The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1889-03-28
Currency Reform.

priests of the bHllioniSts.
At the formation Of our govern
ment. the great problem was. "how
to govern To-day another prob
lem confronts the people. how TO
live" and this subject il 50 import
ant that it is ag:tating not only all OF
Europe. but more than half the peo-
pie OH this continent are deeply in
terested in the solution Of the in
uuiry. how to live" Connected
with this are three important sub
jects and upon their solution de-
ponds the individual prosperity and
happiness of the people and the per-
petuity OF our republic. They are,
Money,
Land,
Taxation
We will take them in their order.
This article will necessarily treat
only Of the more importaet topic.
money,
Money is Il creation Of law. purely
and solely. and without law there is
no money. Governments cannot is
sue a dollar Of money, no matter
what its form or material without re-
ceiving in return for it dollar in la
Dor or property.
For the sixteen hundred millions of
paper money issued during the war.
sixteen hundred millions worth Of la
Dor or property We're received in ex-
change.
And though this caused the prices
of everything to advance, they did
not go higher than they would had
there been sixteen hundred millions
Of gold issued in the same time. So
that, il We are to do without an
abundant paper currency because il
puts up prices, we ought also for the
same reason object to All abundant
gold currency.
While this paper currency was in
use, the business failures of the L. 5.
annually were less than 500: now they
average nearly 10000 annually.
The fact that the whole business of
the country was destroyed when
twelve hundred millions Of our ma
tional currency was burned TO make
room for twelve hundred millions Of
government bonds, proves that the
many millions destroyed was really
money, as much as SO much gold
would have been, and not worthless
bits Of paper.
No country in the world owns and
controls more gold than England,
and in no country can be found more
social crime or abject poverty and
misery. This country was never SO
prosperous nor the people SO COM
Portable as during the time when We
had no other money than our treas
ury notes: and there was never sc
much crime and misery throughout
the land as followed the destruction
of that twelve hundred millions OF
government paper.
What prosperity we have now il
entirely upheld by paper money in
its various forms, as Treasury notes,
coin certificates and national bank
notes. Our SO called specie pay
lnents consists legally in paying out
coin in one place III the United States
in sums Of not less than $50.
Experience has taught the Ameri
con people that government notes
REPRESENT the value not only of the
coin of the country, but Of all other
property, and therefore is us redeem
able in that other property as in
gold, SO that when a man buys a
sack Of flour with dollar note, he
knows that practically the note is AZ
much redeemed in that sack of flour
as in few grains Of gold: and the
national banks know that the hun
dreds Of millions of individual notes
they hold represent not only the val
ne OF the coin owned by the makers
OF the notes, but also represent the
value of all their other property, and
hence are as redeemable in the
houses. lands, crops and goods be-
longing to the makers Of the notes. IA
in gold.
Thus these notes represent value
as fully as does coin in all stable gov
ernments. or as fully as the individu-
al notes Of solvent persons represent
value
The use, for monetary purposes, OF
a material like paper to REPRESENT
values instead of precious metals to
MEASURE values marks the distinc.
ton between a higher and lower SO.
cial and political condition. The use
Of gold to measure in exchange
between nations, is simply the prim.
tive method Of trade and barter. the
gold coin Of one country being only
q commodity in another country.
Metalmoney whenever it goes to a
country other than the one issuing
1t, goes at its bullion value, as com.
instead Of cndeavoring to create a
currency for the use Of the few whc
buy in foreign countries, the effort
of our law makers should be to furn
ish for the use of the many, who blu,
at home, money, which is current
alike, throughout the length ant
breadth Of the land.
This kind Of money is not the re
deemable dollar, but the receivable
the legal tender, the convertible dol
lar. The only use Of the redeelnabl
dollar is to enable bankers to harves
profit in swapping dollars with thos
who have one kind but need another
This may be averted by national
legal tender paper money, convert
BILE into gold and silver, in the sam
sense in which it is convertible int
any of the thousands of commoditie