Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-24
HARD MONEY.
The History Of the United States from
the Earliest Period to the Pres
ent, and its Legislation Touch.
ing the Money Question.
A Brief but Comprehensive Review Of Demo-
cratic Policy and Action on the
Question.


cratic Policy and Action on the
EVIDENCE SHOWING WHAT HAS BEEN
AMERICAN MONEY FOR ONE
HUNDRED YEARS.
9. After the suspension of the state
banks in 1914, $25, 1000 900 of Treasury
notes were authorized, not bearing
interest, and intended to be the per-
manent money of the country. All
tue power of the opposition was COM
bined against this paper! money of
the government, and in favor of state
bank notes, or those of national
banks. There was nothing said about
hard money by any par ty; tt was an
impossibility acknowledgements.
The bank power, then as now, de-
termined that Treasury notes should
not be the money of the country. 1t
was well known that if they did,
banks OF issue would be at an end.
The great body of the Democratic
party was with Jefferson and Madi-
son on the money question; but there
were then as now, few New York
and New England Democrats, who
were controlled by the money power
of New York and Boston, and who by
cooperating and voting with the
Federal party, could, and did defeat
this great measure of jefferson and
Madison; not voting for hard money
but for a national bank. Madison
vetoed the bill in 1915, but it was
passed in 1916, and fastened upon tn e
country for twenty years.
But as Treasury notes had aided
the government in carrying on the
war and establishing peace, SO the
notes of the bank, amounting to over
800, 1000, 900, aided the country in es-
tablishing the credit of the nation
and reviving all its industries. This
was not however owing to the coin
held in the bank. Only one fifth of
its capital, $35,OOO,00 purported to
be in coin, and large part Of that
was notes of other banks considered
as coin. One hundred and five mil
fions of notes were authorized and
issued. 1t wasnot hard money or an
approximation to it. Its efficiency
was all owing to the fact that it had
the name and credit of the United
States and were legal tender and re-
ceivable for all debts due the United
States, whether the bank paid coin
or not. This satisfied the people and
the business world. Had the govern
ment issued the money instead of the
banks, and made it legal tender it
would have been still more satisfac-
tory than these bank notes, aud free
fropl all constitutional and other OBJ
jections which attached to tho notes
of the bank.
The charter OF this bank expired in
1886. In his message to congress in
1929, 1880, 1881 and 1882, president
jackson notified that body that he
could not approve the re-charter of
the bank. In 1882 he vetoed the new
charter. but he did not suggest hard
money which he knew it was impos-
ible to have, but urged upon con-
gress the right it had to authorize
the issue of all the paper money as
well as the hard money Of the coun-
try. He wished to have the paper
money instead of being based upon
specie which was always fslse basis
for note issues, that it should be bas-
ed upon the credit and revenues Of
the country. This Is precisely what
the Bryan Democracy and the Popu-
lists demand now, and is just what
Jefferson demanded when he said
Treaury notes should be "bottomed
upcn q tax" or upon revenues for
for which they were to be legal ten
der. With these men we are in good
company and can stand abuse and
Misrepresentation.
10. But, as in the case with Jeffer-
SOD, so with Jackson. Enough demo
crats, of the Wall street stripe, were
found to unite with the wings to de-
feat the Treasury note money pro-
posed by Jackson, and thus perpetu,
tie the reign of irresponsible corpor-
ton issues of currency as now advo.
Gated by the same class under the
Baltimore plan with imm aterial modi-