Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-27
A Brief but Comprehensive Review Of Demo-
cratic Policy and Action on the
Question.

cratic Policy and Action on the
Question.
EVIDENCE SHOWING WHAT HAS BEEN
AMERICAN MONEY FOR ONE
HUNDRED YEARS.
IA. The Wings came into power in Al.
Their first act was the repeal of the
sub-treasury act of 1910, the Demo
cratic law providing that bank notes
should not be received in the treas
ury, and the chartering of the nation
al bank with $50, 200, 900 capital. Gen
eral Harrison died in about one month
after taking the oath of Office, and
Mr.. Tyler, under the constitution, be-
came president. He vetoed the bank
bill. He also vetoed another bank
bill called 1.-The fiscal corporation
BILL" He did not however propose
hard money for the people or the
government. Following in the foot
steps of Jefferson, Madison and jack
son, he proposed the. issue of all mon
ey by the government whether made
OF gold, silver or paper. But the
Democrats and Wings rejected his
propositions, and decided in favor Of
State banks for the time being, etill
continuing the reissue of the Treas
ury notes then out. No proposition
was made by either party to adopt
hard money. Had the proposition
been made, considering the condition
of the country it would have been
ridiculous.
Is. The democrats regained power
the 4th of March 1916. In 1916, after
due time for reflection, instead of re-
enacting the law of 1910, they passed
the law of 1916, under the adn,inistra-
ton of Mr.. Polk. The Mexican war
was then going on and it was sustain
ed principally by Treasury notes
which were every where popular.
The law of 1916 divorced the gov
eminent from all banks, excluded all
bank notes from the treasury, and
made gold, silver and all Treasury
notes of the United States equal he
fore the law for all debts due the
United Estates. This remained the
law of the land until repealed in 1862,
and would have remained the law uu-
til now, but for the Influence of Wall
street before congress. Hundreds of
millions would have been saved to
the people had this law remained I'M
changed until now. Treasury notes
would never have been at a discount.
nor gold at a premium. Being equal
before the law with coin. they would
have been equal in reality. Money
made legal tender for all debts due
the United States, as commended by
Mr.. Calhoun, could never be at a dis
count for coin. With nearly half a
billion of revenue to be provided an
nually for the support of the govern
ment, the demand for them for that
purpose alone would have maintain
ed them at par with coin.
IS. We have been travelling along
slowly in search of the time named
by sound money democrats, when the
people of the United States were in
favor of hard money, and when hard
money performed some important
work for the American people, but
thus far have found no such time, mol
any such work. We however. are not
discouraged and will pass on and soon
close the search.
From 1s4S to 1867. gold, silver and
Treasury notes continued the money
OF the government and, to measure
of the people; state banks furnishing
portion Of the general circulation
being either safetyfund institutions
or established upon bonds of the
states. The democrats, instead Of
having opposed banks and adj
vocating hard money, were the friend.
and advocates of state banks, with
reforms in their charters, such as the
individual liability of the stock hold
ers for both circulation and deposits.
The democrats of New York were, to
the certain knowledge of the writer,
the authors of this provision now
found in all bank charters including
those of the national banks.
II. In 1857, another suspension of
of 80 called specie payments by all
the banks took place. But. as the