The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1883-11-15
Currency Contraction.

Ii anything were lacking to prove TO
tho intelligent reader the startling fact
that tltc business md labor interests Of
this country are placed entirely at the
mercy OF cruel and unprincipled money
grabbers, the following, which we clip
from the Chicago Times, would furnish
the missing link:
According to Mr.. Knox, the pros
rect IL that there will be an average
contraction Of 100000, 900 year for
the next three years in the bank por-
ton OF the currency. Experience UNI
der the calls already issued will show
pretty nearly whether he is correct or
not in his anticipation. Ii the event
shall prove that he il, none will feel
the Importance Of prompt action more
than those who dread currency contrac-
ton, and II we may Judge from their
record, the leaders Of the dominant
party in the House are not much be-
hind the Grecnbackers in this respect.
There is reason, therefore, to expect
a pretty warm contest over the currency
question within tho next six months.
He would be rash who would venture
prediction rs to the outcome. That
there would be two principal parties is
sufficiently apparent, and it is hardly
less apparent that neither of these
parties will be entirely harmonious.
There will be the bank party and the
anti.bank party. The two principal
factions of the former will consist,
first. of those who adhere to the bond
basis, and want to provide something
in the place Of the bonds that are dis
appearing by redemption, and, second,
Of those who, like Mr.. Coo, want to
abandon the bond basis altogether and
found n bank note system on capital
and assets only, and who, il they can
not have their way in this matter. will
not concern themselves much about tho
fate Of the national bank system. The
anti-bank men will he made up of the
fiat variety; Of those who do not call
themselves Greenbackers. but who
think the Government notes not legal
tender would serve every good pur-
pose of bank notes and remove the
bond basis wholly from the currency
problem; of those who still banker
after the frce-and-easv old State bank
system, or chaos, of note circulation,
and Of those who think the whole
problem can be solved, once for all,
by admitting silver to unlimited COIN
age on private account, and issuing
certificates for circulation against de-
posts of silver bullion. The contest
among these parties and factions bids
fair not to be devoid of interest,"
To well-informcd mind nothing OF
q business character could be more
startling than the above extract. The
population and trade OF our country
are rapidly expanding. Thousands of
new and important business enterprises
are daily projected. Multitudes OF inn
igrants are landing upon our shores
each succeeding quarter, and all this
ever expanding thrift must he confront
ell by diminishing currency. As hands
increase the great instrument of COM
merce must disappear. Labor, the
great source of wealth, must stand idle,
accept starvation wages or he relegated
to tho soup-house for food and to the
has-loft for shelter, and all to accom-
modatc few money sharks and bond
gamblers who have bribed their
way to the control Of the finances of
10, ooo,0o of people. How long will
our independent and high-spirited pub
lie submit to the outrage? Greenback-
.rs. now is yonr opportunity. Make it
hot for the apologis,s of
this crime in every precinct in the land.
Up and at them. -io,cd Tribune.