The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-07-16

uuSUfUIiOn IOf private QcIWSltb, tuey
sincerely believe the bonds of the
banks are perfectly safe security for
private deposits. This is mistake.
The bonds of the banks in the National
Treasury are there for the redemption
Of the national bank circulation. and
for no other purpose. SO you SEQ
national banks arc no better than any
other banks in this respect.
Every year national banks fail
Every year private depositors lose
hundreds of thousands Of dollars in
this way. Since the Inauguration of
the national banking system the private
citizens OF the country have lost over
six million dollars by tie failures Of
these insolvcnt national bank corpora
tions. This ut least disposes Of this
little argumen. in favor Of the banks.
Fifty years ago, when Gen. jackson
got into the White House, he found the
Government, tie people, at the mercy
Of the banks; he saw bankers alter.
nately initiating and contracting the
volume of currency; he saw the people
struggling amid commercial ruin and
financial disaster; he saw this whole
country, yet new and vigorous, rich in
material wealth, with almost every
resource in the world. kept in constant
state Of panic, bankruptcy and alarm;
he had fought and won the great battle
Of New Orleans; he had redeemed his
country from u foreign foe; and now,
moved with the same dauntless spirit,
animated with the same love of country
and burning With patriotic Indignation,
I JN0 l..r.t<. al ~ x-Ar&Vs -
banks and rescue the people.
The money power spent four
million dollars to defeat him. Tho
press was fought up, statesmen were
bribed. and every ,owee OH earth was
brought to bear against him, yet he was
invincble against bribery. All the
wealth, all tile influence Of corrupt
money power. al the old bank which
had wrought So mu.i ruin went down
itself in Rim nd s,efeat.
Once mora "a ason had triumphed
oyer.the enemies ef The American Gov
ernment; once 1. ore lie mad rescued
the nattoi, ana sat down an internal
| foe more ,saa~t sfs than ioscign ene-
| mics; once I.urc he had fought the
great battle OF the SEQ *, and won an
other victory fes t;nd and humanity.
Again W. are III another war between
the banks and tie people. Again we
are in TIE m;lst Of another struggle
between capital and lal,or. Again we
are in the battle us another conflict be-
| tween aristocr.t. assumption on ono
| hand and popular ri.hts on TIE other,
and the result of this conflict is Of in
| finite Importance 10 this age and to fu-
| ture generations.
The old political parties say to the
people, before ever You shall haye .
currency to carry OF the commerce of
/ Your country, laf.re ever labor shall
have employment, before ever you shall
have the mca' OF earning living and
keeping away iro4a sour door the gaunt
wolf of want, you shall prostitute
| yourselves to corrupt money power,
| you shall mortgage your own homes,
you shall get on yonr knees and bor-
| row your own money of the bankers.
| you shall groan beneath the oppression
| of a vast interest-bearing national
debt, you shall submit to all
the ravages of panics, you shall toll
and struggle, year after year, and pay
your earnings to the bankers, even
though your family is in want and your
children in ignorance and rags.
This is the heartless and cruel Ian
guage of the old political parties to-
day. Upon the other hand the Ma
tional party proposes to repeal those
infamous national-bank laws, to abolish
forever the misunderstanding system, to
rescue the country from the panics it
creates, to pay no more interest to
bankers for the use of your own money,
to pay of the public debt, to let the
interest cease, and to stop this vast
drain upon the industries Of the whole
people. GEo. S. GRAY.