The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-08
THE MONEY QUESTION.
Speech OF Hon. l.. II. Weller, OF
Iowa, In the National House
Of Representatives,
On the Bill for the Retirement and
Recoinage Of the Trade
Dollar.

Mn, SPEAKER: In the discussion Of tho bin I'M
der conside,a alton. that my remarks may be bet.
ter understood and, n trust more highly AZ.
prcciated. desire To present to tho attention 81
this House some Of the main cardinal principle,
Of my POLITICAL creed touching national affair.
and the needs OF this day for the general wei.
fare.
win now present those views, formulated u,
followa.
|. We. tho people, are the Government: and
therefore, NIL legislation, both national and State
should represent tho majority Will and brst In.
.erestsot the people tile Government
tutionally expressed.
:. All special legislation tending to and re-
sulting in the building up and fostering OF con-
solidated corporate manopolics not only IN de-
strnctiye to our form and character OF govern
ment-of, by. and Tor the people--bnt positively
aids In creating government Of vicious. spec
nlating. nsnry sucking, prosperity -dcstroying,
crime. breeding, tramp-ereutng atistOcraeies. 4
government OF outrageous inequalities among
the people: government OF money IA king and
labor ~ slave
=. The spirit Of the age demands progress In
all ways possible: therefore, leave the past with
its sanctited good and strike boldly for the
grand possibilities 10 humanity coiled up III the
present and future.
/ here present statements as n proper basis fnr
philosophic, philanthropic. aud statcsmanlikc
action IN lcglslating for q government Of. by.
and for the people
STATEMENTS ron ACTION.
l. To establish tho unlimited coinage of gold
and silver, present standard of weight and line
hess
2. To substitute permanent Government To-
gal-tendeI paper money for bank issues Of cur
rcncy without contraction or imitation thereby.
i. 10 promptly pay the bonded debt.
4. To reduce the taxes and expenditures IL
the people by substituting Il system Of equitable
taxation and Just reduction of official salaries.
). 10 destroy sectional strife.
d.
representative bodies, and that the people he
insured a free ballot and fair count.
7. To Justly control by law and bring into sub
lection To the interests Ut the people all corpora
lions and mononolics which have corrupted the
public service, and by combination and extor-
ton have established absolute dominion over
money, over transportation, over invention, and
over land and labor.
$. \ revision OF the tariff In the interest of
labor, but not In the Interest OF rich corpora
tiuns and monapoliss.
.. No sumptuary enactments inimical to the
letter and spirit or the United States .ons.itu-
ton
But return to argue more specifically the
terms OF the bill under consideration. II may
be that the bill was uneonSciously framed In
the interest OF the money lenders, persons OF
fixed Incomes, and dominating corporations.
Whether Intentional or not, II IN my opinion IL
Do framed.
The first section reads that the trade dollars
shall lie received nj their face value In payment
OF all dues TO the United states. Tho second
may. on presentation at the proper Treasury
Department, receive In exchange standard silver
dollars therefor.
These two sections, standing alone. should
they be enacted into "A law would PRACTICABLE, re-
monetife the trade dollar. ana would increase
the volume OF money To the extent that such
silver coin would hc exchanged for standard
dollars now locked III the Treasury,
Section requires that all trade dollars re-
ceiyed by, paid 10. or deposited with the Treas
urer, or any assistant treasurer or national de-
ayI,ut1 La,
shall be transmitted to the co mage minis n the
expense Of the Government and recon ii into
standard dollars.
These three sections, standing by themselves
alone In this act anu II made into "A law, would
result III an Increase OF the volume OF money To
the extent OF such receipts, recoinas., and ex-
change, provided 1t .be true rs stated by the
gentleman that these trade dollars are moi now
in circulation and thus serving the purpose oil
money.
But il. as now allege. these dollars are now
largely in the hands of spectators. who bought
them up out Of the hands oi the people NJ y. u,
ST. and 81 cents on the dollar piece. AMI thus
have them stored away from circulation, then
for the Government to receive tn, in exchange
for the standard dollars will liherate from til.
Treasury an equal number OF dollars now
hoaf ded there, "a useless as IL they were in the
bowels OF the earth, whence the material oil
which they are composed WAS originally taken
But tho shrewd manipulators prompting this
action have inspired the fourth section. which
reads a. follows
e.. 4.
the coinage minis shall be regarded aud treated
rs silver bullion. and, NJ their bullion value
shall be deducted from the amount OF bullion
required TO be purchased and coined by the acl
OF February rs, 1875"
This fourth section is capable OF hut one sin,
gle. direc, Interpretation, although 1t i shrewd
ly woracd. The first statement l.. THAT TIT
trade dollars 20 received at the coinage minis
shall he regarded and trsa I'll as silver bullion.
How does the Treasury Department now treat
silver bullion.
II can under existing law coin of 1t into stand
ard silver dollars net less than two nor NOR,
than -four millions per month Ii the purposes
OF this section We're not clear from tbs language
quoted. most certainly the remainder OF the sec
ton woula place the meaning and intent hesons
dispute. II reads: that at their bullion yalu,
they shall be deducted from the amount q
bullion required to be purchased and coined by
the act OF Feb, -, ISIS, Now, suppose there h
under this bill framed 10, 40 trade dol ar
in bullion value turned into the Treasury o
coinage mint Tor coinage purposes during an,
month. the Secretary OF the Treasury would b.
compelled to deduct that sum from the sum u
his purchases under existing Law, so that. tn
exis ing law being complied with, not less thar
two nor more than four millions per month /,
all could he coin d.
Thus. il being true that under the terms o
this fourth section the officials being obliged 4
take all trade-dellars otered. and when take,
to recoin them under the terms OF existing Law
as 10 coinage. there could he no more dollar
coined than a though this hill had never OK
listed. and it would b. positive bar To the rnr
chase OF other silver bullion, and therefore To II
coinage. and thus diminish the volume of sil,e
dollars To that extent A. view this bill /, liza
but three general purposes: First, to PLAY int,
the hands Of spectators that swlndlei tn
people NJ every turn cut 81 10 Il, or 20 cents Il
| every piece: and, now that the spectators haS
| the great bulk Of these dollars, to permit then
| to exchange. piece Tor lles,, nj the expense q
! the Government into tighter standard dollafs
/ that. strange 70 say. are worth as deht~lasln
agent from ~ Ia - or - per cent. more than lii
| big, heavy Sherman and Blaine dollars. Yes
/ this and more as a purchasing agent also.
| .. To diminish the volume oil money in eirea
| lation and thus make II more difficult for lii
| debtor class To meet their obligations Of VIVA,
/ ever kind solyahlc III maney.
| s. To hrn; about condition OF things tina
| will prompt or force IA discrimination OF TIL
| coinage OF silver.
II am correct, and aver that am, and lax
/ laid bare thu stimulating motive, the sum .
| this proposed unwise legislation IL to deereas
! the volume OF money in general circulation. an
thus enable the creditor class To close his seear
/ ties when the thus diminished value OF such 81
! cnrit,es will enable him IL rake IN the rronert
I of his debtor nj many Ter cent. less OF saiu
measured in legal dollars. than MAS Its mark,
| value when the loan was made
notice that eminent gentlemen on this hot
! max. great stress OF what Will be the acts
other nations, especially the Latin tniol
whether they adopt tie moAanetallic staniar
| of gold or himetaliis stan lard of gali AMI Il
| ycr. / shall be surprised ii SOM oil these I'll
! tlemen do not In tho near future aasoeats III.
1 Y
lie 80 revised rs 10 accord in | tier and sir
| With the characteristics II a monarchical Tor
OF government. Every effort secure an lite
national standard 81 CON money has 80 4
failed, and must continue To fail tor the We,
I obvious reason that all such governments a.
inmicai Ia r,pnbieam forms OF goscrnnsf
aud therefore those financial and other eona
tons essential u manafchicsl form ~ COVER
msnt would hc intmisai IL i peoples govern
ment. Therefore ans condition Ut measures
national policies that would prov. ~ great val
IN building upa peculiar government such
ours would in all their tendencies lr8ye Il
strneiiye toany IN enafri4iral form and charact
uf government,
| Thus II is that the british Government.
we'll thu German Empire aud Others. have u
| sscNing 10 destroy ~, moi by shot and sell, 4
! sword an bayanet. Int hs Tire subtl. aAi ING
/ potential wayus fastening an Gar lsaiale . hna
/ ctal system that would In It's practical niseT
/ tiaus reduce the masses IL the people tn
ranks Of tenantry. then deprive or ain class
Of tile ballot tor the alleged reason ts4ai such
not qualified by intelligence Ur IT party owns
ship to alerly exercise that right accortiin.
their idea 0t FRO, rlstg. aud then establish
strong government, with ilis~t.aute in uih
the few dom main. the M sny, tie ftH living