The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-12-10


Justice and fairness dictate that any nodih-
cation Of our present laws relating 10 revenue
the industries and interests which have been
encouraged by such laws, and in which our
citizens have large investments. should not
be ruthlessly injured or destroyed.
We should also deal with the subject I'm such
manner as TO protect the interests or AmerI-
can labor. which t. the capital Of our working
men. Its stability and proper remuneration
furnish the most justinable pretext for pro-
tective policy within these limitations. A
certain reduction should be made on our Gus
toms revenue. The account Of such reduction
having been determined. the inquiry follows
where can II best be RENTED and what arti-
cles can best be released from duty In the In
terest Of our citizens think the reduction
should DC made 10 the revenue derived from
tar upon the imported accessories Of life.
We thus directly lessen the cost Of living In
every family Of the land, and release to the
people in every humble home larger meas.
ure OF the rewards Of frugal industry.
National Banks.
During the year ended Nov. I, 1885, 145
national banks we're organized with an aggre-
gate capital Of Sid. 3d., 900, and circulating
notes have been issued to them amounting TO
N.214,9lO. The whole number Of these banks
In existence on the day above mentioned was
2.727. The very limitoi amount Of circula-
ting notes 10 sued by our national banks com
To Issue upon deposit OF bonds for
their redemption indica,es that the volume
OF our circulation medium may
be largely increased through his
instrumentality. Nothing more important
than the present condition OF our currency
and coinage can claim your attention. Since
February. 1878, the government has, under
the compulsory provisions Of law, purchased
silver bullion and coined the same at the rate
q more than 2.oao.n0 VI dollars every month.
BY this process up 70 the present date 2l5,
759.43l silver t;olars have been coined.
reasonable appreciation of delegation Of
power TO the general government would limit
its exerc Sc without express restrictive words
70 the peoples needs and the requirements Of
the public welfare. Upon this theory the
authority. to ''coin money as given TO
congress by the constitution, II 1t permits the
purchase Dy the government of bullion for
coinage in any event, does not justify such
purchase and coinage to an extent beyond the
amount needed for sufficient circulating
medium. The desire to utilize the silver pro-
duct of the country should not lead to q mis-
use or the perversion Of this power. The
necessity for such an addition to
THE SILVER CURRENCY
Of the nation as Is compelled by the silver
coinage act, Is negatived by the fact that up
to the present time only about &40,000.000 OF
silver so coined have actually found their way
into circulation. leaving more than $l65, OOO,O 900
custody OF which has cntailed a
considerable expense for construction of
vaults for its deposit. Against this latter
amount there are outstanding silver certifi-
cafes amounting TO about $93.000.0O0. Every
month 81, OUU, 600 of gold In the public treas
ury are paid out for S2.0U0,e 900 or more of sill
yer. to be added to the idle mass already
accumulated. II continued long enough
this operation will result In the substitution
of silver for all the gold the government owns
applicable to its general purposes. 1t will
not do to rely upon the customs receipts of
the government to make good this drain Of
gold, because the silver coined having been
made legal tender for all debts and dues,
public and private, ct times during the last
six months 81 per cent. OF the re-
ceipts for duties have been in silver
or silver certificates. while the aver
age within that period has been 20 per cent.
The portion OF silver and It's certificates re-
ceived by the government viii probably In
crease as time gots on, for the reason that
the nearer the period approaches when It will
be obliged TO offer silver IL payment Of It's
obligations, the greater inducement Their Q
will be to hoard gold against depreciation on
the sum of silver, and tor
THE PURPOSE or sPECULATINo.
This boarding Of gold has already begun.
When the time comes that gold has been
withdrawn from circulation. then 1t will be
apparent that there Is q difference between
tue lOdi S0lO0 vi luO SuVeE 0OAl8TS 0uQ y uOl>
lar in gold, and the two coins win part com
pany. Gold II still the standard Of value. and
il necessary In our dealings with other
countries. II will be at q premium
over silver. The banks which have substi-
tuted gold for the deposits Of their GUS
toners may pay them with silver bought with
such gold thus netting handsome profit.
Rich spectators will sell their boarded gold
to their neighbOrS who need II to lQuidate
their foreign debts. at ruinous premiums over
silver, and the tailoring men and women OF
the land, most defenseless Of all, will nnd that
the dollar received for the wages Of their toll
has sadly shrunk in its purchasing power.
II may be said that the latter result will be
but temporary and that ultimately the price
of labor will be adjusted to the change. but
even II this takes place the wage worker cam
not possibly gam. but must inevitably lose.
since the price he IS compelled to pay for his
living will not only be measured In coin
heavily deprecated and tiuctuatin1 aud un-
certain In its value, but this uncertainty in
the value Of the purchasing medium will DO
made the pretext for m advance in pricesOe-
you'd that justified by actual depreciation.
The words uttered in 1884 by
DANIEL WEBSTER
In the senate OF the United States are true
to-day. .sIhe very man of all others who
has the deepest interest in sound currency
and who suffers most ny mischievOus legisia-
ton in money matters Is the man who earns
his daily bread By his daily TOLL The most
distinguished advocate Of bi-metalsm, dis
cusslng our silver coinage. has lately written:
NO American citizen had rs yet felt the
sensation Of cheapness, either on receiving
or expanding the silver act dollars" And
those who live by labor or legitimate trade
never will feel that sensation OF cheap
ness. However plenty silver dollars may be-
come they will not be distributed as gifts
among the people. and IL the laborinG man
should receive four deprecated dollars where
he now receives but two he will pay in the
deprecated coin more than double the price
he now pays for all the necessaries and COM
forts OF life. Those who do not fear any dis
8Strous consequences arising from the con-
tinued compulsory coinage OF silver as now
directed BY law. and who suppose that the nd
dition to the currency or the country. In
tended rs q result. will be pubic benedt are
reminded that history demonstrates that tho
point Is easily reached In the attempt 10 hoat
IT the same time two sorts OF money OF diff
ferent excellence when the better will cease
u be In circulation.
THE BOARDING or GOLD,
which has already taken place, indicates that
We shall not escape the usual experience In
SUCH cases. So il this silver coinage be con-
tinued We may reasonably expect that gold
and Its equivalent will abandon the 6eld Of
circulation TO silver alone. This. OF course,
must produce severe contraction OF our
circulating medium instead Of adding to 1t.
1t Will be disputed that any attempt on the
part Of the government to cause the circula-
ton of silver dollars worth 80 cents side by
side with gold dollars worth 100 cents, even
with the limit that legislation does not run
counter Of laws of trade. to be successful
must be seconded by the confidence Of the
people that both coins may re-
tain their same purchasing power
and be interchangeable at will.
a special effort has been made by the secre-
tary to increase the amount OF our silver
coin In circulation, but the fact that large
share OF the limited amount thus put out IS
soon returned to the public treasury in pay
ment OF duties, leads to the belief that the
people do not now desire to keep it in hand.
ana this with the evident disposition to hoard
gold, gives rise to the suspicion that there
airead, exits a lack Of confidence among the
people touching on financial practices.
There il certainly NOT enough silver now In
circulation to cause uneasiness, and the whole
amount coined anu now on hand might after
Y time be aDsOr bcd BY the people wltnont APP
prehension, but 1t il the ceaSeiesS stream that
threatens TO overflow the land which causes
fear and uncertainty. What has been thus
fnr submitted uuOu this subject relates al