The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1890-02-13
THURSDAY FEB. 10. 1890.
More Money Needed, but not Nation.
al Bank Money.

THURSDAY FED. -. lovV.
More Money Needed, but not Nation.
al Bank Money.
Mr.. Dorsey OF Nebraska, from the
and currency committee Of
the house Of representatives has re-
ported n bill in favor Of loaning to
the national banks the face value OF
the bonds deposited as security for
the notes issued to them. His arGu-
ment in advocacy of the measure was
based entirely upon the theory that
it would enable the banks to expand
their notes ten per cent, thus increas-
ing the money volume Of the country.
This is the old and somewhat stale
chestnut of the national bank mo-
nopoly. When the people ask con-
gress to issue more greenbacks or TO
increase the silver coinage, this class
of monopolists and all their echoes
from ocean to ocean and from the
lakes to the gulf arise and solemnly
assure the country there is money
enough--mdeed greatly too much.'
This over supply however is sudden
~ gone when the national banks
want the privilege Of issuing more
money on their bonds bolstering up
their claim with the acknowledged
truth that to increase the volume Of
money will bring relief to the peo-
ple,'' but instead Of asking the in
crease for the dear people, these
bankers ask it for themselves.
Mr.. Dorsey who is a national bank
er. and solely in their interest, has
also introduced bill from the same
committee, authorizing the issue OF
$500. 100000 two per cent United
States bonds running fifty years to
be used exclusively as security for
national bank circulation. Two per
cent interest on 1900, 100000 is &c.
OO0,OOO for one year:for fifty years this
tax. every cent of which must be paid
by the producing classes will amount
to 100000. 900.
Now no valid reason has been CIV
en- why 65,Oo0.OOO people should be
laid under tribute for 80 years to pay
1900 national bankers, three hundred
million dollars, for issuing circulat
ing notes, when without paying in
terest to any body, the government
can initiate the currency to any need
ed amount by silver coinage, and by
certificates based thereon, and by the
issue of treasury notes.
September 1, 1876. Al per cent bonds
to the amount Of $3.50, 544, 600 were re
issued to run for fifteen years, after
which they will be redeemable, which
will be Sept. l. 1891. These bonds
should have been paid in 1876, instead
of extending them Is years, and
boarding the money raised by taxa
tfon for that purpose all these years
in the public treasury, in the NEAR
time paying the national banks an
AuGIN glU.OSu.Do9 IANSACSN oA AlAOSs
bonds, an aggregate of sl55, GA, sos.
It is not the desire Of the banks t.
benefit the people that prompt thes,
measures on the part of Mr.. Dorse.
and his associates, but the apprehen
sion that the day is drawing nigl
when the plumber of the many in TIL
interest Of the few must end.
The low prices of every species Q
products. the depression in business
the general stagnation Of trade. tn
thousands Of unemployed, half cloth
ed, under fed laborers, all testify t,
the fact that there is a money famin
stalking through the land, but the.
cannot afford to relieve it by increas
ing the power Of the banks to contro
the money the public may use and a
the same time paying them larg
sums Of interest. Money issued b
the government to the national bank
can be obtained for use in bushes
only by the contraction of debt fu
the amount with from to 1Oper cen
interest, compounded about fou
times during the year, thus taxin
the producers Of the country nearl
5000 for the use of 500 twenty year.
The free coinage Of silver, and tn
issue of treasury notes direct from tn
government TO the people willrestor
the control of the money Of the couI
try where the constitution places i
in the people or in their government
and remove the hand of robbers frol