Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-20
HARD MONEY.
The History Of the United States from
the Earliest Period to the Pres
emit, and its Legislation Touch.
ing the Money Question.
Brief but Comprehensive Review of Demo
cratic Policy and Action on the
Question,

HUNDRED YEARS.
3. In 1881 congress chartered the
band of North America, as national
institution, congress taking part of
the stock with a portion OF the coin
received from France, making the
notes full legal tender for all debts
due congress or the confederation.
This institution thus clothed with
the authority of congress aided the
government greatly in completing
the independents of the States by clos
ing the war, and ultimately forming
a more perfect union under the con-
stitution. Up to this time our faith
ers were soft, not hard money men.
We shall trace up the history of the
country and find when the people
were converted to hard money if they
ever were.
4. In addition to this bank another
institution of the kind was establish
ed in New York, another in Balti-
more. This shows the people were
not satisfied with hard money and
had recourse to paper money, which
in these times is called soft money.
These were the only banks in exist
ence at the first meeting of congress
under the constitution in 1890.
5. In 1901 the secretary of the
Treasury stated to congress that the
nation could not depend upon coin;
that $40, 900, 600 coin could not be col
lected in the country. 1t was there
fore impossible for the country to
have been hard money at that time.
1t was then urged that as we had not
the coin for the business of the coun-
try it was tho duty of congress, with
whom the authority was intrusted by
the constitution to make money and
regulate the value thereof, to issue
such paper money, clothed with the
name and authority of the United
States, as would supply the place of
hard money, which could not be OBJ
tanned. With these views of the Treas-
ury department congress conceded.
A national bank was chartered with
capital of $40, 900, 900, and the right
to issue $30.000,000 .of notes, all of
which were made legal tender for all
debts of every description due the
United States. The government took
portion of the stock and had five of
the directors. Up to this time, 1901,
we find the people soft money in
place of hard. The charter of this
bank expired in 1911 by limitation
and was not renewed. The notes of
this institution then clothed with
the name and credit of the
United States, was preferred to coin,
not only at home, but in other coun-
tries. Through the aid of this soft
money the credit of the nation was
first class and the country was pros
porous. All this might have been &C
conplished cs we'll by the issue of the
government without bank as with
one, for the government can by itself,
do whatever it may lawfully author.
ize another to do. All the success at.
tending this institution was due to
the fact that the notes were made re.
ceivable for all debts due the govern.
ment whether the bank paid coin OF
not. Th1s made the notes the best OF
money, because based upon the pub.
lie revenue, and they were preferred
to coin.
6. During the existence OF thi.
national bank seventy-five state
banks had been established in the
various states of the Union, which
swelled the volume ofmoney of paper
not of hand money, though the demo
cratic party was then in power and
all-prevailing.
z. When the charter of the first
bank of the United States expired,
April 10, 1911, then was a.good oppor-
tunity for the people United States,
II they were in favor of hard money
to make it manifest. But instead of
this, hundreds of state banks sprang
up in all parts of the country, in
Democratic states as we'll as in Wing
states. These banks at first loaned
money to the government to carry on