The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-01-08
The Plot Which Wrecked The
Nation In 1873.


In his first annual report, Dec, 1865,
Hugh McCnlloeh. Secretary VI the
Treasury, said, rs an excuse for the
contraction Of the money volume,
that trade vas mostly carried on
with cash. and the people, generally,
were out Of debt
Now why wasn't that splendid
condition Of things to b. left alone?
But in this report the Secreta1y y
urged, and in April following Con-
gress adopted. tire policy Of rapid
contraction Of the money volume.
Will any Republican farmer, mer-
chant, mechanic or laborer, who sup
ported this scheme by their support
OF the party that adopted it, tell us
what were the objects and purpo ses
Of the measure?
Who and what class was itintended
to benefit, and what to destroy?
That the expanded war volume OF
money had produced an unparllle d
degree OF prosperity among all OF
the useful classes. enabling them to
do cash business and to float safely
over the rocks and bars OF debt, we
have the voluntary testimony Of the
most jealous advocates of the
scheme.
Let us probe this question to the
bottom and see il We can get ut the
interested parties and their motives.
The great bulk OF the money was
owned by the people asi depositors
in banks, which they checked out as
occasion required to do Il bank busi-
lIess.
On its deposits the banks derived
no interest income, for SO plenty was
money it would command usurious
obligations and securities.
The business OF the banks was to
sell money to the highest bidder, but
when they became deprived Of buy
crs through the necessities OF the
war they had no market for their
goods.
Labor and enterprise were snppli-
ed from their own bank accounts.
The banks demanded Il market,
and the only way they could compel
the people to purchase OF them was
TO destroy the peoples supply.
Through the tiimble rugged. hocns-
pocils process oI the ScW 1ork doiu
iScilai.'e anu tic !feenpacK eAcep.
Tor duties on imports 1ney nau
managed to ilanl in on their SiO.0OO,-
coo geld hook about S7ul.GOJ.OOO OF
currency; and they went to work
through, Congress, and Hugh Me-
u vii 10 have the 81, sDJ,ODU,GGo Of
circulating medium cut down 10 the
am olaa. u laeif s,p:sl accommodations
iiies seeesiis'iaosiea .AeiI Hcihsn
purpose.
ne bosahies oi aes'l'fcsioh we're
Niaaisa so,li a'.si M the passing q tue
ae,, Apii A., iooo.
A money became setice. men De-
sisii - ootio", Pieaes.is- tiaeit M
ehe,taio'.'sa ea'.''.s
il aiiZe O. Isol ihNoi'eu an
ii,sssf. sits l..ss u 81 'ooo.o'V.
| iat oi ioos ues1.o. ea Sfio'''o.-
! uau u eeiishes 'sas'o = property
loss 10 l'aissaduais 81 : 'o,- is,oaa.
Ii isaJ Oyer '7ov'.oo.'u'o III tue
peot'les money passea thfouSi lhe
contraction Is.oi,, coming onl per
cent. rents ios sn!io'A.
LII 1919 aooa, s.'o'ooo.oo' " 'iloley
was burned ana l's asiies o'isefled
into ooha. paraehs LOT people
whose D'.eas We're a''eaas 's.il anu
aching hnasf aep's anu mortgages
siVeh Tor the use u iaohey once
.hsii " -.
IL lo,i Soo.ou'.uo,. III ls.. SI-'ooo'-
Vuo' alu III 1919 s-o..9V'oo" were uc
a'feyea aila 'neif pup coh'efteu "a
. more puiuehs Iot TIC peop'e
backs.
NOW was tue ohilAer harvest.
Like nero, 'iisy a'tnce' an. n''uleu
Whiie the natlons prosperity was
burning.
The cracking nimes OF consuming
sfeenbacns Vas music III 'nelr nenu-
isl ears. j.
Inc sniihka.e y N:liues :iiaue tne
iisci'soA 81 seeaIl'ies easy anu
WGeh TIC enc caiiie ail'i liie piaehcn-
Ell GROUND reVealea Tue cnaried cur
casses u hunaieus ~ lnous''iius ~
slhatherea slc'lms o. hopeless Danh-
rupfcy ana s2ooo,ooo.ooo ol Weal.n
dried anu snrunken 70 the capacity