The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-01

nm not proclaiming q new doctrine.
Washington, Adams, Madison, Jefferson,
Monroe, j. q. Adams, Jackson, Polk,
Clny and Lincoln, with many other emf
hent patriots and statesmen, were averse
toand warned the people against the Euro
pean system, by which the money-chang.
ers controlled governments, cnslaved
the people, and rendered progress almost
impossible. Can we afford to ignore the
teachings OF these wise, good men that
the national banks and bondholtlels may
flourish here and prove as detrimental
to prosperity and progress as they have
in other countries?
debt, Notwithstanding we had twice been
forced to accept the issue Of war; the
first to win our independence, the second
to defend ourselves by its maintenance.
And even after the third war, the war
with Mexico, which cost one hundred
million, including sums for territorial
acquisition, our debt was less than sixty
million at the close Of the year 1860. /
simply refer to these facts as proof Of
my statement that the American people
do not want permanent national debt;
they do not believe it blessing, and
they are in favor Of paying every dollar
Of il within the shortest period possible.
The cost Of our last war is estimated
at about ~, SOC, ,OOO, 900. It was bonded,
and it il 4 matter Of history the trans
action was unfavorable to the taxpayers
and correspondingly favorable to the
bondocrat. We have entered upon the
t,.sk OF liquidating it, and wish to pay
the balance rs fast rs the bonds become
due.
The people intend to stop the drain Of
interest, and are determined, notwith-
standing the purpose 50 manifest Of per-
patuating the debt, to dispense with
bank circulation that is used to oppose
and confront them in their efforts to
destroy the enemy OF their liberty, pros
perity and happiness. The bonds must
and shall I've paid of this is the cdict Of
the people they have, without mnruur-
ing, paid into the treasury millions OF
internal revenue tnx. cheerfnllv yielded
to taxation in the shape Of duties on
imports, and they now ask that the
boarding policy be abandoned that the
money they 20 cheerfully contribute
may be promptly applied to the redao-
ton Of the debt. They will continue to
meet these demands uncomplalningly,
but they ask that Congress remove such
obstructions as they have just reason to
complain of, and tie most feasible way
of accomplishing this is by the repeal OF
the National Banking law.
object to these banks because there
is no necessity for them. The object we
are told was to secure uniform curren-
cy. We had such a currency on the 28th
Of February, 1863, when the first Nation
al Bank act was passed. There never
has been time when these notes we're
more valuable than the Government
notes. During the panic Of 1873 the
notes of the Government were worth /
to II per cent. premium over bank
notes. Government paper money is the
lawful money, and the bankers use il for
the redemption Of their own currency.
The banks need NOT redeem their notes in
coin, and when they are found doing SO it
is because Government paper money can
! be used more profitably in the perform
ance Of other functions of money.
Government paper money commands a
premium on the Pacific coast. in Canada
and even in Europe, aud solely for tie
reason it is receivable in the payment of
duties on imports. The money Of the
Government is in every way superior to
the bankers money. The law Of 1874,
/ am informed, provides that the nation
al bankers can deposit greenbacks in the
treasury to the amount Of their circula-
tion and withdraw their bonds-a new
phase Of circumlocution not dreamed ol
by Dickens.
Drive out Government paper money
and the banks are supreme this is their
sole desire. The interest on one billion
OF bonds at 3 per cent, thirty million
per annum; in fifty years, one billion
and one-half, simple interest hence the
desire to popularize the national-debt
theory. The cost Of preparing for cir
culation one billion of Government
paper money, and at all times he pre-
pared to exchange new paper for torn OF
mutilated, am assured would not exceed
800, 600 per annum; in fifty years the
sum Of five millions. This vast saving
would add greatly to the prosperity Of
tie people in the equal distribution ol
economic benefits among them. The
/ National Banking law repealed, capital
terprises, thereby benefiting because
employing labor; the fears to which the
people are now subjected would be ban
ished; . well-detined national policy
affording guarantees to be looked for in
vain while at the mercy Of the few who
now hold tho money OF the country
within their grasp.
Repeal the National. Banking law,
substitute the money Of the nation fol
the money Of corporations, let all money
for the country be issued by the Gov.
ernment Of the country, all full legal
tcnder-and equal before the law-fol
all debts public and private. This. sir,
believe to be the solution of the finan
cial problem, SO far as Congress under
the constitution has the power to inter
fere aud regulate the value and volume
Of money. Sir, there has been intro
duced at this session Of Congress bill
providing for the reissuing Of frac
tlonal currency, . meritorio,ls meas
ure, and one that should be passet
before the close Of this session. From
all sections Of the country may be heart
| ucu6lluS 1OI NuAb icSlSAhUAOls nAu sIAs
very least we can do il to try to make
reparation for the blunder, the iniquit,
OF retiring the fractional currency. AL
classes, save the capitalistic few, are il
favor Of restoration OF that most useful
convenient medium, and l hold we shal
prove in every way derelict unless WI
retrace our steps and afford the people
the facilities they 30 much desire in thi
particular.
The fractional currency went down
was retired to please "specie- basis
honest money" advocates; it wa.
wretched and, all things con
siderel, an expensive mistake
and furnishes indubitable eyidenc
Of the incapacity Of men whose views ar
fashioned by the exigencies Of any on
vocation to see in comprehensive wa
the necessities of all md properly pre-
vide for them. Should this Congress
wisely and deliberately attempt the hel
culean work Of correcting the errors OF tn
past in financial Legislation, it will max