The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-04-17

exceptions-import duties and inter-
est on the public debt-was worth
1856, these full legal tender treasury
notes commanded precisely tho same
premium over the emasculated
grcenback.
THE CONTINENTAL MONEY.
The Continental Congress had no
revenue because It had no power to
levy taxes. Il Vas oil outgo and no
income. Hence continental money
was promises to pay Spanish Milled
dollars by Congress DOT 10 posses.
sion OF such q dollar and without
means to obtain them. Tho United
States treasury notes after the adop-
tlon OF the constitution, were promis.
es to receive for revenue with mil
lions to collect.
Congress chartered the hank OF
North America In 1871, making Its
notes a full legal tender for oil debts
due the United States. Ten years
later the Secretary Of the Treasury
In his report, said the country could
not depend on coin, and that co..
100000 OF Il could not be obtained In
tho entire country. Thus we 500
that up to this time tho country
could not have been "hard money."
In 1901, the democratic party came
into power with the election q JET
ferson as President, and up to tho
close OF his administration, besides
the bank OF North America, there
had been established In the different
states seventy five banks, and I'll BY
the democrats who were In power
everywhere then. So We fall to flnd
democrats up to this time > hard
money party. And In 1911. when the
charter OF tho flrst bank expired,
would havc been = good tino II the
party was what tho Herald claims .
hard money party, 70 manifest Il.
Mr., Jefferson, then In private nfc.
protested against these banks and
insisted that the government alone
was authorized to issue money, but
then rs now, there were just enough
democrats with the opponents OF
government money to surrender this
prcrogativc Of sovereignty to . cor.
poration, Mr.. Jefferson urged the
issue Of Treasury notes to carry on
the war OF 1912. and 81. Oeo. 900 were
so issued. though the bankers and
brokers and the leading papers op.
posed It. Again after the bank sus-
pension In 1914, 90. 600, 900 moro
treasury notes were issued - per.
mancnt paper money and remained
In circulation until the passage q
a law compelling their surrender.
President Jackson, In lSS2 vetoed
the re.charter OF the bank OF the
United States, but instead OF sug.
gcsting coin. which he knew Il Inn
possible to obtain, he urged upon
Congress the right OF the United
States to issue all the paper money
rs well rs all the coin OF the country.
He urged that the paper money Of
Congress should be based upon the
"credit and revenues OF the nation"
From 1887 to lsls. over $lO0, 00O, 900
treasury notes. oil full legal tender
for debts due the United States. had
been issued. The only act OF Con.
gress that would sanction the hard
money notions Of our hard money
democrats was tho bill engineered
through Congress by Senator Ben.
ton in 1882. and approved by Presi.
dent Van Eursn. This was the flrst
effort OF the democratic party to say
by law that treasury notes issued by
the government and paid out Tor SER
vices or supplies should not b. q
legal tender to the government. And
on this iss0c the Wings defeated
Van Buren, In 1870, and in l6ll 70.
pcalcd that law.
In 1874 the democrats elected
James X. Polk. and In l6A6 re.en-
acted the Law that made treasury