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

10 drain the treasury OF 10 much gold, In case
Of IN actual run for It. and In that time the
gold needed would fow in from other sources. !"
The credit Of the Government being 20 much
better than that Of the banks. It can extend
this money just 10 proportion a. its credit can
be extended, and no further. Tnis Ii CON
ceded. Another able writer uses the following
Language:
"The gold would rarely be wanted for the
paper, except to settle adverse foreign balances
% long as the bill-holder ls sure he can have it
u he wishes it.. And the people OF tho country,
II It 10 their will to have 3 specie-paylng cur.
rcncy, never will fear that tho notes OF their
Government will be dishonorsd."
Mr.. Speaker, wo are now brought to the
main question. What constitutes the best
sufficient quantities, and can always be relied
upon, aud which will promote the greatest
amount Of prosperity
Fret. We are q silver-producing country, and
II we had but confidence corresponding to our
resources and energy, we could by the full aud
FREQ coinage Of silver (by placing It's coinage on
the same footing ~ goldl soon command the
monetary affairs Of the world and provide, in
the silver certificate to bc issued, for every dol
lar deposited with the treasury, q currency
that would in part render Us always safe from
panics.
TIE country that has silver currency,
which stimulates production, will, by this pro-
which will bring the gold. As admitted, the
gold viii 20 to pay foreign balances; NO it will
come back when the balance il in our favor.
Our producing power returns it. This has
been fully demonstrated during the last three
years in our trade with foreign countries.
Second. Tho better the circulating medium
II. taking the intelligent notions OF the peo lie
who take and hold currency ~ guide, the
larger the quantity will be held in circulation
IN the pockets of tue industrial classes, for
rainy day. This il the circulation Of the kind
wanted. claim that the silver certificate and
the legal-tender treasury note are this to per-
fection.
HISTORY or THE TREASURY NOTE.
The 6rst treasury notes were issued daring
our war with England, between 1912 and 1915 !;
amount, $3.50, 794; issued in 1887, 5lO,OaO.-
0U0; in 1886, SO, 100000 in 1847, 826 122 100
III 1857, s2o,OoO,OOO in 1860, $lO,OOO, 900; III
all before the war, $ll2 802, 1874.
The notes were generally issued on short
time and on interest, and were used as cur
rency, bearing intcrcst ct rates varying from
one-tenth Of per cent. to per cent. From
February 8, 1861, to June 80, 1880, tho whole
amount issued by law was 45, 2i9. 536, a. fol-
lows:
Treasury loan certificates. s......... 969.s92, $50
Seven-thirty notes 16,US5,2A1
Treasury notee and certificates ef in
o.d ds1e demand notes. ie..i..ender.. coin
certificates, and fractional currency. 5,o5O,A44,9O
1851. .2A9, $50
a part on interest and part not)
sued by law. -. 80. .s24,os2, 400
Amount Of oil outstanding tr asuy
notes. including legal tenders, cer.ih-
ca'es of al. kinds, and fractional cur
rency y.................. ..... 439,39s, ,lso
Amount Of Government paper sc, ,4s4, ,e5s ,24l
obigaticns issued ~ currency paid and destroyed.
VyIth thul atn 4 ta,nr ffAR n
capitalist to continue his " scare-crov" to de-
feat the adoption Of the treasury note as per-
mlncnt currency q currency which, when un-
trammelcd 10y law, has stood the test OF seyen-
~ years without one cent OF discount? Its
money functions were limited to accommodate
the banks III 1862 by act of Congress. The ex-
uensc to the country by this aud succeeding in
famous act, l will not now allude to; let them
be buried with tho many wrongs that have come
from our Is 10 civil war. The treasury-note
currency Ia no modern invention its paren.age
ID as distinguished as its success has been brill
liant.
And 80 the nation may continue to issue it's
bills as far NJ its wants require aud the limits
OF it's circulation will permit. Those limits are
understood to extend with us at present to
S2O0. LOCO, 700, q greater sum than would he ne
cessary for any war. But this, the only re-
source which the Government could command
with certainty, the States have unfortunately
fooled away, nay, corruptly alienated to SWIM
dlers and shavers, under the cover OF private
banks. Say, too, ~ an additional evil, that
the disposal funds OF individuals TO this great
amount have thus been Withdrawn from inn
provement and useful enterprise and employed
in the useless. usurious and demorallzing prac-
tices OF bank directors and their accompiiccs.
In the War OF 1855 our State ayalled itself OF
this fund by issuing paper money bOttOmed on
aspecitic tax for its redemption. and TO insure
its credit, bearing an interest OF per cent.
Within very short time not = bill OF this emls-
sion was to be found il circulation. Il was
locked up in the chests Of executors guardians,
widows, farmers, eto. We then issued bills
bOttOmed on . redeeming tax, but bearing no
interest. These we're readily received, and
never deprecated = single farthing. ."-Opi,s-
IONS of Thomas Jefferson Ia 1913; has Letters
% John W. Epps, June IA, 1878; JJt.rson's
Works. rotune 4, pages 40. Al.
"The question will be asked. and ought TO
be locked at, what is to he the recourse II loans
carnpt be obtained2 There il but one
Carthage tittenld est Bank paper must be
suppressed and the circulating medium must
be restored to the nation. 10 whom it belongs.
1t il the only fund on which they can rely for
loans !; it is the only recourse which can never
fail them, and 1t il an abundant one for every
necessary purpo,e. Treasury bills. bottomed
on taxes bearing or not bearing interest. az
, may he found necessary, thrown into circula-
tion will take tho place OF 30 much gold and
, silver, which last, when crowded, will find an
efiux into other countries. and thus keep the
quantum of medium at its salutary level. Let
banks continue il they please, but let them dis
count for cash alone or for treasury notes.
Letter Sept. II, 1873, rolune 6, pages l99, 400,
POI.
Happily, the condition that Jefferson 80 anx-
iously sought is soon to occur, and now. with
| out any disaster to business, the golden OPP
| portunity has arrived to adopt his time-hon-
ored Recommendation, which WAS, charter no
more banks OF issue. We have only to add to
existing law . few lines, made necessary by
| the surrender Of the national-bank currency,
| gradually, as We pay the bonds which they
| nry to issue every month silver certificates OF
! treasury notes to the amount Of all national
bank notes returned TO the treasury.
This will meet with the approval Of al intelli-
/, gent community, who have 30 man!festly appro-
bated it by giving the greenback the preference
! to tho national-bank currency, and such fre-
quent and loud calls for the prompt payment
| of the bonds which have given an OCCASION for
| past legislation for the benefit OF the banks
Tie argument Of the friends OF the national
| banks, that 1t IL not safe to trust Congress to
issue money and to regulate tho volume there
| OF, answer by asking Il it safe to delegate 4
| power, which It ls universally conceded exists
| In Congress, to issue money, to those who act
without responsibility to the people--to those
who in the exerc 70 OF this delegated power act
| from purely selfish motives? We obliga the
banks to deposit in bonds ID per cont. over the
| currency given them as q security OF their good
| faith. Congress has done this, and yon con-
cede to Congress the power to issua Interest,"
bearing obligations TO the amount OF ont-tand-
| ing indebtedness. II Congress can do this why
may it not with equal safety bc trusted to issue
non-interest bearing oh igations in small sums
| Al wanted for business purposes? Again, why
not trust Congress to do that directly which YOU
! 30 earnestly ask them to do indirectly? Why
obhge them to procure selfish agents
without restraint to do that which they
can do better and cheaper them
selves, and in the doing protect the
country, acting 40 they always must under the
restraints OF vigilsnt people who have &C
sadly learned that their money matters concern
them, even to their existence, ~ an independ
ent people?
Another argument used against the treas
ury note ID that it tends to centralzatlon.
The trainers OF our constitution eoreeded tt
the Federal Government the coinns of mone,
and the power OF making . legal tender fol
| debt, in this language (article u:
| "No State shall coin money, emit bills oi
/ IL.