The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-11-24
the GOLD BASIS FRAUD,

THE GOLD BASIS FRAUD.
Only Onc.Isalf Per Cent. % Business
DOnc I'm COlm-llOSv 10 Decrease Mo.
NOpOllcs aud Milllonalrcs-Makc
Every Exchange Represent Value
for vnlnc-ktlling the Credit system
Through National Medium.
from the Irish world.]
As IL is a world wide admitted fact
that nearly al the business Of any coun-
try is and must be done independent Of
metallic coin, 1t il easy for all to under
stand that a paper currency in some
form must be substituted. Here it may
be well to state that the estimate Of .
noted European financier is that the
exchange business Of London is done
with % per cent. Of checks and bills Of
exchange, Al per cent. in bank notes
and one.half per cent. in coin. This
corresponds very well with the views
Of John Thompson, the President OF .
national bank in this city, who says:
In fact, there is ct no time but
All inadequate amount Of real money to
do business OH. feel confident that
over 95 per cent. Of our business, and
that of England, is done on paper tokens
checks, drafts, notes, letters Of credit.
etc. (which, 80 long rs confidence IL
good, are perfect substitute for money!
but, otherwise. discounts are declined,
deposits drawn and boarded. Thus not
only the credit system and the money
token power is destroyed, but the real
money itself disappears, not to be again
visible until induced out by an enormous
depression in prices" Though contrary
to the position Of many hard money adj
vocntcs, Mr.. Thompson wisely admits
that ut no time do we have money
enough to do business with; that 30 per
cent. Of business il done on the various
kinds of credit; when, through loss OF
confidence, which is sure to- follow an
enormous credit, discounts are stopped,
loans called in and boarded, and the
credit system is destroyed, by which
the debtor class is made to submit to
the demands Of their masters, the
hoarders.
Thus the question arises how we can
do rs much OF more business without be-
ing forced to this system Of credit that
80 often destroys our most worthy busi~
ness men. Experience has too often
demonstrated that many Of our most
worthy and cautious business men have
failed through this system OF credit ; by
values being reduced from first class
securities TO that OF little or no value rs
securities by contraction Of tie volume
Of currency, or vi its distribution, which
has been forced upon us through the
only partially described, but which will
hereafter be continued. will now ask
the intelligent and unbiased to thor
oughly study this financial question,
that they may be able to intelligentlv
decide whether n paper currency, with
oil the requisites Of money in quantity
sufficient ID answer all the business re-
quirements Of this country, would not
insure more prosperity to the country,
with far better conditions for the masses;
give Is more power for decreasing the
number OF monopolies and millionaires;
also decrease the number of panics to u
very great extent. Under such condi-
tions lew debts would he made to cancel
when values were reduced. This ques-
ton should be thoughtfully answered i'll
the mind of every individual of adult
age, and intelligently acted upon Mt the
ballot box by every voter.
Though We have a tremendous battle
to fight with the hydra-headed monster
that monopolizes the money of this
country, by which about $4,000, 600 Of
people are being enslavcl, We are Us
sure Of producing the great and glorious
currency reform rs we were III abolish
ing the power Of the few over 400, 900
black slaves. Bankers, who are gener-
ally strong advocates Of this credit sys-
tenn III the form of bank notes, are siren
uously opposed to the issuing Of paper
money.
Thus to prejudice the people against
absolute paper money they have
through their apes and hlrelings claimed
that paper money would depreciate in
value like the Continental money
which they we'll know was not money,
hut merely a currency, reacemab,e IN
Spanish milled dollars. which they knew
wa impossible to perform, rs We had no
claim upon the Spanish Government
whereby We could compel that Govern
ment To furnish us with even one of
their milled dollars. They also know
that We had no constitutional Govern
meut to issue money; thus we had no
power to force redemption had We de-
sired it. Even had We the constitutional
power, would il have been any worse
for us to suspend than for banks to sus.
pend. for the same reason rs both s,ls.
pended, because they had issuedcngrency
- Al
could control?
Now, as it is generally admitted that
nearly all the business Of any country is
necessarily done Independent Of metallic
coin, our representatives in all legislatiy,
bottles are easily led to understand that
some kind Of paper currency must be
issued from some source to supply the
demand Thus the knayes aud the
dupes who generally hold the balance of
power in all Legislatures, with their light
knowledge Of the currency and money
question, readily comply with the require.
ments Of bankers, rs set forth by their
Legislative and lobby agents. Conse.
quently bankers have generally issued
their bank notes nominally redeemable
in coin in amount enough to satisfy any
self before his Maker and say, "Thy
will be done.
A large majority of our State and
national representatives seem not to
realize the great injustice OF giving the
power OF issuing our currency into the
hands of few who experince has taught
MS always act for their own interest
without regard to the interest of the
masses otherwise than it advances their
own. This will doubtless continue a.
long Us they hold the power.
We have always experienced the bad
effects of chartering banks, which have
been well understood by some Of oul
most coted statesmen. After Jackson
had. Is he stated, come to the conclu'
sion from unanestionable proof that the
United States Bank had be.
come permanent electioneerina
machine, he determined upon smaah
Ia. al all