The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-09-14
How it affects the farmer:

How it affects the farmer:
Wh:a, per y" rost of.r.sg PEI a"g. 81" isn; 9;
2m 1.f1 80 /
This doubles the cost of living tO the |
farmer, n, result Of doubling the |
money value Of his crops, while the
truth is his living expense would not he
increased Mt any such ratio, and the in
crease Of price would, nearly all Of it, be
increase Of profit.
In the year 1874, feeling that the peo:
pie were suffering for the want Of sufli-
cient currency with which to do busi
ness. the Republican Legislature of
Iowa passed the following Joint resolu-
'tiOns:
i .WHEREAs, The real and personal property
cent In the last decade, and the value Of
manufactured products more-t than doubled
during the same time. while the amount of
currency IN circulation has been contracted
about $3.50 0O.OD; and
WHEREAS, We believe the amount OF cur
rcncy-and especially In the Northwest--is
Inadequate to carry on the exchanges neces
sary for q healthy and prosperous condition
OF affairs; and, however desirable 1t may be
to bring about specie payment, an undue
contraction OF the currency, by which bust
ness Ii embarrassed aud production impaired
Is not the proper method Of obtaining that
end; therefore.
n II resoirct, by TIE Generai .issc,mbiy of
krd, That we request onr Senators and
Representatives in Congress to vote for such
measures of relief rs the present condition
Of the country demands, prominent among
which, we believe, IL q large addition to the
present volume of currency of the country.
Resoired, That the Secretary Of State il
hereby instructed to furnish each Of our
members Of Congress with twenty-five
copies of this resolution.
Instead, however, Of Congress heed
ing this PRAYER of the Iowa Republican
Legislature, they passed, in the month
Of June in the same year. the following
act, which received the support Of the
members Of Congress- from Iowa
SEC. 1. That any association organized un-
der this act or the acts of which this IL an
amendment, desiring to withdraw It's circu-
lating notes. in whole or in part may, upon
the deposit of lawful money with the Treas
urcr OF the United States, In sums not less
than $4,000, take up the bonds which said as
socation has on deposit with the Treasurer
for the security OF such circulating notes,
which bonds shall be assigned to the bank In
the manner specified in the nineteenth sec-
tion of the National Bank act; and the out
standing notes OF said association, to m
amount equal to the legal tender notes de-
posted, shall be redeemed ut the treasury
provided by law: Psosiieei, that the sanount
Of the bonds on deposit for circulation shall
not I've reduced below 80, ,OM
SEC. 4. Act june 20, 1874.
What effect did this have? BY refer
ence to page 81, Comptroller's report
for 1881, ii will lie seen that the paper
currency of the country decreased. be-
tween Jan l. 1875, and Jan. l, 1879.
Sa6.tNDO. 900. and this, too, during the
panic years. No greater Legislative
cruelty can l,e pointed to within our
j history as nation.
| Under the stringency Of a panic, ag-
gravated as il was by these class laws.
| the laboring and debtor classes of the
whole country were impoverished
and crushed into the very earth. Prop
erty rapidly passed into the hands of
the wealthy. Il was taken from the
poor. the unfortunate owners realizing
scarcely one-fourth it's value. The law
had the effect it was designed to have.
i When the absorption Of property hv the
wealthy was we'll under headway, Con-
gress passed the following act for the
special benefit Of those who had gorged
themselves with the property Of the
poor.
Law of Jan. II, 1875
/ SEC 4, That section ALI Of the revised
statutes limiting the aggregate amount Of
circulating notes of nationa- thanking asso-
Citations. he and is hereby. repealed: and each
/ existing banking association may increase its
circulating notes I'M accordance with existing
law without respect to said aggregate limit;
and the provisions OF law for withdrawal
and redistribution Of national hank currency
among the several States and Territories are
hereby repealed
This act was permitted to slumber un-
til after resumption day. Jan. l, 1879.
!, Then the national banks began q system
Of bank imitation which prepared the
people for the Presidential election Of
1880. while it also caused rapid in
crease in the value of the property they
had absorbed during the panic, and ena-
hled them to unload ut an enormous
profit. Thus did these cormorants
sweep into their Golfers the major por.
tion Of all the wealth produced by labor
in this country during the last thirty
Years. 1t will lie seen that the national
hank monopoly has the right granted to
it by special legislation of contracting
and expanding the currency ut their
pleasure.
Congress has .just passed Dill td
rerharier and resiOthc 1000 national
banks rih the soresrign poTes 10 is
sue and control the peoples money at>
tD,siing as they may riU, The only
difficulty the bankers had in the pass
age Of the hill was to get it up out Of it.
regular order, which required two
thirds vote, Three efforts we're made
the third was successful, every member
from Iowa voting for it. On the pass
age Of the bill all voted for it hut three
and two If them failed to vote. On tn.
final passage ~ it came from the Sen
ate amended. all Iowa members votet
for the amendments save one, who die
not vote. Thus the hill was passed. =
.Sr- Congressional fietDri, .iprii 4, p
Il: .iprH IL. y. 35: Mag 2. p. Is: Ma.
-. u. -: Jmiy II, y. Is.
TRANSPORTATION MoNopeLlEs.
Money and transportation are alik,
necessary to business prosperity and ,
well-orlered civilization. There are il
the United States about 10000 miles
Of steam highway. called railroads
They constitute our great arteries q
commences.
II is the duty Of Congress to "regulat,
commerce among the several States il
order to prevent extortion.-Ne
Constitution OF Tnited States, .irt. l
.Se,. 4.
: Il. -. Art. l. Sec. z.
The Republican party has been il
power for almost quarter of century
during all of which time nothing In
been done to control and restrain thes,
gigantic monopolies. On the contrar,
they have fattened by special Legislation
such as enormous land grants. snbsi,l es
etc: and to day four railroad king
have complete control Of the commercial
.,f XII NM NM &c ,Aa.,.l.a Nn.1 n,