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

OUT VtCW4s uhVply We Cau IuTUihu hucu III
abundance. The national-bank currency did
not help fight our battles.
In 1863 these banks had no national circnla-
ton, though they were authorized Feb. 25 Of
that wear TO issue notes. Under the act OF 1864
tho circulation was continued O. follows:
1664.....t 81, ,23s, ,270lls73. .&347, ,267 N6l
1905 ..... l46. .l37. 7.sGO|ls74 ...... a5I ,esi O32
ls66......... 2sl, 1875 ..... 334, 4oSOOS
lS67........ 29u,625, ,3'9Ils78 332,y9S 336
1853 - 29y, ,f8l l.8s5ll877. ....... 31-,Alas72
1869 .... 299, DO ,G2s is73........ 324,sl4 2S4
1870. 800, ,76i 9ss 1879. ........ 81, ,697
1871. i2ll 1850. 343,s34 i67
1871 337, ,664, 1913 1851 ......... 359, ,422 738
Warwick Martin, Of Washington, IN able
guments:
upon what are bonds Of the United States
i,ased2 Does the Government give any secu.
rty for lis bonds? By no means. They rest
wholly upon the faith Of the United States for
the payment Of both the principal and interest
Foreigners, who have perhaps never seen the
United States, purchase these bonds upon the
faith OF the nation only. II the faith OF the
nation fails the payment fails. The nation
cannot be sued and the money collected as In
the case Of debt against an individual.
"Upon what do nat,onal-bank notes rest9
Upon the faith Of the nation that the interest
and principal Of the bonds upon which their
circula' ion is based will be paid. Also upon
the faith Of the nation that the legal-tender
notes shall be and remain in existence, and
lckAl tcliucI db tucy WCIc Wucu tuc UULhb WtIc
induced by the Government to adopt them rs
basis Of circulation. We see, then, that the
faith of the nation is good aud sufficient to se-
cure the bonds Of the United States and to
cause them to sell at tho lowest rate Of inter-
est, and to secure . national-Dank circulation
based upon bonds and legal-tender notes; but
is not that same faith sufficient to mako tho
legal-tcnder notes, which were received by the
Government In payment OF these bonds and by
which the natcnal-hank notes ere secured. anl
In which they eredcemable, reliable money
OF tho United 6tatesY II il well-known fact
that the faith Of the nation has always been
kept toward the holders Of bonds and with M
tional banks; but it has been in many instances
violated toward the legal tenders for the sake
Of the bondhOlders and banks.
"But W ask, what sustalns gold and silver
money, excepting the faith Of the nation? One
dollar Of gold " required BY Law to have IN y
1922 grains pure and 25.6 grains Erandard
What assurance has any ono that gold dollar
contains this amount Of pure metal and this
quantity or alloy but the faith Of the nation T.
J. G. Calhoun said:
~ now undertake TO affirm positively, and
without tho least fear that can bo answered,
what heretofore have but suggested, that =
paper issued BY Government, with the simple
promise to receive in all dues, leaving its
creditors to take II or gold or silver, at their
option, would, to the extent to which it would
circulate, form : perfect paper circulation,
that would be % steady and uniform in value
a. the metals themselves. ] shall not 50 into
the discussion now, but on suitable occasion
I shall be able to make good every word have
uttered. will be able to do more, to prove
that it il within the constitutional power OF
Congress to use such paper In the manage
ment OF its finances according to the most
rigid rule of constituting the constitution; and
that those at least who think that Congress
can authorize the notes Of private corporations
to be received in the public dues are estopped
from denying its right to receive its own pa
per-"
"The Government ought not to delegate this
power il it could. 1t was too great power to
be trusted to any banking company whatever,
or to anv authority bat the highest and most
responsible which was known to our form Of
government.
"The Government itself ceases to be indie
pendent it ceases to be safe when the national
currency il at the will Of company. The
Government can undertake no great enterprise,
neither OF war nor peace. without the cO-Opera-
ton Of that company; 1t cannot count its
revenues for slx months ahead without re-
fcrring 10 the action Of that coMpany-its
friendship or its enmity, its concurrence or its
| opposition--to see how far that company will
| permit money to be scarce or to be plentiful; |;
how far it will let the money system 70 ON
regularly or throw it into disorder how FAR it
will suit the interests or policy Of that company
to create tempest or suffer calm in the
moneyed ocean. The people are not safe when
such company has such power. The tempta-
ton ID too great, the opportunity too easy, to
nut up and down prices, to make and break
fortunes, TO bring the whole community upon
/ its knees"
Mr.. Speaker, il We proposed any encroach-
ments, or an entire new system Of currency,
time might be required to test lis utility. THIS
We do not. Al one-half or more OF our cur
/ rcncy from 1861 has been the treasury notes,
and when received for customs dues have
always been % good as coin. and now pre-
ferTed to coin, 1t ID now conceded that If for
every bank bill returned q greenback was sub
/ stltuted. no one not interested in banks would
complain. Yea, more, the entire country
i would rejoice in better currency aud in the
saving Of el2, 1000, 900 annually.
The two systems are before us, 10 stand or
fall upon their merits the days for epithets
i and denuciations are over. We see there can
| be no party divisions on the tariff or on free
| trade or on debt paving in fact, all questions
not relating to oui material welfare are soon to
be lost sight OF, excepting the question of the
currency. On this subject parties can divide,
| for beyond the eplthets Of hard and soft money,
| which we have seen amount to nothing -xs
| nothing is meant by such names as now ap-
| plied-as all are in favor OF tho representative
money, the question then il Who shall issue
money and regulate the quantlty2 In this
there is great significance on this question
parties will divide as formerly, capita! and
monopolies on one side, and the people and
from special legislation against the people and
| the customers OF these corporations.
Corporations. like an inheritance, are armed
with means aud supported by outgrown insti-
tutions, which are paraded in new garments to
attract the weak and purchase the wayering,
ulation and decreasing volume Of currency, and
| that under their control, they can rule in re-
| public by . system OF frauds, intimidAtiOns
| and violence, such as was resorted to in many
States at our late Presidential election.
Thoee who antagonze tins position Of capi-
tai, men with hope aud faith in the future, with
| expanded ideas corresponding with increasing
population and production. propose to increase
the volume OF currency to meet the demands
Of business, to raise mp and foster industries,
to attain for labor those comforts attainable by
an honest currency, expanding with our expan-
| sion, enlarglng with our enlargement, that
labor may prosper with our prosperity.
This 10 soft money soft because it brings
| soft pillow tor him who works soft
because It brings comforts for dear home and
education for his children, and leads to that
civilization on this continent which was pnr-
chased by no many deprivstions, and which
| must and shall bo maintained against all mo-
nopoi,es, all aristocracies and oil frauds. Can
We maintsin principles 20 manifestly correct
without being subjected TO losses by the false
professions o. designing men, who will profess
anything for recruits that will maintain tnea,
in power? Ianswer we can, by education and
federation. Remembering that strength comes
from ASSOCIATION aud weakness from exclusive
ness, "no pent-up Utica shall contract our
power" five honestly wish for currency re-
form We must meet in council with reformers.
| Ii we act from convictions, reform will come
II we act from temper, all ia lost, for corporate
wealth has the power to control the ebullition
Of passion.
II no charters are now granted there never
will be any, and the existing banks will so out
Of existence just fast as We pay our out
standing bonds. With this and the next Con-
gress the question will be- settled bat not with
out more or less trouble. Fortunately We have
| iad some experience Of what may be expacted.
The rldicule hsapcd upon onr late Executive.
President Hayes. for vetoing the per cent.
Funding bill becauss)the banks used the Cal
lese mode OF gongs and buster to frighten
him will be owarning to the present admins
ration too fresh to be disregardod. Wehase
nad enough OF weakness aud fright to satisfy