The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-08

in 1878 Congressman began TO read
the handwriting. upon tho wall.
They stopped the destruction or tho peoples
money, upon which they were paying no inter-
cat to bankers. They remonetixod silver III
spite Of tho wonderful wisdom Of the Secretary
Of the Treasury and the veto OF tho President
they began to increase no currency. and there
has been corresponding prosperity since 1873
The education Of tho people has caused more
favorable legislation for the industrial classes Of
tho country. The people discovered that hard
times we're caused by unjust laws.
Specie basis has always been dcusion and
en- acknowledgement In, tho specific redemption
In single commodity. legal tender for a!
purposes Is currency redeemable IN gold, sil-
vcr and oil other commodities. No foreign
wars can remove its basis: no panics, no rcvo-
lutions IN trade can possibly affect II. Its legal
value. established BY the sovereign power OF 4
great nation which controls oil products and
oil commodities, will not be questioned by loyal
American citizens Who have become familiar
with the history OF their colonial ancestors,
whose prosperity was identified with their |, gall
tender paper money, and who gave ,is nation
without gold. Remove tho lcgnl-tcnder char
acter Of metal money. and IT becomes .rrelecln-
able. Gold IL not ret.oemahle In the greater
part Of Asia. Silver il not redecmable IN Tur.
key, Brazil aud many other countries. II was
dtmonetlzed in this country from 1873 until
1873.
Tie following statement shows the profits OF
banking Cooke on Pficoa, volume 9, page
749):
1.-THE net profits Of all the banks In the
United States:
"In 1896. Is per cent
lin 1897, Is per cent
In 1888, Is per cent.
Between 1888 and 1862 the net profits only
once fell as low AZ per cent. That was III ls4O
In - BOD
I'm 1853 the net profits reached 50 pcr cent
Yet these banks during sixty years previous
10 the late war caused q financial crisis aud
hard times aa often N once In eight or ten
years. The people had become accustomed 10
being robbed and ruined periodically. TLis
basis banking. The people were told BY sub.
sldizcd presses that this was . subject that
common people could not understand /; that tile
volume Of currency would regulate ITSELF
SPECIAL PRIVILEGES GRANTED TO NATIONAL
BANKS.
I. The Government holds their bonds in safe
keeping for them without charging them cent
for tho favor.
2. II collects the interest on their bonds from
the people ana pays it over to them irec Or
charge.
8. II furnishes them with 800 OF hank notes
az free gift to loan out for every $1,000 Of
bonds they deposit with the Cow rn,lcnt.
4. II allows them to draw interest on their
bonds q. e. tho peoples bonds) and. their own
bank notes At tho same tiu1e-a twofold inter
est.
5. 1t imposes no tax either on their bonds or
on thor money, but .xacts that much
G. It places ssoo0oo,osn of the peoples
money, called the deposits" in their posses
sion to speculate on and establish banks on.
I. It allows them to draw interest both on
what the Government Qhe pcople) owe them
and what thcy owe the people.
B. tauthorizes the Treasurer to pay them one
years intc,cs. in advance, that they may have 1t
TO speculate on.
.. A Law enacted for their special benefit on
June %, 1874, authorizes them, after they have
flooded the country with their notes. an1 in
hated prices Of all property to high figures, to
suddenly contract their circulation, AMI thus
contract and PROSTATE business and ruin the
country.
10. The law (Jan. 10. 1879 authorizes them,
after they have invested very largely in the
pro erty they have thus reduced to half price,
to j! fate their circulation again AMI raise
rr,ccs 20 that they can make larger fortunes by
sell ns at high prices the property they had
bought mp for trliling sum.
Has the Government bond, upon which the
national bank is based, any better security than
the legal tendcr2
The people have been educated npoa the cur
rcncy question within the last six years 40
never before. They demand their own legal
tender money in preference to any Other. It
has been Rscertaiscd by 4 careful cstimst Of
gold COINS III circulation in varlOus countries
that the loss by wear il equal to one fftieth
every year There il no redemption for this
| loss. The legal tender when worn Is redeemed
with new issue. The constant wear Of the
| circulating coin currency and the immense in.
crease OF population and the increasing busi-
ness Of civilization make il impossible for states
i With rnaRnnAhla All0wapco 0f
business intelligence aud integrity to
/ advocate any limitation OF the bust
ness Of the world to any metal II ID
/ estimated by some statieticians that every dol
lar Of gold raised in the mines Of California has
IN average cost OF q to get it.
One very intelligent lawyer like tho distin.
| gnished senator from Delaware. proposes ID
prohibit marriages and limit the population to
| the metals. This would be no more absurd Of
ludicrous than all other arguments of specie.
basis men. Rome fell into barbarian because
the population outgrew tho metals. The pro.
tense Of specie basis OF any kind ia 4 fraud.
The promise to pay in specie il generally lie.
The system teaches people to deceive, to be
| dishonest It IL confidence game from !irsl
TO last. The growth OF population. Of civiliza-
| ton, and OF business by means Ct labor-saving
machinery. OF the discovery aud utilization Of
| steam, within the last sixty years. has beer
/ fifteen hundred to one, while there has been nc
such corresponding increase OF gold and silver
Az we'll attempt to move tho freights Of the
| world with OF carts instead OF freight trains
and steamboats, - to talk about limiting thu
commerce Of tho world in any degree to any
metal. II il not only disrespect for govern.
| ment, but il Is an insult to the intelligence oi
| the American people. Harvey. an English po
ltical economist, pages "a and 80. SAYS:
The plain fact il that the vast commercial
and industrial transactions OF this country can.
not, by any ingenious contrivance, be carried
| on securely for any length Of time with circu-
lation based upon or even nominally convcrti
bic into gold. There is not gold enough in the
world. With gold standard all the energies
OF the county are circumscribed and over
/ powered.
"These public debts. il looked into closely
are only machinery for mortgaging the labol
| OF generations unborn, adding to the constant
| Embarrassing power Of the moneyed or creditor
1 interest"
In 1880 the contraction OF the currency i,
France caused hard times and the organizalior
| Of the cOmmunes. In la47 the contraction oil
| the currency caused reorgan zliion OF thu
communes and the revolution Of ls4S In 1871
the French people had war with Germany
They were whipped in war, but victorious il
peace. They issued S62o. 100000 additions
| paper currency, made inll legal tender, KEEP
ut Iar.wi.h gold without apece basis employed
their population in tho manifold indu tries O
| the country. The immense increase OF til,
products Of the country for expectation ena-
bled them by these products to purchase bills o
exchange to pay this stipend Of 81 ,o0O. 0O0, OOt
to Germany within twenty-seven months from
June I, 1871. completing the paSn,eDt Of tl.i
national debt September s. 1874 The lars.
products u industry. the fruits OF fun leg i
tender paper currency. continued to bring sol.
from other nations and gave prosperity 4
i France.
On the other hand, Germany Was victorion
In war and whipped in peace. She contractce
| her paper currency aud demonctizcd her ri yer
paral! zed her iniu tries by such contraction
filed Germany with unemployed and Lansr
men. Thousands sought employment in pros
| porous France. Our own history is similar I,
that Of Germany. W. were victorious ia Mar
but most numerically whipped by the specie
basis conspirators in peace A large portion o
our paper currency was destroyed, our s,lve
deMonetized, and an unn.c. SsAry interest
bearing debt spread over the Aaier,.an people
| This was not the result OF accident ar ~ iglo
rance it was premedita,el l.ri>lat o. ia tn
interest Of the few to cnsiase the MANY
Partisan leaders seem to learn n1thin, from
history.