Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-05-22
People Of Iowa Asked for Relief
From Worthless Currency.
BANK QUESTION AGI1ATED IN 1852
Courier of Fifty Years Ago Tells of
Bliehting Effect of Worthless Mon
ey-Address of the Wing Party to
Iowa Citizens.

AuSlS was q lilly WIN IAlC oSdlS ~
Iowa was overrun with flood OF
worthless paper currency, notes and
shinplasters, which at various times
have flooded different parts of this
country. From this dilemma the peo
pie cried for some relief and as the
best method known to the men of bust
ness and financial ability the estab-
lishment of banks was advocated. Dur.
ing the year of 1852 this sentiment
quite thoroughly prevailed the inhabi-
tants of this state and for months tie
people made themselves heard in re-
gard to this matter in many and VA
rious ways. One of the most effective
means was through the newspapers
and the Courier of fifty years ago gave
an elaborate opinion on the matter
from which the following extracts are
taken:
Iowa has never had bank, and no
state in the Union possesses greater
elements of real, substantial and per-
manent prosperity, or shows an easier
state of things in her monetary affairs,
than then this same bankless COM
munity.
"Give us banks, say the people in
language plain and Ineligible to those
that have ears to hear them-not
Wings alone, who have always said 90.
but bank democrats-of whom there
are not a few. Let us create our own
banks; control them ourselves and
not perpetually use the paper of for
eign banks, under the control of for
eign laws and foreign capitalists; and
the large profits of which go abroad to
III oh oil cfof RI iD1nnunrici,
our own. Let this business be carried
on under the control Of those we know
and in whose ability, business capacity
and integrity, we have confidence. Let
us regulate the amount as well as the
quality of our paper circulation by our
wants, and by the advice and discre-
ton of our own business men, and not
forever make ourselves the voluntary
prey of foreign brokers, spectators,
counterfeiters and shinplaster operat--
ors, who have found in our necessities,
q ready market for all the irredeem-
able paper and worthless trash in the
country.
Let this be done and the car of orr
prosperity will go bounding onward.
Then can We keep pace with our siste"
states, and even outstrip them, in orr
onward march for population, wealth
and the elements of true greatness;
then and not till then will our soil, our
coal, our minerals, our water power
and all unrivalled farming, mechani-
cal and manufacturing resources and
advantages, be developed; then and
not till then will our state, which be-
spreads itself so invitingly before us.
and around us, rejoice in those I'M
provements, necessary to her advance
ment and demand by her position, and
the spirit of the age.
Let the friends of reform speak
out boldly; let the press cease not its
Niagara voice; let public feeling ard
opinion, now moving in the right di-
rection, be encouraged and concentrate
ed; and We will roll up at the next leg
fslature such ocean waves of correct
opinion and wholesome instruction,and
send such men there to act for us, that
the ship of state will right herself, and
get upon her proper course, and with
favoring breezes, sail straight onward
to the haven of prosperity.
During the winter of 1852 there was
convention of the whig party held in
this state at which time committee
4 VIZ dppOlhlcu W oSG lOl I'll Oh duul ODD
to the people of the state announcing
the principles of the party with regard
to the political questions of the state
There was chosen for that committee
the following persons: John p Cook,
Arson Ford, H. P. Reid, Thomas
French, A. P. Wood and Henry O'Con-
nor and in the Courier of fifty years
ago the entire address is given from
which the following extracts are TAX
en-:
THE whig party glories in the doc.
trine that the people are capable of
self-government, and, consequently
they have right to govern them.
selves. No organic law should be al.
lowed to stand as an impediment to
the prosperity of the state. 1t be
comes necessary in the formation of
governments to guard the various de-
partments of state, protect the rights
of minorities, and the interests of the
governed. But when it is assumed
that the people are not to be trusted
in making laws for themselves, are moi
capable Of regulating their own COM
mercial and monetary affairs, then in
deed it may be said truly that they are
not capable of self government.
"The present situation in Iowa is a
novel one, and we would that every
citizen within its boundaries could re
alize our real position. Our model
constitution declares to the governed
You shall not create renew or extend
any corporation, with the privilege of
making, issuing, or putting in circu
lation and bill, check, ticket, certifi-
cate, promissory note or other paper
or the paper of any bank, to circulate
as money thus leaving the people of
Iowa the choice of two evils, viz
Danish trade, Danish commerce, ban
ish yourselves, or receive as circulat-
ing medium such trash in the way OF
foreign bank paper, and doubtful shin
plasters as chance or sharpers may
thrown among us.
IF the democracy of Iowa, who ere
ated your constitution, and seem de-
termined to make you keep it, unalter
ed and unalterable, would carry out
their pretended principles, and while
they prohibit the creation of sound
3 currency, would also prohibit the cir
culation of any and all paper money,
you could, at least, give them credit