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

Jared it to be the right Of the govern
',s to pay al = IL obligations in ,
This u the bold manner in which
Ms law has been violated. It Is the
uty Of the government to coin money,
. says, but it 10 the right Of the cred
Tor to Get the law at defiance by refus.
Dg 10 take it! This places the holder
1 government securities above the
IN, above Congress, and gives him an
Ibsolute veto over the statute. Now,
ir, it Is the plain duty Of every officer
II this government, from the highest
O the lowest, to yield cheerful and
omplete obedience to the law. But l
ubmit that it is fact, known to every
,ody, that the Treasury officials under
svtry Administration since the passage
II the acts to stop the destruction II
he greenback and to coin silver dol.
ars, have been hostile to both these
lorms of currency, and they have been
actively adverse to the enforcement Of
these laws in good faith. In this oh.
trusiue hostility these officials have
been supported by the whole power OF
The confederated national banks and
other capitalists at home and abroad.
This 10
QUALIFICATION IN ITS WORST FORM.
Il seems to have been deemed sui.
ficient that they should know that the
and brokers were dissatis
fed with the law, and accordingly their
wishes have been respected as more
than the plain letter Of the
statute. Every administration since
the passage of these laws, either from
the throne or from the cabinet, have
made war-sometimes open. some
times covert-npoR these useful, non
burdensnme, and needful forms OF cur
rency. Notwithstanding this hcstil ty,
however. the tide has been constantly
rising. It pervades the country; it has
reached this city; it has ept up Cap.
tol Hill and Is now in upon the flor
both Of the Senate and the House OF
the Forty-ninth Congress. It is rising
rapidly, and il this bOdy does not wish
to be submerged it must step upon
higher ground than has heretofore been
Occup ed.
/ have already alluded to the act Of
May 80, 1873. The effect Of this act
Was to repeal the most obnoxious fea-
ture Of the so.called resumption act,
and to stop the redemption, properly
speaking, Of the greepback currency.
Since the passage Of that act green
backs have not been redeemabla, in
the proper sense Of that term, but have
beon merely convertible into coin.
That Is to say, the government is au-
thorized and required now simply to
swap dollars with the holders Of green
backs, and the greenback takes the
place OF the coin in the Treasury as
current funds, and the law requires ii
to be again paid out and kept in circu-
lation. This was the second victory
for the people in this protracted strug
gle. BY it the greenback has been in.
corporated permanently into our finan:
cial system, and I predict that no pow.
or on earth will ever be able to elimin'
ate it. The Supreme Court has finally
come to the relief of the people, and
by their decision the constitutions
status Of this currency Is forever fixed
Mr.. speaker, the year 1884 brough,
about great change. To use . homely
illustration, in November of that veal
tho people took held OF Uncle Sans
wagon. lifted It out Of its old ruts and
out Of the mire, unhitched the ole
team, hooked on q fresh ore, ane
changed drivers. Now, why not move
out upon the high lands? Why return
to the miserable old ruts from whicL
with great difficulty, We have been ex
tricatedf
Mr.. Speaker, gentlemen of the For
ty-ninth Congress, We might just q
well
FACE THE MUSIC
first as last. There are four things re
lating to fianance which this Congress
must enact in order to relieve the de
plorable condition Of trade, labor, an.
commerce, or be prepared to take tn
consequences in the elections which
are to ensue this year.
First. Congress must provide for th,
unrestricted coinage Of American oil
yer into standard silver dollars on priv
ate account.
! Second. A law must be passed to il
sue Treasury Totes to take the plac
IL bank notes % fast "a they are retil
ed. The banks are now retiring thei
circulation, rs il well known, with grea
rapidly. This vacuum T0ust be file,
or business, now sorely languishing, wi
absolutely perish.
Jackson never said = better thing
, and his life was full Of good things
than when he said s'the banks cannC
] be relied upon to keep the currenc
uniform in amount"
, They are allowed to take out cul
. rency upon the plea that they are I
furnish the people with q needful eli
culating medium. They are allowe
. to retire it for motives of private gair
, The people are not present when tn
. directors meet, nor do these boards il
quire how their action will affect til
! public veal. They are public corpors
ons until they procure their franchM
es, and private corporations ever aftel
, ward. This is mOnstr0us..
, Third. The larger portion of the SUI
plus now in the Treasury must be PAL
, out in liquidation Of inters st-bearin
/ public debt now subject to call.
. Fourth. We must forbid by law an
further determinations against our 81
yer coin.
Now, I ask il these propositions Ct
not reasonable? They are not fraugh
with imitation Of paper currency, th
thing that frightens 90 many people
The only increase will be an increas
OF specie II these laws are enacted, an
I guees it will be agreed that this wi
hurt nobody. I predict that reiuss
to discharge these plain duties wi
meet with condign and wrathful retr
button from the country. We hav
had ct least eight years Of panic an
severe business depression within tn
past thirteen years. The panic tha
began in 1873 continued until 1875
Then came temporary revival. Tn
present depression began more thai
two years ago-yes, three years.
The wealth.producers of this lam
are suffering and
SWEATING DROPS OF BLOOD FROM EVER,
PORE.
Do not tempt them too far. They con
template no wrong, but they are organ