The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-12-25
Silver Coinage Legislation.

The silver coinage act, known rs
the Bland silver bill, became law in
pursuance Of the deliberately formed
opinion OF both branches OF Con-
grcss as expressed In the following
joint resolution:
RESOLVED by the senate, Che
house concnrring therein). That all
The bonds Of the United States ls-
sued or authorized to be issued un-
der the said net Of congress herein
before recited, are payable principal
and interest, ut the option OF the
United States In silver dollars OF the
coinage Of the United states, con-
tanning 4l24 grains each OF standard
silver and that to restore to It's coin
age such silver coins as legal tender
In payment OF said bonds, principal
and interest, Is not in violation OF
public faith nor In derogation OF the
rights Of the the public creditor"
This resolution passed by nearly .
two-thirds vote in the senate and by
more than that In the House, rs fol-
lows:
Senate, Jany Is, yeas, 43, nays %.
House, Jany %, yeas, lS9, nays 70
Tho secretary Of the Treasury re-
ports bonds now payable ut the op-
ton Of the government, and bearing
u semi annual interest OF three per
cent. Mt 1906, $4,000.
These bonds come within the scope
Of the resolution adopted by both
houses OF congress in January 1873,
and given In full above. These
bonds are chiefly held by the nation
al banks and deposited rs security
for their circulation. To call them
in and pay them off as contemplated
In the resolution and in the law pas
scd in pursuance Of 1t, would not
diminish the circulating medium one
farthing, bu, would rather tend to
its increase to the extent that the is
sue OF the bonds exceed the bank
notes issued. viz. 10 per cent.
1t would also relieve the labor Of
the country OF %, l65,s7o paid as in
terest to the banks on these bonds
annually while permitted to run.
The cancellation or the bonds us
rapidly rs they may lawfully be paid
will reduce the national bank circu-
lation from $50, 0OO, 900 to $30,0o0,OoO
per annum after this payment Of the
bonds now payable SO that by 1891,
the national bank currency in ad-
ditioa 10 the s3o5,OO0,oo0 tina. may
be ut once retired or exchanged for
oliver will be diminished fully $780,.
ooO, 900 more.
The N. Y, Sun discussing these
matters, says:
During the same period by the OPP
GRAFTON of the Bland silver bill there
will he sos .ne0,0 900 Of silver coined a
year, and fully as much gold. So
that while our national bank curren-
cy will be contracted $1O0, 100000 to
$50, 100000 by 1891, and silver and
gold coin will be inflated 1886, OOO,-
600 we will have in that time $l.l35,-
100000 in currency besides 100000
600 remaining from the National
banks. As our population will then
be about $6O,o00.O00. the currency
will average about so per capita.
and to have the same amount az
cordingly in 1891, cur circulation
should be 81 ,746,757 800 or S5ll,0oO,-
600 more than the Suns figures for
1891. There should have been in
circulation 81 ,542 10000 at the pres
ont time instead OF 81, 49S, 0O0, 900 rs
| it now is. The shrinkage since 1881
in comparison to the population has
been about $44, 900, 900.
1t will thus be seen that provision
should be made for increasing our
currency about $50 .O00. 900 more than
can be had from the coinage OF silver
and gold, or about S100,OOO,0O0 per
year il we would retain stapl. prices.
We see no other plan by which a
panic can be ayerted. We call the
attention OF our congressman to
these figures hoping they will give
the subject the attention the matter
deserves. Since the greensack has
been declared a legal tender by tho
highest authority in the land we see
no reason why preparation against
u crisis might not be made by the
present session Of congress. We are
on the downward road now and moth
ing short OF wise legislation will pre-
pare us against a financial crash
such as We had i'm 1873 to 1879. We
should be glad to think we were mis-
taken in the matter but with these
| figures before us we cannot.