The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1886-07-07

ONWLUDSouO1UB SD0o0 U0IUlUS WO5U0
I Mr.. Stevens, and : market VAS Great
d BY law for the pittance Of gold then .
4 the country, and which was exclus-
vely in private hands. importers must
low have it 70 pay customs duties, and
be holders Of public securities must
ave their interest 10 gold, and 20 the
,old gambler had everything his
,wn way.
The unpatriotic manner in which
hey used the advantage which the Law
rave them u graphically set forth in
The report Of Hon. william Pitt Fesen-
len, Secretary Of the Treasury, Dec.
s, 1854, pages % and %:
The experience of the few past months |
cannot have failed TO convince the most |
careless observer that, whatever may b the |
effect of . redundant circulation nj on the |
price Of coin. other causes have exercised . |
greater and more deleterious influence. In |
the course Of few DAYS the price Of this art |
icle rose from about 4l.5O to - IS in paper
ior 81 in specie. and subsequently, fell, in e
short per Cd. to 81 Stand then again rose -
rapidly r. 81 80; and all without any assign
able Cause, traceable to m increase or de
crease in the circulation Of paper money, or
IN expansion or contraction Of cred
it. or other similar influence on the market
tending 10 occasion . fuctuation % violent
Il ID quite apparent that the solution Of the
problem NAV be found In the unpatriotic and
criminal efforts Of Spectators and probably
Of secret enemies. to raise the priCe Of coin.
regardless Of the injury Inflicted upon the
country, or desiring 20 in6ict il All such NJ
temDts should be indignantly frowned upon
by patriotic community, and the efforts Of
ell good citizens invoked TO counteract such
uefarious schemes. A Law providing for
the exemplary punisbment Of combinai ions
for such . purpose might tend TO vindicate,
il i could not fully protect. the public
- possible rigidly enforced
Of the Treasury todayl II wonld sound
like another edict from Nehemiah
against the usurers and deep0ilers 81
Israel. Il would resurrect the hope
Of the country and cause il to sprire
into newness at life. And o. the re-
buke would die awsy ACROSS the CONT.
nent, how sweeter than tho notes Of the
Dorian flute would it strike tho listen
ing ear Of suffering labor in every ham.
let Of the land.
By manipulating things In the man.
ner described here. by Mr.. Fesenden,
the parties to such transactions were Of
course enabled to reap vast fortunes
out Of the mis(ortunes Of the Republic.
But to give these oormorAnts full
sway, and to guard them sgainst sur.
prises from every quarter, tour other
things had to be accomplished in addi.
ton 70 the exceptions which they had
placed upon the greenbacks.
First. The Government, although en-
gagged in war for ito life, must 81 lay
place limit upon ito right to issue III
own misunderstanding legsl.tendel
notes.
second. It must permit Treasury
notes deprecated in the manner &
,orcibly described BY Mr.. Stevens, T.
be exchanged ut their,ace value for un
taxable bonds bearing coin interest.
9hird. A law must be passed author
izing the interest on bonds and othel
securities 70 be paid quarterly, and a
other to authorize the Secretary to an
ticipate the payment Of interest with
out rebate.
Fourth. The holders Of these bond
obtained IN the manner just described
must be allowed to bank upon then
and to draw back from the Treasury 81
per cent Of tho amount Of currenc,
they had paid for them. These thing
we're, oil and singular, accomplished b,
acts Of Congress prior to July I, 1864
Their grip upon the country was nov
complete. Now, note the result. Tn,
price OF greenbacks - compared w,tl
gold during the calendar year of 1856
the year these onactments were com
pleted-vas but 40 2 cents ON the do
Lar, and the second half Of that calen
dAr year only 42.8.
/ am now ct the period when the po
litical prophecy Of Thomas III. Bentol
Was b be fulfilled. That distinguishe,
!, and patriotic senator said, IN . conve,
eati0n with S'las Wright shortly afte
President jackson vetoed tho bill 20 r.
charter the United States Bank:
Jackson has not slain tho bank. The BAN
10 . wounded tigress. She has fed to the juu
. gles. By and By abe will spring sgain upo
the country. bringing her whelps with bel
Il What vigorous prophecy and no,
literally it has been fulfilled Sir, tb
extraordinary powers conferred by Il,
upon the banking corporations Of e
day read like the harsh terms impose
; BY some
AERCILEss CoNQUERoR UPON A FALLE
PEOPLE,
and such they really are. For the phi
pose Of fixing beyond cavil the evil r.
snlts which followed the advent Of th
national banks into or financial DO
icy, ! wish the Clerk to read the follox
ing extract from the report Of Hor
William Pitt Fesonden Secretary OF III
Treasury, Same date - shove. page Is
It 10 observable that, Notwithstanding th
apparently large circulation of paper mon
, ey isued under the various authority OF Ii
various acts Of Congress before enumerai
|, ID, its scarcity In the market has occasi0ne
no slight embarrassment Ia the neg0tiatio
of loans. This can DO accounted for onl
upon The suPposi.ion that large amounts q
lung their confidence in it, Character an
; value, and that the impetus given to trai
Of every description By the large and II
creating wants Of Government requires
largely increased amount Of the circulatin
medium. A rises of prices tends, proper
tionately. In the same directions
/ There does not seem TO have bee,
any Of the features Of 4 forced loal
connected with tho money then ia cir
culation, . win be readily seen.
will DO observed that at the time Of th,
advent Of the banks, when tho peopl,
were doing business upon Government
currency exclusively - adequate il
amount-the country Was prosperous
Notwithstanding tho enormous straiY
Of the war, and the money was al on
in circulation, where it always will b,
when financial affairs are in . health,
condition.
Let me pause hare to stale . univer
sol rule governing the movement O
currency under normal conditions
When money IL plentiful prices ruiz
high; the money then leaves tho cen
tors, seeks investment, and finds . lodg
ment with the great body Of the poo
pie.
When from any cause the circulat