Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1898-01-20
GOV. SHAW'S INAUGURAL.
Address Delivered by Iowa's
Chief Executive.
Says the Financial and Industrial
Skies Are BriEhtening-Want
Business Methods I'm
State Affairs.

lature said:
In assuming the duties of the Office to
which the suffrages of a great common
wealth have called me, / am not unmind-
full of the honor conferred or the response
bility imposed. The people of Iowa have
been kind without measure. and 1t remains
for me faithfully to observe the cath just
taken in your presence. AS approach the
task l can but ask your kind consideration
and your prayers that He, on whom / must
rely, will vouchsafe both grace and wisdom
to avoid the more serious mistakes, and
save the people from the unhappy conse-
QuenceS of such errors as may commit.
1t is matter worthy of note that our in
dustrial and financial skies are Frightening.
After the experience of unrest, distrust,
doubt, fear, disaster, and much of ruin
through which we have passed, no thought
full man questions the truth of the PROPOSE.
tion that we are entering upon period of
improved conditions.
BY degrees, through epochs more or less
defined, we have advanced past the clan.
the tribe, the feudal system, the state. to
the federation of states, and are possibly
nearer the time when the nations of earth
terminating at fixed periods, but by per-
petual union. Whatever may be our dream,
or our hope or our fear. we have reached
the time when International commerce is
of recognized Importance. We have
learned by experience the convenience and
practical necessity of the same standard
that the laws of trade and the laws of con-
venience are, in matters temporal SUI
preme. 1t has been found necessary to
guard against harmful tendencies, and to
erect many safeguards against the en-
croachments of business and financial en-
terprise, lest one good custom should cor
rupt the world" but business necessity has
become the test of expediency.
When the exchange value Of all foreign
coins in the currency OF our country, ana
foreign ports, can be ascertained by sim
pie mathematical computation, based sole
ly upon the relative weight of each stand
I'd the greatest nQSSible inOucement
to both domestic and foreign commerce is
secured. This is now an accomplished fact
chant mt from from silver or binetaillic states
must watch the market quotations OF sli-
yer, as we'll as of the commodities in which
he proposes to operate, and the possible
fluctuations of his own money Is sufficient
to exclude him from all competitive enter
prises Not only the people of Iowa, but
the n ha no If be neeasv Of
single standard, and the supreme conven-
ience, at least, of making that standard
Elastic Currency Necessary.
In some way our currency must be made
elastic Recent experience ought to evil
dence the necessity of authority some
where for an emergency issue. 1t has been
demonstrated in the last five years that
very little scare engenders a disposition on
the part of the people to hoard rms
germs of Asia, and as ruinous to trade and
commerce. The only way that the govern
ment, under existing laws, can now IN
crease it's circulation is by borrowing upon
an increased issue of bonds, which results
in anything but the removal of the condl-
tons rendering the expedient necessary.
The government assumes to do banking
business upon credit rather than assets,
and her board of directors are subject to
elected, not always of peculiar fitness for
this particular branch of business, but with
various predictions and pledged to rep
resent the sentiments of widely diversified
StitnpntS wise otherwise. Wnen
such board confronts condition or I'M
minent peril, they may well be expected TO
til the country goes to ruin, or is saved by
the patriotism and self-sacrifce OF those
whose interests are more vitality at stake.
1t has been urged that to increase the
powers of national banks would result In
contraction of the currency to the prejudice
Of the people Those Wh9 feaa tPs resu
and the equally potent influence OF compe-
tition 1T is safe to suppose the banks
proved profitable 50 to do, and it would
prove profitable SO long as there was de-
mand for it,. Capital would be ATTRACTED
to banking channels so long as it could DID, be
made to yield a moderate dividend. The
interest derived by the bank upon its de-
post of bonds would assist and very soon
result in material reduction of rates OF
. interest to those who might require accom-,
mediation, and trade, manufacture ana
every industry would be stimulated there
by. We can safely allow experience to be
our teacher in this as well as in other mat at
tiers. Amid the currency famine of 1893
the government was powerless to relieve,
but the national banks purchased bonds at
eireulation s54oooooo Now that threat
pie have returned their hoardings to chan
nels of trade, the banks are literally
gorged with money, notwithstanding an in
crease of business, as shown by clearing
house reports, of more than go per cent;
and these same banks are now retiring
their circulation at the rate of $3,O0O,OOO per
t1na nj 1
Improbable to maintain their issue In idle
ness.
Let no one understand this to be an argu-
ment in favor of an Immediate retirement
of the greenbacks. 1t is intended only as
an argument in favor Of maintaining, at all
abundant issue Of both gold and silver
coin, and an elastic paper currency, every
dollar of which shall be, redeemable or
at par with gold. The dangers of our null
tiplied forms of paper money have neces-
sarily been but slightly referred to-
One PartinISRemedy.
How shall we prepare the citizen to meet
existing conditions? Educate him-make
a thinker of him. Protect him from here
by teaching him logic: teach him math-
mental and moral science. He may become
a producer of something either rare or use
full. The producer of an industry that en-
ploys ten men is as helpful to the state as
the produced of the wheat that feeds them.
The producer of an Improvement in the
method or making butter renQerS better
service than he who merely puts this
method into operation and he who in turn
produces the better article, by thus maxi
ing use OF the product of the others mind,
adds more to human happiness than he
who produces only rejected goods. Be
gone forever the cant that he alone rem
ders service who performs manual labor,
or that the foundations of our government
rest upon muscle rather than mind. Muscle
is cheap: the rivers are full of 1t.
the winds laden with 1t, the very
clouds surcharged with it. but mind is
mighty scarce everywhere, and brings a
high price in the American market. 1t will
require an article of little higher grade,
however, to meet the demands of the TWEEN
tieth century, than was understandable in
the nineteenth. The best product Of the
prairie is not corn, but men, and the quar-
ter section that produces thinking man.
full fedged in all his powers, may well be
held to have performed its mission.
Educational Observations.
Our public school system is justly the
subject Of admiration. 1t has accomplished
much, and we do we'll to foster 1t. 1t is not
without weaknesses. however The city
and town graded school may fulfill its mis-
sion with some measure of completeness.
but the country district school, In my judg-
ment, fails somewhat to meet require
ments. The common observat ton of men
in middle life justifies the statement that