The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-09-22
GOOD EASY READING.

Extracts from Speech Delivered by 0en A. NJ
West, II Mi-sissippil
The power to make money il sover-
eign and absolute. How absurd it would
Is for the Government to make gold
money and silver money, and then con-
dude TINT one Of these metals was OF less
value than the other anil make il con-
sertible on demand. Why is it not
equally absurd to make paper money,
md then degrade it by making it con-
vertible into coin on demand? And
Why should the Government exalt gold
md depreciate silver, which by its net
II characterization il has done? Legal
inequalities invite and foster speculation,
confuse values and derange trade. The
power to make money for the purposes
Il the Government carries with II the
luty to make it uniform and stable in
value, that it may perform Justly the
auctions If a medium Of exchange. II
peing the life and energizing power Of
industry, trade and commerce, it should
not be Of partial or questionable valid
itv. The idea Of making coin the surety
II the Government for the redemption
# its paper. is based upon the vague
assumption that gold possesses innate
md superior powers to the Government
Itself.
It Is assumed by some that treasury
notes, rs legal tenders for all debts, pub
lie and private, are witlou. warrant in
The constitution. The Supreme Court
ii the United States declares otherwise,
which is, or should be, q final settlement
4 the question. The court says: The
constitution was intended to frame q
Government as distinguished from a
league or compact, Government sn-
preme in some particulars over States
and people. 1t was designed to provide
the same currency, having uniform
legal value in all the States"
Whatever power there Is over the cur
rency is vested in Congress. II the
power to declare what is money is not
II Congress il Is annihilated. The de-
cisions Of the Supreme Court, support
I'd by the authorities Of jackson, Cal.
houn, Cay and Hunter, should he an
swer to those who sneer at fiat" money.
The present conditions and methods
Of the commercial world render credit
necessary to trade. In the United States
credit in some form is Indispensable in
the various industrial and commercial
pursuits, AMI in the execution of the
powers vested in the Government.
When. how and in what form and de-
domination 1t shall be used. are ques.
ions to be determined by public neces.
,ity. Tha. it shall be used to promote thu
interest Of the people, and in strict har.
nony with the spirit and purpose Of the
constitution. none can justly question.
Its use in any other way would be TIA
grant abuse Of power.
The constitution does not prescribe
the form Of credit, OF say that it shall OF
hall not bear interest--nor does it sas
what shall be the name or denomina.
ion Of the evidences Of debt. Thes,
re open questions to be settled h,
Congress rs they arise. and as the ex.
gcncies Of the times may require. A
reasury note or greenback without in.
crest, would. rs a mere torn of credit,
| made receivable for all kinds Of dues
. and from the Government, I've received
md circulated rs money, rs under this
form they would DO both debtors and
reditcrs. Untaxed, interest bearing
oonds derive their value from the
interest they 6ear and their exemp-
lion from taxation-conseque they
become the spoil Of the Spectator At
home and abroad. Which form is pre-.
ferable, the one that bears no interest
md occupies the position Of credit, rs
well rs safe and sound medium Of ex-
change, facilitating the financial opera
tons Of the Government, costing but little
md giving to every branch Of our labor
md industry, agriculture, manufactures
md commerce great advantageous that
axes industry and labor, diminishes
'ther form Of credit which bears interest,
commerce, retards improvement, pays
10 taxes and is boarded by the wealthy.