The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-01-12

Portable middlc.clnss order who cam,
think OF that year without bitter PUN.
They saw many parcnssgrow white haired
In n week 3 time: lovers parted on the eve
Of marriage; light-heartel girls sent
forth from the shelter Of homo To learn
To endure the destiny of the govcrncss
or the seamstrcss governesscs, too old
for a new station, going actually into the
workhouse rural gentry quitting their
lands aud whole families relinquishing
every prospect In life, and standing rs
bare under the storm as Lear and his
strange comrades on the heath. They
saw something worse than all this.
They saw tho ties Of family honor and
harmony snapped by tho strain OF GU.
pidity first, md discomfort nfterward.
md the members falling off from one m.
other as enemies. They saw the hope
Of tho Innocent, the faith Of the pio,ls,
the charity Of tho gcnerotts, the intcgri-
" of the trusted giving way. They saw
the most guilty rewarded, and the mos.
virtnous involved Ms deeply rs any in the
rctrilntion. :
MEN nrc wont to talk glihly Of com.
mcryial crises when they are past, in i
tone quite different from that in which
they speak 81. pcstilcnce or famine.
In this case it can hardly be so-thc
calamity was 40 fearful, the folly 81
humbling, AMI the guilt now SO clear. :
Will the reader note, not merely the
parallclism. but the exact similarity
which exists between the history Of III,
British experiences Of forcing resump.
ton by contraction over hall century
ago, and ours following 1866, when s C
rotary McCnllocll instituted his cxlaus
tive processes.
For the Kings speech to Parliament
in 1926, congratulate gthe nation on the
firm foundations Of national prosperity
inaugnrated by specie resumption, sub.
stitntt similar congratulations hy sue.
cessivc Presidents and Secretaries oi
Treasury, and the British experience
serves accurately for American history.
True, the gold has not yet begun to
leave us as it did England, rs European
fnmincs have prevented it by making Al
unnatural demand for our brcalstnfIs,
bnt that cannot Lust always. and il the
forecast and prophecies Of John Thomp.
son and ether experienced and con ,erva.
tive bankers are worth anything, the
terrible tragedies oi penury and aepail
are soon to be reproduced in this rclub.
| lie, for those bankers constantly m.
nonnce that the precedent causes Of such
devastation already exist with us, and il
is only question Of time us to when
the eliminating effects will burst npor
us with more than the fury Of tornad,
or the iesolaiion Of nm earthquake. A.
If to "make assurance doubly sure,
tho historian briefly but pungently nd
verts to the contemporaneous experience
Of Scotland, where, rs the reader has
seen in these columns. specie had beer
practically dcmonet'z Il, and liberal sup
| plies Of small notes were in circulation,
and where not a ripple disturbed indus
try and finance. Her words IRE these:
"The rohibition If small note cur.
rency was not made to extend to Scot.
land. During tho crash Of 1s2,
and 1896. not single Scotch bank
failed, and there Vas evidently no need
| to interfere with system which worked
SO well in its own locality"
She seems satisfactorily to demon
strate that tine fever and ague Of none
tary or credit panics in England were
fed by the subtle and poisonous clemen,
of specie basis, rs surely rs malaria
fevers result from the miasma arising
from improper sanitary conditions o.
the land, and neither the one or the
other will cease their intermittent
sconrrinrs until the ca,,ses ara remnvrl