The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1891-12-31

restricts its issue: the issue at pres
ent being limited to the coinage o1
such of the so-called precious metal,
as are presented Mt government mint.
for coinage, by owners Of the bullion.
This indefensable method Of issuing
money Is pursued by civilized nations
notwithstanding the following indis-
putable facts:
l. That gold and silver are not mon
ey, nor ingredients OF money.
2. That the uses for money are con-
stalltly increasing. while the
discovery OF these metals is un-
certain, and the supply fluctuat-
ing.
z. That money in adequate volume
is the most potent and vital Of
human agencies In promoting
civilization.
4. That exchanges Of labor's pro-
ducts are increased or diminished
in proportion to the ease with
which medium for effecting
the exchange is obtainable.
5. That the only value money
need possess is its power to dis
charge legal obligations. Issu-
ed by authority Of Government
and possessing this legal power,
tie demand for it is general,
and hence it serves as the most
acceptable-because the most
convenient-comno medium
of exchange.
q. That money is simply the legal
tender function impressed by
authority OF Government up
on such substance as it shall by
law designate for the purpose.
The recent action Of the Senate FL
nance Committee in unanimously
agreeing to al adverse report upon
the bill providing for the issue of
money by government upon real es-
tate, introduced 10y Senator stamford
Of California, and the action of the
pAASCAS SOh6ACSS IL ItS iCluS1I W pIO-
vide for an issue Of money equal even
to that which would result from the
free coinage Of silver as we'll as gold
bullion, indicates how little may be
expected from the voluntary action
Of those who at present control the
financial policy Of the Government.
And yet, it is within the power of
Congress by a single act to afford the
relief SO imperatively demanded. An
enlargement of the present basis for
the issue Of money-the legal rep
resentative of property would give
this relief.
Senator Stanford's bill proposed
the issue of money representing ac-
tual value in wealth producing land.
Our present money represents a fic-
titious value Of comparatively WORTH
less metals, the existence of which is
not essential to the welfare of man.
kind. A legal tender money system
based upon gold and silver metals,
the supply of which is inadequate to
the needs Of industry. cannot but
prove injurious to those whose en-
terprise prompts them to borrow,
and whose industry enables them to
furnish security for the payment OF
their obligations; while land basis is
SO broad and ample that money based
thereon would perform its proper Of
flee as medium for the exchange of
property and products, without con-
stituting an agency by which men
can live without the performance of
useful labor.
If it be urged by the cautious read
er that the financial measure herein
advocated Is not sanctioned by the
recognized iinanciers of the country.
it should be remembered that for the
past 30 years the financial policy of
the Government has been entrusted
to and directed by the recognized
tinanciers'' in such y manner that 81.
though the wealth Of the nation has
grown from some billion dollars in
1850 to over 46 billions in 1880, and to
probably 20 billions at the present
time; yet, this wonderful increase in
wealth is accompanied by
an alarming condition Of indebted.
ness, poverty and distress among the
classes whose industry has produced
it, while the fortunes of those whose
interests are SO manifestly served by
the financial policy pprsued-as we'll
as the number Of SUCH iertunes-aaye
increased in corresponding ratio.
The necessity existing, by what
means can the 95 per cent Of the Am
erican people, embracing not only the
laboring and producing classes, but
the manufacturers. merchants, men,
bers of the legal, medical, scientific,
educational, and literary professions,
all of whom are injured by the pres
emit financial Eoliey ai ikp govern
Ment, achieve their Acknowledgement
from the oppressive domination Of
those who by controlling financial
legislation, live upon the interest OF
money? BY what means can those so
vitality interested effect the repeal of
laws to the enactment of which ex-
listing evils are SO directly traceess..ag
ws.s'
80 syxx.sS-9--1..-
While PRESIDENT Harrison = judicial