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

Snvcr Dollar Cured ~ ~ the Terrible
Panic u 1879. amd Ii the liOldbugs
Could Ssrangle silver CURRENCY, They
Would Bring the Hard rimes Back
shall the People Trust Themselves
- the N1rrcicS 81 the lSamkcTsl
In the Senate Of the United States,
Dec. IL, Mr.. Voorhees, resolution, re-
ferring to the Finance Committee parts
Of the Presidents message relating to
a repeal Of the laws authorizing silver
coinage and the issue Of silver certiA-
Gates, was taken up and that Senator
addressed the Senate. He referred to
the financial distress Of the country
during five years prior to 1879 and fol-
lowing the act demonetizing silver, and
said that, while this distress was not due
to that legislation, the act was potent
factor in the general scheme for the con.
traction of money and the consequent
overthrow Of business property. It was
one Of several kindred measures de-
signed to the same evil. and looking
to the benefit Of the money.
lending Insurers engaged in max.
ing money scarce and dear, the
rate Of interest high, wages low, and tho
times hard for all but bond and mort
gage holders. The law Of the Demo
cratic Congress, in 1878, restoring the
silver circulation by means Of certificates
and coin, broke the nightmare spell Of
financial prostration and quickened the
vitality Of every business enterprise. II
gave positive assurance OF much
needed gradual increase Of our circulat-
ing medium. Everybody could then
know how much was coming, and at
what rate, and could prepare for bust.
ness accordingly. None Of the vehe-
ment representations OF evil then
made against the u,e Of silver
money had been verified. The
capricious exercise by the diff
ferent Secretaries OF the Treasury Of
the vast and dangerous power Of con-
tracing the currency and tightening the
money market at the instance Of the
national banks, who would have driven
out the circulation of e.. kinds Of money
but their own, in order that they might
have the whole financial field and all its
profits to themselves, together with the
demonstration OF silver, more than all
other causes combined, created and con-
tinned the panic Of 1873. The act 81
May 81, 1873, prohibited greenback
money from being touched, and the
treasury was thereby told to let the
greenhack circulation alone at the
amount then outstanding. The
answer to the cry that. the
greenback cause was failure IL
given in tie fact that the amounts d
sreenhacks in circulation in 1873 and
1881 respectively are exactly tile same.
That cause had achieved great and i'm.
portant victory, for the greenback cur.
rency remained steadfast, undertaking
and :honored one. Beside the act 81
securing the greenback from further mo.
HESITATION, subsequent step making Il
receivable for import duties raised it t.
par with gold, and there it has re
manned ever since. BY these measures
tie currency has been reasonably expand
ed by the use Of silver, and our entire
circulation rendered stable and uniform
in value, and to this was due the bnsi-
ness prosperity Of the country. 1t had
been accomplished against the avowed
hostility AMI the active energy of Re.
publican administration. Under the
net OF Feb. %, 1873, about $92, 600, OO(
of legal tender silver money has beer
coined, and silver certificates to thu
amount Of $50, 663, 500, based, dollar fol
dollar, on that amount Of coin now II
the treasury, and pledged for their re
demptlon. These certificates are in thu
pockets of the people, performing all til,
Offices Of money in daily business.
Mr.. Voorhees, characterized the rec
concentration of the Secretary of tn,
Treasury for repeal OF the authorit,
for silver certificates, and for their earl,
retirement, q wanton, and, to his mind
criminal assault upon the financial sta
bility and business prosperity Of tn
whole country.
1t was deliberately proposed to retir
more than S66, 900, 900 and destroy it
and the consequence of this could b
imagined. The bare proposition to con
tract and disturb the currency at thi
time would create disorder and panic
But Congress is wiser than the Executive
Department, and will pay no heed t
this recommendation. In asking author
ity over the silver coinage and discretion
to coin much or little, or none at oil, til
Secretary's obvious object is to driv
silver entirely out of circulation. Tn
Secretary complains that sec, 600, 900 &
coin is in the vaults and will not circu
late, although great efforts have bee
maue TO that end, and yet he also make
the statement that Csc, OOO, 900 Of pa
paper money, based on this very coin
is in circulation in every State in tn
Union. The Secretary's report shows
silver circulation, in round numbers, Q
slOO,O00.0O0 = SG6,Oo0,OO0 in certifi
Gates, S34, 900, 900 in coin. What, then
can be thought Of his candor and intelli
gence III trying to leave the in
preston that silver money is
drug and failure, and that til
people don't want it? This assau
upon 800, OOO, 900 Of currency on sps
cial basis will he me. by the country an
its authors sternly rebuked. Thesou
OF the inspiration for it is apparent
tho Secretary, who, rs the mouthpiec
CT the banks and to quiet the fear Of til
public mind Of destructive financial col
traction, says in his report: "rhcl
need be no apprehension Of too Unite
paper circulation. the national banl
are ready to issue their notes in sue
quantity rs the laws Of trade deman,
aud as security therefor the Go
ernment VII hold m eqnivalel
in its own bonds" With suprem
and he (Voorhces) might say insolel
cnmplacency, the entire control Of II
supply and circulation Of the curren,
Is handed over, in a few words, to Il
care OF moneyed corporations who
tendercst mercies are legalized cruel
and multiplied usnries. The country
to depend on the generosity Of the BAN
for its supply Of money. Men Meth
qualified by knowledge, unseliishne
nor breadth Of views to pass up'
the wants Of labor and Of acti
business are average national banke,
The banks desire to destroy silver al
greenbacks, SO that their fabulo