The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1879-12-12
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sswm W. sssessnsh Nnaaas#
Advievs f,cm Washington city ar
tha. somr Republican senators and
naemls r. ~ thu lloa . arr Il present
ania,crshle h. retiring any u Tue ".
istlng volume u legal tend,rr. fearing
the effect of such action nroa she i'rs.
klentsal election of next year, No nc.
publican who opposes such reduction
need, however, 10 be deceived by The
contemplated delay. Tho retirement
III All The t3iG, G,00.o00 and upward 81
steenbacks il tho Il publican pro.
sHmMe. and II that party succeeds next
var the plan will hc carried out This
t1lt, t,MN,uOO draws no interest, circn.
lates ~ money, anil commands small
premium over guild. Funded In i.rcr.
cent. bonds, |. would draw about sl4 ,J0l,
TOO interest per Annum. payable omar.
terly. What neel IL there Of thus in.
crcAsing the burden u our large public
dcbty The only trmc answer Ia, the
national banks demand IL, and thu Re.
publican party II the party of tho m.
t,onal banks They arc arguing ~
that Tho Government ought not. upon
principle, 10 issue any paper promises
IL circulate ~ moncy. Why Surely
there II nothing In Tho Federal conAti.
tuition forbidd,hR II. After tho craal,
of lsS7.lHlO the Snb.TrcAsnry law on.
acted ~ Congress cxprcssly gave lhc
Government that power. ID heine Thought
much better Tor tho Government Ia
rely Ia timc III need upon i.s own
credit than 10 give liz credit Ia
national bank and pay the hank
interest for giving back 10 II that
credit. Hes,cs of acman dtrcAsmry
nntes. issued before aud a Tho begin,
ming of tho late war. under the pro
Visions VI The bub.TrcAsary law. arc In.
stances of tho nnqucstionAhlc exercise
of this power. Taking II oil In al, tha,
Sub Treasury law wMs thc wiscAl and
most practical financial measure cvcl
adopted In the United States. From
its enactment until this day Mll In main
provisions have remained upon ths
Federal statute hook, aud their ol,~erv
ance has done almost evcrything In On
Ahling tho country 10 cxtricAto ilsell
from tho crushing debt occanioncd hy
TIM war, m was Tho case from the
crashes ri 1897 and 1877.
The national hanks wish their note,
TO supply tho place oi The United States
legal tcnders, they taking that amount
In bonds Al per cent. payable quar-
t.rly. They will thma reap 1iA, ,OOO. OK
interest annually paid them every anxr
tor. They will then loan out taab, ,O0O.
ONO VI their notes promises 10 pay
,lcbta Al from ! 10 10 per cont. inter
est. This they can 10, ~ Tho uovcrn
mont, upon the pledge oi TIM bonds
will have given thcm " credit and bs
paying them quarterly ti4,OOO,0OO I
year Tor taking IL. and their notes vii
circulate wherever thu Novcrnmcnl
credit extends, and would not circulate
except locally, withoutit. No wonder ths
national banks want The grccnbacka N,
iircd; and thoy Will inevitably succeed Iii
their dcsircsii tho Republicans saccee.I
In tho coming Presidential election. Nc
ono necl bc deceived BY thu do.nothin ine
policy of tho Republicans - this sosxion
Of Congress. though urged 10 action b,
Secretary Sherman anil President
Hayes. Thcy intend 10 10 Tho bidding
oi the national bankers a soon a. they
,lAro, which will bs Immediately sitci
tho Presidential clection N over, II they
arc successful. OMr national debt haa
been enormous, and h yet large. II
hAa, ~ can be demonstrated. been. hy
tho lcger,lcmain of WAll street and M
tionAl bankers, already paid twice over
and they ssem 10 desire ils payment
thrse tin,ea that number hrine, III ths
estimation of tho supcrstilious, charm