Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1892-09-01

wOulu Involve disturbances IN every DuSl-
ness relation and result In great loss to the
community. Cheap money begets cheaper
money, like appetite, IL grows by what 1t
feeds upon. This was tried in the French
revolution with our continental money and
lately in the Argentine Republic with the
one result of failure. Nor do we want dear
money--we want stable money that will
measure justice alike to the debtor and
creditor, and that will vary as little as pos
sible between the time of creating debt
and paying It, All industrial labor and
business interests require stability In the
value of money. For example, here is "A.
b., farmer, who brings two barrels of
potatoes TO Waverly. He wants pair of
shoes. He can buy n good pair now with
a barrel Of potatoes. The shoemaker, CD,
wants the two barrels Of potatoes, but the
farmer only wants one pair OF shoes, so
that the shoemaker must pay the value of q
pair Of shoes or its equivalent in money to
the farmer. The farmer wants supply of
sugar. He goes to his grocer and is aston
ished that he can get quarter of barrel
of sugar for the money he received
for his potatoes. The grocer has bought
his sugar in Dubuque of someone of our
reputable merchants there The grocer
sends the money, or its equivalent, in
bank check, which he has procured from
one of your good banks here, to the Dubuque
merchant to pay for the sugar sold, who in
turn sends IL to the wholesale dealer or re-
finer in New York from whom he purchased,
who in turn buys IA draft on London bank.
RENTS II to Hamburg, where the sugar was
originally purchased. Now II this money Is
current money, all along the road, until it
reaches the best sugar factory In Germany,
the farmer gets the most possible for
his potatoes. If 1t is not current money, or
it's equivalent, he loses at every step.
Therefore, the farmer will insist that the
shoemaker shall pay him the money current
everywhere, or its equivalent, that he may
be saved from loss, by depreciation. This
transaction illustrates the Importance of
having all the money of a country good,
that it or it's equivalent can be transported
to it's final destination in order that labor
and service, and production shall receive
their greatest re ward. But how much bet
ter would IL be for the farmer and the shoe
maker to have the sugar factory in Waiver
ly, which is practicable under the Mckin-
ley law, so called, where the land is better
than in Germany, and thus save the
cost of transportation on the sugar and the
cost of exchange to n row of bankers from
Waverly to Hamburg. In 4 country stu
ated as ours is, relatively small amount of
metallic money will keep all classes of rep
resentntive money atioat and convertible.
Probably not more than 20 per cent of all
the exchanges of the United States, whether
paying debts, purchasing commodities,
making discounts or loaning money, Is
transacted with currency or metallic money,
and, of this 20 per cent, not more than q is
by the actual delivery of gold or silver, the
remaining 50 per cent is made up of checks
drawn upon banks, bank drafts, or credits
in some fern. whereby the actual transpor
tation in money is saved.
EXCHANGE ON A MINIMUM AMOUNT OF COIN.
Twenty million dollars of gold coin lay
sleeping, or rather resting in the sub-treas-
ury in San Francis 80, having been trans
ferred from the mines TO the mint, and from
the mint to the treasury vaults, for more
than twenty years. Yet all this time il was
resentative money of paper and the private
money included in checks, drafts and
money credits. few weeks ago, for con-
veuience, the government transferred this
$50 900, 600 to New York 1t required q train
of cars and fifty armed men TO do it. Yet
there was not n day when that gold was in
transit that the exchanges, without the
actual delivery of money in the single city
of New York, did not amount 10 nearly 500,
100000. The banks and private bankers To-
Gated everywhere in our country, at n slight
cost, make these exchanges. SO here, per-
hnps, more than in any civilized country,
the paper money and the private money, or
bank and individual credits can be main
tanned and made convertible upon q mini
mum amount of coin as compared with any
of the higher civilized countries of Europe.
Our rapid growth, our great resources,
our annual production of gold, always re-
plenishiug our stock, our industrial indie
pendence, the continual. balance of trade in
our favor, make it nearly impossible for US
to be drained of gold, unless the standard
shall be changed by the free coinage of sill
yer without the concurrent action of some
of the leading states of Europe. All bust
ness interests, all labor, all industries, all
production, are alike interested in main
tanning this stability in our money values
and this self interest will support the gov
eminent in maintaining it. The Republi-
can party is pledged to maintain it.
DEMOCRATIC WILD CAT STATE BANKS,
The Democratic party, in it's platform, is
in substantial accord with the Republican
party on this question, except that they
| have introduced u most dangerous depart
ure, as respects the necessary steps to
| maintain the equality and value of our
money in making exchanges and paying
debts. They propose the unconditional re
peal of the law of 1890, which furnishes us
a constant addition of legal tender paper
money of from fifty TO sixty millions of dol
lars annually aud the substitution, in its
place, of state bank issues by the repeal
of the 10 per cent tax on state bank circu-
lation, thus providing forty-four different
kinds of paper money under as many differ
| ent state laws. This means the restoration
| of red-dog, wild cat and all the other pet
| names given to n deprecated state curren-
| cy, so familiar to the old men, who hear me,
| remembering their experiences of
more than thirty years ago. These
state banks at best can only furnish a
lOtdl lldb currency
| be good in the immediate neighborhood of
| its issue all having payments to make in
distant parts OF our country ana dl2AN from
| it's money centers must suffer great loss in
| the purchase of exchange, and in the trans
portation of the money TO the place of issue.
| after 1t travelled some distance from home.
| But the temptations will be such that many
| of the states will not surround their laws
| with safeguards for redemption of notes,
and the unwary will be duped into accept
ing this paper money and suffer great losses
| as thew did between 1850 and 1860 How
| inconsistent this all Is. with the sound dec
laration and warning in the seventh section
of the Democratic platform, which declares
that
AN INCONSISTENT DEMOCRATIC PLANK.
1--WE demand that all paper currency shall
be kept Mt par with and redeemable in such
coins (viz in gold and silver, equal to each
other.) We insist upon this policy as espe-
| cially necessary for the protection of the
| farmers and laboring classes, the first and
most defenseless victims of unstable money
and a fuctuating currency
These are brave and truthful .utteranccs
| found in the platform, but how abso lutely
inconsistent with their proposition to re-es-
| tablish the state bank system of forty-four
states, varying as the colors in the kaleido'
scope, each independent of all the others.
| By their votes and their speeches in the
| two houses, the leaders of the Democratic
| party have shown hostility to banks OF
| issue. contending that the issue of paper
| money is government function, and
| should not be committed to banks. This
| sentiment has been growing in our country
| for the last few years so that IL has been
| impossible TO find votes TO modify the ma
| tional bank act In such way as to retard
the voluntary withdrawal of a large por
ton of the circulating notes of national
banks. But If the Democrats are deter
| mined that banks of issue shall furnish any
4 ,oft al Lat x.b, ~,
| upon the experiment of state banks, which
through all the past has resulted disas