Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-05-01
A Sketch OF Two $40 Bills.

900 of legal tender treasury notes.
A $40 bill of that issue in circulation
and use from the date of it's issue to
the present time, thirty four years,
has rendered every service that could
have been rendered by ten dollar
gold piece. 1t has paid and dis
charged debts, it paid import duties
at the custom house, it has paid in
terest on the public debt, it paid sal
aries; it fed and clothed the soldier ut
his post, it blessed, cheered, fed and
clothed the wife and children while
the soldier was at the front and it'll
never drew one farthing of interest
from the wealth producers of the
country-its farmers-and never re-
quired the government to maintain a
reserve fund for its redemption. Be
ing created full legal tender
money the dollars it represented were
equal to any other dollars authorized
or issued by the government.
Now let us sketch the other bill is
sued by a national bank. This S1O|
is not legal tender between indiv i'd
uals for debt, although the govern
ment is pledged to its redemption or
payment. 1t is based upon bonds is
sued by the government, pledged by
the bank issuing the bill and deposit
ed with the government. This bond
bears per cent interest with coupons
attached payable semi-annually to
the bank issuing the bill. The inter
est upon the bond is tax upon, and
is paid by the productive industries
OF the country, and for the, "a years
the bill has been in circulation the
bond has drawn from the public
treasury in annual interest the sum
OF $17. The bank bill was loaned to
some individual borrower by the bank
issuing it, and has been drawing in
terest from the date of its issue at 8
per cent amounting to $27.2O, thus its
use has cost productive industries
1920 for its existence. The full lega-
tender treasury note was paid by the
government for services rendered or
Tor supplies furnished and has been
passing from hand to hand since in
the purchase of commodities, in dis
charge of debt, in the employment
OF labor and for services rendered
without ever having taxed the pro.
ductlve labor and industries of the
country SO mnch as mill to keep it
on duty. The supreme court has de-
clded that congress has authority and
power TO issue such money in either
peace or war. To restore silver to the
place ittoccupied prior to 1878 with
the Judicious exercise of this power
by congress would rescue the people
from the clutch of gamblers in gold,
and government securities. That
sage old statesman, the father of
democracy-Thomas Jefferson-re
alizing the injustice to the producing
classes in banks of issue said: "Bank
paper must be suppressed, and the
circulating medium must be restored
to the nation to whom it belongs,
Abraham Lincoln in the declaration
In behalf of government by, fol
OF the people" was in full sympathy
with the masses. The drift of demo.
cratic and republican tendencies un
der Cleveland and his followers anG
OF John Sherman and his adherent.
is toward "a government of, for ant
by the banks and both classes are
DESTROYS of making them supreme il
the function of issuing the entire
money of the country, thus placing
the interests and destinies of all tn,
enterprises of the country within
their grasp. This was not the democ
racy of Jefferson nor the republican
ISM OF Lincoln, and we much mistake
II it is either the democracy or tn,
republicanism of the great mass O
either party.