The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-22

was cOWplepely Settieu anu pTOclUlHneu
after struggle continued through
nearly quarter Of century, by the
recent decision of the Supreme Court.
The Treasury Department has lately
published table of the volume Of the
greenbacks outstanding June 3Oth, Of
the last twenty-five years, which is as
follows
1863 $500. 2o7, 767ll4.09 1874. 1872 900 90
1864 .... 431, 17s,670st 1873. 1915, 5000
1865 ana, as2,es7. o66td ls76...... 3s9,77l,2s.oo
lad6 400, 900. ~ 1877. ana. 49, f6i, 332 on
1867 ... 81, 7s3 5s7. 90 1878. ea6,6si $1,000
1865 SIC. 900 900. 90 1879. 346.Gai Glnt
1861. 356,Os00Oc00 1880. 3i6,6sl, 0lGo0
1870. 35i. 900 0CO. 90 1881 ... SAG, ,0l60p
1871 $500. as,0oo,0oo 90 1882. . 346.es .ol6.O0
1872 .., b57.1oo.poo.0 90 1883 ann. ai6,6sl, 0l6o0
The query naturally arises why tho
volume which increased, though some
what spasmodically, for the first four
years, should have, on the whole, in.
creased during tire ensuing years, al.
though the increasing amount Of pro-
duction and coiiscdient cSchangg
would, during the Inst eighteen ysars
quoted, have suggested an increase:
The first bill directing the isstie IT
grecnbacks, with the degrading Eek
cept" printed on them, and limiting the
amount thereof to $50, 0OO, 900, became
law Feb. 2, 1862. OF these, &5O.O
900 were to be used for redeeming and
retiring the demand notes lthe first
greenbacks) and the first figures above
quoted, show as outstanding June 20,
the same year, 800, $40, 900.
But as it was evident that the green
back was, notwithstanding the efforts
of its enemies, growing in favor with
the people, and the ri,liculously small
amount that could be issued under the
law as it then stood, was not sufficient
for the needs of the Government, an
additional issue Of $3.50, 200, 900 was
authorized July I, 1862. which swclled
the permitted amount to 5000. 200, 900,
of which there was outstanding, as per
above table, June 80, 1888, 1907, 769,.
la.
March 3, 1863, there was authorized
q further Increase Of $3.50, 900,
swelling the authorized amount to
$3.50, OOO, 900, which resulted In the ont.
standing volume, June 20. 1864 and
1865, 40 per above table, of S431,
l7s,67O and 49,, 1851 1866 respectively.
March II, 1866, Congress, acting in
the interest of tho national banks,
which sought the destruction of the
nations Rag Baby" in order that the
whole field should be left to their
bantling. engaged in the crusade
against the greenback, by authorizing
the Secretary of the Treasury to retire
and cancel not more than $4,000, 900
during the next six months and not
more than Si.OGO.OO0 per month there
after.
The vote of the House of Repre-.
sentatives on this wicked and disas-
trous bill was IA In favor of aud only
q against it.
That accounts for the diminished vol
ume of 1866. 1867, and 1868, when the
above official table reports 1856. O00, 900
as outstanding ut the latter date, being
a contraction Of $7G,000,OO0 in three
years.
There and then the contraction and
dest. uction Of the greenbacks was tenn
porarily checked Ivy Congress (Janu-
airy, 1863 prohibiting the Secretary of
the Treasury from any further retire
ment and cancellation OF the greenback
money. This act was received and in
dorsed by the President Jan. 25, 1863,
but he neither approved nor vetoed it,
and it became a law in default of his
action, as per constitutional provision.
This volume of greenbacks, with the
exception of slight increase of ST..
500, 900, was maintained for six years,
when the panic of 1873 induced the
Government to relieve the money mar
ket by larger issue, causing the above
official report for 1874 to stand at $3s2,
Goa, 900.
Jan. IA, 1876, Congress, like the
Scriptural SOW, went back to its filthy
wallowing in the national-bank mire,
and decreed tina. the Secretary of the
Treasury should redeem the legal-ten-
der notes in excess of $500, 600, 900 in
the ratio Of $50 of greenbacks for each
800 national-bank notes issued, until
there shall he outstanding $500, 600, OaC
of such legal tender United States notes,
ana no more.
Under the influence of this infamous
decree. the volume of greenbacks di
minished as noted in the foregoing
table, until 1878, when Congress, act
ing from fear of the peoples anger, be-
cause of the destruction of their money
then going on, passed an act prohibit
ing any further retirement or cancella
ton of the greenback and requiring TIT
reissue of any and all that might com,
into the possession Of the Treasury DE
partment.
That hill raais tins.
Be IL enacted. etc, That from and afte
the passage of this act it shall not be Lawful
for the Secretary IF the Treasury or othe
official under him. To cancel or retire an
| more of the United States legal tende
notes, and whenever any Of said notes ma
| be redeemed or be received into the Treas
ury under any law from any source what
| ever. and shall belong to the United States
| they shall not be retired, cancelled or de
| stroyed. but they shall he reissued and pai
ont again and KEEP. in circulation: provides
thu. nothing herein shall prohibit the can
| collation. and destruction Of mutilated note
and the issue of other notes of like demon
| nation in their stead. as now provided b
| law.
/ That emphatic "thus far shalt tho
90 and no farther" summarily arreste
| the further destruction Of the people
/ greenback currency, as the reader Wi
notice that through the six years tha
have since elapsed, the greenbacks on
standing have steadily been maintaine
at the volume Of $346. 6Sl ,Ol6, specie n
demption or no specie redemption.
| Let traitors in and out Of Congress
beware. The nation will drive o,
from political life all those who see
the humiliation OF its legal tender pap'
money, AS our Lord drove the none
changers out Of the temple.
ten. Butler on Pensions.
Gen. Butler was interviewed ut Be
| ton Inv newspaper correspondent