The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-12-22


ends, and, il they persisted, he knew
it was only question Of tinlc when the
people would turn and render them
powerless. He would commend the
history 81 the downfall Of the United
States Bank half century ago 10 the
present associated banks and their oili-
cinl friends in high places. He then
quoted from the Philadelphia papers Of
that day, descriptive Of the popular in
dignation attending the closing Of that
institution.
The resolution was agreed to.
Assault on the Currency by the Pres.
ident and Secretary.
The new administration is committed
by the Presidents message aud the re-
port Of the Secretary Of the Treasury to
a financial policy which, If persisted in,
will wreck it, and, in the meantime, may
injure the country. This policy is no
more nor less than vast scheme Of con-
The Secretary recommends
"a the early retirement OF the silver
certificates, now representing S66, 00O,.
600 Of the best and most popular cur
rency, and the repeal Of the law author
izing the further Issue thereof; ~ the
practical demonstration Of silver by the
suspension Of the coinage Of standard
silver dollars and (3) q repeal Of the
legal. tender property Of the greenback
notes. The President in his message
specifically approves Of the first two Of
these suggestions, and gives tacit
assent to the third. These three
recommendations embrace the necessary
Preliminary steps TO reduction OF the
legal-tender resources of the country
to the limited, inadequate supply Of gold
alone. The proposition is the revival of
the old Wall street aud money-lenders'
scheme, which has been defeated in Con-
gress and before the people every time
and in every shape it has been brought
forward. It's renewal at the very begin
ming Of an administration which is un-
der the predominant influence Of Wall
street is sufficient to arouse popular APP
prehension and create general distrust.
II the people believe there were really
any danger Of these measures meeting
with approval from Congress, the sug-
gestion thereof would be enough to pro-
duce something like panic in antici-
patton Of the inevitable disaster that
would follow their adoption.
The Secretary Of the Treasury affects
ali apprehension Of trouble from pos
sible contraction Of the currency that
may result from movement among the
banks for the withdrawal Of bonds and
retirement Of their notes, and advises
that . law lie passed prohibiting them
from retiring their currency except after
o previous notice Of fixed period to he
determined by Congress. This is a
transparent piece Of hypocrisy on his
part. for he himself advises a sudden
and enormous contraction Of the cur
rency by the retirement of $66, 900, 900
silver certificates, and steady, growing
and sitting contraction in the future by
the prohibition Of the further issue OF
the silver certificates, the further coin
age Of silver dollars, and the further use
Of 1850, OOO,OOO Of legal-tenler notes.
III there were reason to fear
that the national banks should
combine to retire the total amount
Of their circulating notes (of which
there is not the slightest danger SO long
as the country will use that kind Of cur.
rency), such a prospect would not be SC
alarming as the threat Of cutting of the
supply Of silver dollars, silver certii.
Gates and the legal-tender use Of green.
hacks. II there be any danger, as the
Secretary Of the Treasury pretends t.
believe, that the national banks may
reduce their circulation to any exten,
that shall cause "grave embarrassment
to business" what better protection can
the country enjoy than reliance upon
| the coinage Of silver dollars and the
| issue Of silver certificates representing
the actual deposit Of coin? While af
| fecting to believe that contraction oi
! the currency may result from some con.
certed action Of the banks, the astut.
Secretary OF the Treasury, who has had
about six weeks experience in ma
tional finance, deliberately proposes t.
deprive the American people of an am
pie and permanent relief against such
contraction by abandoning silver, silvel
certificates and the legal-tender green
backs, and by reducing the debt-payine
money of the country to gold. Such !,
proposition is as illogical as it is hazard
Gus and injurious.
1t can hardly fail to puzzle the think
ing people of this country to guess VIII,
the Acting President and his chosen
Secretary Of the Treasury should star
out by suggesting an agitation for a rev
OlutiOnary change Ill a currency which il
absolutely safein it's all varieties, abnnl
ant in volume, responsive to bushes
necessities and satisfactory to the masses
There is only one explanation for thl
apparently erratic and perverse course
It has been adopted in obedience to tn
dictation Of Wall street and the mort
gage holders and money lenders Of til
East. Folger Is acting as the agent Of
selfish class, and the Acting Presiden
seems disposed to aid and abet him i
his efforts to do the bidding OF his EN-
ployers. The experience OF ex-Secretar
Sherman ought to have warned ther
both that the adoption OF Wall stree
cut-throat ideas would only bring til
administration into contempt. Shelma
made these same ideas the basis OF Iii
campaign to secure the Presidents
nomination: and, notwithstanding Ii;
lavish use Of patronage and the help Ii
procured from the money-loani-g elias
whom he served, his Presidential effol
was complete fizzle. II Sherma
could live over again the years he passe
under Hayes in working up his Pres
dental candidacy, he would not agai
recommend the demonstration of silye
and greenbacks and both Arthur nj
Folger will regret that they loane
themselves to the same sectional, selfish
greedy, grasping scheme Of contractio,
. Chicago Tribune.
A Decentralization Scheme.
Director Burchard, Of the Unite
| States mint, in his late report makes IL