The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1883-11-08
The Bankers Threat.

| The Bankers Threat.
Since the so-callcd resumption of
specie payments, tho Republican party
has annually pointed with PRIDE to
the wise system NJ currency it has
given to the country. and !elieitated
itself upon its general management Of
| the finance ~ the nation. II will read
| lily be conceded thdt q etable md wise
monetary system in q great nation like
onrs-numbering over 50,0o,,OO0
Of peoples Of tho utmost
| importance, It reaches to every re-
lation oil lifn and TO every
business transaction AMONG msn' nay
more, it stimulates MI our hopes, pla,it
and ambitions for the future. Ii there
| is single human structure that should
be built upon imper,shable and immov-
able granite more than another, it il
the financial system Of a great peuplc,
All the experience Of tho past, and oil
the wisdom and virtue of the present,
| should be invoked in tho solution Of tho
great problem. The system should not
he framed by, nor conducted in tile in.
| tercst Of, any one class. nor should Its
| operations he under the contro, Of spec
ulativc avarice and ingenuity.
The usurer, the misar and tho extor-
| tionists-th leeches Of human society
will absorb the lifc-blood Of human af.
fairs-the currency quite soon enough,
even after il reaches the channels of
industry and trade, without enthroning
them Mt the very heart, the fountain
from which this life blood must bo sup.
piled.
Is our present currency system one
OF safety? Where have We built? Up
on n rock, or upon the sand? Is our
monetary system under the control Of
the people, or Of the money-sharks and
| usnrers?
The following, clipped from Nh edi-
rial in the Register, OF the 18th. is an
open confession by one of the most
truculent and INSCRIPTIONS bank or
gans in the country, Of the absolute
idiocy, not to say criminalitv, of our
present financial system.
"wHAO SHALL orR MONEY DEP
The national bankers of the United
States, recently IN session. discussed
the pending possible destruction of the
national banking system. They have
q serious situation to face. The last OF
the 81 per cent. bonds were called in
July, and few weeks ago call was
made for SO, 900, 900 of the per cents.
The surplus revenue for this year, i il
estimated, will certainly not fall short
of Sl0O,oOO,OO and it is likely the
Government will be forced to call in
and redeem large amount Of the B per
cents. still outstanding. More than
two-thirds of these bonds are held by
the national banks and deposited in
Washington rs security for circulation
In less than three years all these bonds
must be surrendered. Under the pres
ent laws, the Government is bound to
call them in, for until 1891 there will
be no other bonds which il can call.
The consequence will be that the ma
tional banks will be required to replace
the 3 per cents with 4 or per cent.
bonds or else surrender their circula-
ton. Many, If not most. would choose
/ to surrender their charters. This will
| lead to a contraction of the currency,
which will inevitably bring about finan.
cial distress more or less pronounced.
In his annual address to the bankers,
Mr.. Coe recognized the danger, but he
| could Suggest no remedy.
Unless Congress takes some steps to
save the security bonds from forced re-
demption, the currency will be con-
tracted. There will, then, be the usual
demand for an issue of greenbacks to
supply the place Of the withdrawn
national bank notes, and. even though
there may be no danger Of response to
this demand, the agitation will disturb
the well-arranged business of the coun-
try and throw an uncertainty over all
financial transactions"
The banks hold 500, 900, 900 of 3 per
cent. bonds now subject to call and pay
ment, and they boldly say to their
5O,OOO,oO0 Of slaves, "if you insist upon
paving your debts while you have the
money to 10 so, we will precipitate the
whole country into financial disaster.
| We will close our banks aud take the
money out of circulation. We know
that this will ruin every other branch OF
business except that of the money
lender, but You have clothed us with
the power to do this, and we propose to
exercise it whenever it shall be to our
interest t. do So To the Forty sixth
Congress they said, IF you pass the 4
per cent funding bill and compel us to
deposit the new bonds as security for
our circulation we will refuse to do so.
| We will contract our currency instead.
And straight way they took SIS, 900, 900
of money out of circulation in a single
week, brought on a panic in Wall street
and compelled Hayes to veto the Fund
ing bill. They are ut their old game
again. They now say to the country,
If You pay off our B per cents. now
due, we will shut up shop and grind the
people to powder" 1t is the policy OF
the highwayman who says to the victim
within his power, "Stand and deliver.
When Jackson overthrow the United
States bank, Tom Benton remarked to
Silas Wright that Jackson had not
really slain the bank party. 1t is a
wounded tigress and has retired to the
jungles. She will spring again upon
the country, bringing her whelps with
her. The prophecy has been fulfilled
to the letter.
Greenbackers of America, sound the
alarm! Buckle on your armor and &C
forth in defense Of your glorious prin'
ciples. Again the financial question
has come to the front. Let MS thank
God and take courage. Iora Tribune.
The Question Settled.
1t was tho boastful cry of both OLD