The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-02-24
PRINCES AND PAUPERS.

An Extract 1RoM the Message - Gov.
q. N. PlaisaeA, tho First lsrccmback
Governos In tho United states.
The following is that portion Of Gov.
Plaisted's able message which touches
upon tho question Of Government bonds.
We have not the space to devote to the
publication Of the document entire, but,
hom time TO time, we shall print extracts
from il, q We regard it as one Of the
most patriotic and able official utter
ances that We. ever saw:
Debt, public and private; debt and taxation
are slowly but surely undermining our free in
stitnt,ons, Government bonds not only escape
taxation themselves, but they furnish cover
for al other kinds Of evidences Of debt that are
taxable. This double iniQuity must bc endured
80 long a. United States bonds are endured. IL
would seem that tho proposition TO refund tho
&700, 0,0o0, 900 or 3S00, 600, 600 OF United states
bonds, now maturing, could meet with little
favor by the mass Of the people IN tins stals
shall bs paid, not refunded to remain
burden FOR generation It least, and perhaps
for generations. Then that other proposition.
before tho American Congress-, to retire and
a stroy the S3iG. O00ocO Of legal-tender notes
burn them, 80 that ont Of their ashes may
to further tax the lsbor and industry Of tho
country. Would It not be moro IN accordance
with the interests Of the toiling masses IN this
country to require the national hanks to retire
their currency. some over $500 COX. 600, and rc-
place ii with United States legal tenders, and
thereby paw of . like amount Of United
States loads, lurn them mp and thus relieve
the people Of 80 much burden Of interest.
and above ALL from the banefnl influence OF
those bonds upon the currency and business ~
the country?
The Treasurer OF the United States in hia
last report says: "InsteAd of the volume OF
the circulation being regulated by the business
needs of the country, ii is governed BY the
price OF United States bonds. Within the last
year large reduction Of bond circulation has
taken place III the face of an active demand Tor
money, simrly because = good profit conid be
msde by Withdrawing and selling the nef
cents. deposited for circulation. Nearly S.o.-
OoN.OGO ii 4-mr-cent. bonds were thus With
drawn during The fiscal year." Tue power that
controls the volume of the peoples money is
certain t. control the peoples destinies.
This question OF the currency il ono about
which konct men may honestly differ. II il
an important question. Its decision will 30 Of
far reaching consequence. II the bank cur
rcncv win the whole field Of circulation. then
| We shall have nevcr-endiny national debt,
mAintsincd by the banks ~ . basis Of their eA.
| istenee yes, fostered hy them ~ "nationai
blessing g"-.o the banks, ever increasing in
number snl power ~ the country inersA Asc- ia
wealth and population. and certain to become.
il not SO already, political machine, hostile IL
free Government, minsllng in the elections and
l,gi la.i ION of the country, corrupting the press
aud cxer;ing iss influence in the only way known
/ to the money power--hy corruption.
But it il claimed that this bond policy y
demanded in the interest Of idle capital ths'
| il is necessary TO furnish "ar opportunity
/ FOR the safe investment Of idle capital.
These safe Investments for idle capital ars
destructive. not oalv OF tho industries. tnl
of fhe morals OF the people. As they render
the trade Of tho monev-lenier the mos'
profitable business they tend TO create !
race OF ldlers, nisers and towards. who VI!
never take any chances with lasos N tbs
productive industries while this opportunity fol
| 81 IL investment and exemption from taxatl0i
is ,pen 10 them. They take no risks. Th'
yanderbsl,s, with tens of millions of Unstet
states bonds, spending the interest IN Europe
and the tens OF thousands OF lesser bondhoid
.rs. Who produce nothing and do nothing q
| c,nt clip coupons what are they to this conntr
aud her industries, hut class OF gilaed pau
pers supported by the labor OF this country
II this boniholing policy shall continue
Judging by the rapid accumulation ot pyope1
In the hands OF the few. during the last nftee
wears. how long will it be before We sllaii see !
this country the same condition 81 things ~
England and txo-thirds of Scotland !: or. Is
Ireland, where only one person in l,05s owr
one foot Of mother earth Order reigns
We have in this country 5000 persons VII
own aud possess $5, 600, 0Oo,0uO Of propert
mostly accumulated within the last tiites
. ycars. and that, too, through unequal Law
, Twenty Years ago millionaire in this COUNT
WAS 10 Prince. and 80 was tramp.