The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-08-10

pretend that tho latter SUM In equal 10
tho absorption VI the former, IL IN idlo
~ To pretend that 4 frog can swallow Nh
OK. II Ia worse than any common brag |,
Il Ia q falsehood.
Let II DO understood, then, that dur.
Ing the continuance Of this war wo
must have, m wo have always had, :
paper circulation and that II must be-,
IN II always hAs been, irretlccmahlc. The
question remAins, Who shall issue that
paper, tho Government or the banks 7
| answer, tho Government. I say tho
Government and not tho banks shall
issue that paper, for all the reasons and
upon all tho considerations which can
influence the decision III tho question.
The Government should issue TINT paper
because II ID for its own use. and DO.
cause, also, lot Whoever will issue II, tho
Government must supply tho means for
taking II up.
II tho banks issuc II, they will simply
loan II 10 the Government upon its
promise 70 pay that amount In = given
period with interest.
The Government should issue that
paper. because its promises are safost to
take, and surcst 10 hold. II IN tho only
party liable for their payment. and IL IL
the only party able TO pay.
What We call tho Treasury note ID
equivalent TO 4 note signed Ivy every In.
diyiduAl in the United States, and hy all
their postcrity. Il has oil tho advantages
over oil other securities the holder al.
ways knowing how much Of the piper
In extant, which In rarely known Of =
paper issued by an individual or COM
pany; IL has the largest estate pledged
10 its resumption: its obligation detAcs
all statutes al limitation, and survives
the death Of gomez ations.
Sir, We hear good deal about tho
money power Of our country. Daily We
are pointed to them. anu we arc told
"they hold the purse strings Of tho
country" Daily our tinanciers, our oil.
serving men, rush to tho columns II our
commercial organs to sec chow tho
credit Of the United States stands IN
Wall street or State street."
Mr.. President, those who use such
language terribly and almost fatally
misapprehcnd where lie the wealth and
the strength of the nation. II il not
piled up in the few insignificant spots
comprising your great cities, swollen
and distorted ~ they arc. II lies in the
productive industry and productive soil
Of tho country. Within tho last six
months yon have gathered from tho
ranks Of that hardy industry tho
magnificent host which, now encircling
the monster rebellion, prepares 10 crush
Il to atoms. From your generous soil
that host is fed and furnished. The
daily pay and the daily feed Of that army
would in ak months empty your banks
% clean that every vault III the country
would collapse. While tho army remains
in the field. you need not resort 10 Wall
street 10 have the credit Of the nation
Endorsed, and should that army leave the
Geld before the rebellion ia DESTROYED
which il never will--all the Involvement
You will get in Wall street would not
enable yon 10 carry on country tavern
four hours. In the land and labor ot
The country consists the nations wealth.
Let the country make note Of that
lact.
To talk of borrowing Of your banks
The money to support your army and
navy il n idle n Tor England 10 talk 81
borrowing from her national hank thu
money 10 pay her national debit There
il but one fund adequate to supply the
national finances, and that is the property
al the nation.