
nothing. That is the extent Of the boom
which is always gotten up in speeches
and newspapers by the republican party
in its important campaigns. l believe
il TO be true that business generally in
Ohio is almost as unptosperous now as
it was in 1873 or 1877; that the condition
Of debtors generally whose debts amount
to one fourth of the estimated value of
their property four years ago Is In effect
hopeless; that the burden of taxes, in
creased through fallen prices, is almost
intolerably oppressive; and further be-
lieve that the people ought to and must
have a rise of prices above the present
low gold level, before generous prospect
ty can possibly return.
NATIONAL BANKS.
The proposition TO substitute lcgal.ten-
der treasury notes for national bank notes,
which is one OF the great issues between
the two parties in this campaign, is met
by Mr. Sherman with an oft-repeated but
utterly fallacious assertion that there
would be no saving to the people by such
Ia al hot IN
1928 000, 900 of treasury notes substituted
for bank notes about an equal amount Of
per cent bonds colld be bought up and
destroyed, thus saving interest to the
amount of $l3,l20,000 per annum; but
lie asserts that one fourth of that sum
must be added TO the coin reserve TO re-
deem the new treasury notes and the
bonded debt increased corlespondinely
in the purchase Of such coin. have al
ready shown that this substitution does
not involve the addition Of dollar to
the coin reserve, the United States being
now the redempl0r in coin of bank-notes
as well as grecnbacks. He further asserts
that the banks pay taxes 70 the United
States and the states equal to nearly $11,-
000,000 year, and that all this will be
lost if legaltenders be substituted for
bank notes. The answer is that the ma
tional banks pay no tax whatever TO the
general or the state government except
such as the private banks also pay, save
only the per cent tax on average out
standing circulation. This tax is some.
what less than $3.50, 600 year, and it is
the only tax which would be lost by the
substitution. The other taxes paid alike
by national and state and private banks,
are on deposits, capital checks, etc. which
will continue to be paid by the present
national banks or by their successors, if
they should reorganize und state laws
after their circulation shall have been
Withdrawn. The saving, therefore, 10 the
people by that substitution would be
within fraction of $10,000010 per an.
mum. II would be a saving to the PEG
pie Of Ohio Of about 1880 year, aud
TO the people OF Gallia county of about
$1,000 q year. If the substitution be
made gradual, as proposed by the demo.
cratic platform, il will in no manner dis.
turb the business of the banks or their
q TONERS; will wrong no one, for the
charters Of the banks contain rcscrga-
ton Of authority TO alter or amend them
at the pleasure Of the government; will
III tIa fnapla battqr pnrrpnpu anil