Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-17

on coin, but upon the revenues and
credit Of the government. 1t was not
a promise to pay but promise to re-
ceive for all debts and taxes due the
state, with plenty of revenue to re-
ceive to keep it flowing intoth treas
ury that it might again be paid out,
without increasing the amount be-
yond the requirements of business.
This money continued that of the
colonies up to the time of the revo-
luton, notwithstanding the edict of
the Crown, that it was unlawful mon
ey and should not be used. Whether
this paper money was of benefit to
them or not we can learn by looking
at the colonies which issued the most
of it, and relied upon it to the great
est extent. They were by far the
richest, and were the best prepared
to sustain the revolution. They were
Pennsylvania, New York, Massa-
chusetts, Virginia and North Carroll
ma. Their money cost them almost
nothing, and it performed all the
offices of coin in their home CON-
MERGE. They paid for imports by ex-
ports which is the proper way of
paying such demands. They sold to
foreign nations enough to pay for all
they bought from them.
2. The war for independence came
on IN 1776. The entire amount OF coin
in the colonies including copper, sill
yer and gold did not exceed $5,000.-
900, and that was divided up among
three million people, not So per CAPT.
ia. 1t was impossible for the revo-
lutionary congress to enter into a
war with the most powerful people
on earth relying upon that that am
cunt of coin to carry it on had it been
able to collect it from the people.
They were compelled to rely, and did
rely upon issuing their bills of credit.
We do not think these notes were a
good paper circulation but they
were the only money congress, as
then constituted, could make. Hard
money was out of the question. Mon
ey of some kind they were compelled
to have. Congress then had no power
to impose taxes and dulles and make
this money receivable therefor. The
imposition and collection of taxes be-
longed exclusively to the states only.
Congress had no debts due them;
with that body it was all out go and
no income. Therefore, when money
was required for the army or the civil
service new notes had to be issued
instead of paying out those that had
been redeemed in the Treasury fol
taxes. This compelled the issue Of
many times the amount that other.
wise need to have been emitted, and
was above the wants of trade and
greatly reduced the value of the mon
ey issued. There is no similarity be-
tween the issues OF the Continental
congress and those OF the United
States. The continental notes were
the notes of congress without reve.
nue. or coin, promising to pay coin
while the Treasury notes of the con
gress now are promises to receive fol
revenue with about 400 millions t.
receive annually. The first were is
sued by confederacy of states which
only had common cause in securing
Independence from the British crown
the scond is issued and are receivable
by one of Che most powerful nation
on the globe.
Bnt whatever may have been til
defects of this money it performed
for us and for our ancestors, one O
the greatest works that ever blessed
a people. 1t did what coin could no
have been furnished to do. 1t wa
the means of establishing the Inde
pendence of the United States. Blu
for this money we should have re
manned dependencies of Great Bril-
ain. 1t sustained our fathers fou
l)ng years of war, until France cam
to our aid with men and money. Ey
cry man with patriotism enough t
prefer a Republic to Monarchy
will thank the Continental congress
for continental money, esteeming it
entire loss small price for Independ
ence and the right of self govern
ment. Our revolutionary sires wer
soft money-not hard money-mer
as their acts show.
| CONTINUED in next paper.)
j, AS it is against the law to sell liquc
to Indians, poor Lo exercises remarl
i able ingenuity in acquiring his jag
, His latest experiment, however, hs