The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-05-04


bnsiness men; but they do come from over
Credits brought about by the too free use Of tho
substitutes Tor money, the checks and drafts
spoken Of by the Comptroller.
IN oil pantcs tue full legal tender Ii boarded
as com u, TO protect property from the grasp
OF tue rumOrBeleSs tyrant who makes the cor
her III money 40 he does in other necessaries OF
life.
Now, let rs look at the monetary condition
OF Europe, ard from it take warning. This ID
necessary, as we have moved 8 part Of
European ideas into our large money centera.
quote from an atle article in the Phlla-
delpila american:
"Snppose, however, that q nation or con-
tinent go Oh for years increasing in population,
with no substantial additions to the amount OF
money in circulation. Enrope was in that con-
dition during the period from the beginning Of
onr era to the discovery Of America. She Was
rocs.isbng no gold and very lite silver from
any part Of the world. Through losses by Ore,
flood aud Ehipwreck, through the absorption
OF the supply in permanent use, the quantity
IN circulation WAS steadily decreasing. TO this
IL due much OF the wretchedness dullness and
general inertia Of the Dark Ages Money ID
the instrument of association as well as that OF
exchange. Its absence, isolated from indus.
trial contact, drove the more enterprising into
artificial associations Of the monastic order in
the absence OF natural association, kept the
lower classes on the level of q poverty which
made them weak and manageable, and made
the trade Of the soldier the only prosperous
business, - under the feudal system it re.
qured no money to carry it ON. Any corner Of
Europe which could get moro than its share Of
the scanty supply shot far ahead Of the rest.
Flanders, LOmbardy. the venetians, the Floren-
tines were instances OF the political energy
which accompanied the possessor Of some spare
But after all, America is not the chief
canse OF the European difficulty. II is in the
European treatment OF silver. Far worsc for
the Old World than any drain the New can
make upon her gold supply ii the unhappy pol
Icy which threatens to remove the most ven-
cradle of the precious metals out OF the list Of
substances used for coinage. Germany and the
Scandinavian countries have followed the ex-
ample OF the United Kingdom in discarding it
The rest Of Europe has been forced thus to
add to its dscredit By ceasing its coinage, and
thus refusing their people any addition to the
ASSOCIATION and exchange. For the same rea-
son America las been obliged to confine its
coinage to limited quantity on Government
account, and TO refuse it in the payment OF in-
ternational balances. All this mischief ID
traceable to tho bad example Of the English
Government and the teachings Of English econ
omists. These latter never had any just view
OF the functions OF money. They regard it on
II ~ the instrument OF exchange They speak
OF its export ~ an advantage in that it secures
IN return commodities more useful than it.
self. They speak OF reductions in its amount
~ producing no more than limited and tenn
porary grievance. Tue common.sense instincts
OF business men have been always against these
loose theories. Yet the theorists have managed
to control the course Of legislation. 1t is to
them, more than to any other cause, that Eu.
rope owes her present monetary distress. The
new era OF depression has for them its true
authors. 1t will not end until experience trl-
umphs over their deductions, and silver is re-
stored to its old place as coined money OF the
civilized world"
The Bank Of England is connected with her
bonded system, which has been made pcrpetu-
al. and which Is SO strenuously presented to w
to initiate. At the last renewal Of its charter
in 1874 it had ell Ol5 leo (equai to t55 OOO 0oO)
Of It's stock IN Government bonds. The man.
agement OF the entire public debt OF Great
Britain is placed in the hands OF the bank, for
which it received compensation in l845 amount
ing to E93, Ill, equal to e465, 555. For exemp-
ton from stamp duty ON its notes the bank
pays the Government for the privilege ct bank
ing, for doing the Government business, issu-
ing paper money, Els0. 900; equal to 5000, 600.
This is the system we have. in part, been
copying. without tue profit which her Govern.
ment receives. The power Of thus bank is 80
firmly fixed that no party can exist which fav-
ors the extinguishment OF her enormous debt
or the reform Of her monetary laws. The None
tary Commission that met at Paris last April
was not represented on tho part Of England hy
the men Of business and industry, but by the
aristocratic funl-holdcr who wants TO lessen
rather than increase the metal money OF En-
gland. And thus it will continue to be, until 4
revolution occurs, and this her people have not
the power to initiate at present. SO this com
MISSION will fail to accomplish anything hut
tue agitation OF the question. TINS has been
done at recent meeting III England
a meeting OF Limes salllsts, at the Mansion
House. cy:d ntly was one OF no Ordinary weight
AMI significance Five foreign Ambassadors
and the Governor OF the Bank OF England
| united With great mass Of business men III
supporting II D proposals OF the International
Paris Conference. and demanding the free
coinage OF silver throughout the world. That
l,21O people gathered to a meeting which ill
terested nobody except merchants in large
way Of business shows how deep il the feeling
in favor OF blmetallism among the business
| classes"
The number OF emigrants to this country In
| 1881 was 72O.045, seventy-one thousand more
| than we have Of population in the State Of
Maine by the last census. OF this, . larger
| number came from the British dominions than
| from any other part Of the world, about loo,
| 900 entering this country from Canada. No
cause can be assigned for this excepting our
prosperity, consequent upon the partial rcnon-
etization OF silver, and the continuance Of the
L gIetlluach GiTEUlAllO1, Win 0u llclea0Iu& cur.
reilcy, resulting IN corresponding increase OF
| production. Let me ask What has transplred
| III this country for the past twenty years !
Have our people, like Rip Van Wlnkle, been
sleeping perchance in the mountains, so that
when they awake they could exclaim with him,
How soon are We forgot!" Have they for
gotten the great man who called the people
| around him when monopolies sought to rule,
| when hi; voice was needed from the st. Croix to
tie Fataer Of Waters, and the country was
| saved?
The first hank Of the United States Was char
tered in 1871, with a capital Of f10, ,OO0, 900.
| The second was chartered in 1876 with capi-
tai OF S35. .00O,0 900. The bill to renew the char
ter OF this bank was vetoed by the illustrious
Jackson July 10. 1882, and the charter expired
March 8, 1886. Jackson said in his veto mes
| sage:
.On two subjects only does the constitution
| recognize in Congress the power to grant ex-
elusive privileges or monop0lies, namely: The
power to promote the progress OF science and
useful arts, bv securing for limited time, to
authors and inventors, the exclusive right to
| their respective writings and discoveries.
: But il they (Congressl have other power to
regulate the currency, It Was conferred 70 b
exercised by themselves and not to be trans
i ferred to corporation. Many Of our rich men
have not been contented with equal protection
aud equal benefits, but have besonght us to
| make them richer by acts Of Congress-"
| Again, in his message in 1884. he says
| "The bold effort the present bank has made
to control the Government, the distress it has
wantonly produced, the violence Of which thas
been tho occasion In ono Of our cities famed
| for its observance OF law ana order. arc but
/ premonitions of the fate which awaits the
American people should they he delnded into
a pcrpetna,ion Of this institution or the cstsb-
lishinsnt ot another like it.
What Jackson 30 justly complained OF In
/ 1882 AMI 1884 of the influence Of = bank Of
sa5.n o.aaD is now magnited nearly two hun
drd times III ,l55 national banks having
siG5. 5.7s5,ds5 capital. and surplus Of tl2s,
| a00, 100. F,riy word OF Jlckson's arguments
and warnings are applicable 10 onr condition:
to- day. and should be treasured by every pa
triot in tho land who IL III favor Of equal rights
and n free government.
Mr. Speaker, 1.-The friends OF bimetallic cur
| rency and Of q continuance Of our treasury
notes have before them III opponent worthy Of
| their steel. There is no room for divided
army. Our opponents are one undivided host
| OF corporations marshaied by warriors trained
III the schools OF European oppression f0l
| thousands OF years. We must drop all minol
/ differences Oh LEGAL issues. on collateral aues-
/ tions, and unto ON the main question, thu
/ suastNution OF the treasury note for the