Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-08-06
CURRENCY LEGISLATION
Des Moines Capital en- oummins' 40
dress Before the Bankers.

Des Moines Capital en- Summins' Ad-
dress Before the Bankers.
| Des Moines Capital: Governor
| Cummins spoke with much Impotence
to the bankers of Iowa and Illinois
because the laws affecting the curren-
cy had not been speedily reformed.
He said that some such bill as the
Fowler bill should have been passed
| long ago and would have been had the
lawmakers been as alert in the dis
charge of their duties as the people
desired them to be. The governor
blamed the legislative powers for not
applying remedies in advance of their
pressing necessity. He criticised the
conservatism of prosperity"
There are few things that remain
| to be corrected in regard to the cur
rency. But the trouble is, public
thoughts not yet crystallized. Fowler
says his bill is all right. His bill
| would allow bankers to issue curren-
cy on the ordinary assets of the bank,
Igsuch as the notes of their customers.
| The Fowler bill was the bill under dis
| cussion when the governor spoke.
There are a great many people OPP
posed to asset" currency. They are
afraid that men would establish banks,
make irresponsible loans, and issue
currency against the same. The peo-
| pie are not afraid of the good banks,
nor the good bankers. They are
afraid of the advantage that might
be taken of the law by dishonest in
competent, or irresponsible men. They
are afraid that banks would be or
ganized and after the currency had
been issued the assets would be con-
| fscated or dishonesty disposed of.
In other words they are afraid OF
wild cat" currency, such as the
country experienced forty years ago.
The country does not desire to take
the risk of hasty legislation on so
important a question. The country
has not forgotten the woes it expert
enced on account of the fears that ex-
listed in regard to our currency. The
business interests learned conservat-
ism in the agonies incident to the
years from 1893 to 1897. 1t must be
remembered that it took the country
twenty years to reach the gold stand
ard. Currency agitation begun in 1876
those twenty years the country could
not agree upon what it wanted. The
"greenbacker" and inflationist said we
needed more money; the conservative
man said we needed better money. The
greenbacker said the old greenback
had helped to save the union and was
good enough for anybody. The dis
cussion is we'll remembered. While
it prevailed business interests were
kept sup in the air." Finally the gold
standard was esta blished and the gov
eminent practically redeems green
backs in gold There are few links
in the chain that ought to be
strengthened, but certainly the country
Is not prepared to consent to the is
suance of money against the ordinary
notes and mortgages taken by banks.
Therefore the governor and others
must be patient and await the slow
growth of public opinion. The AIdrich
bill, pending in the last congress. is
safer than the Fowler bill and would
do no harm. yet the Aldrich bill could
not pass the house. The Fowler bill
is dangerous and should not pass
either house.
The governor thinks every evil
should be met in advance and settled
ahead of time. Addressing the banks
Governor Cummins said:
"You can help refute the greatest
fallacy of the age, which is that be-
cause We are prosperous under certain
laws those laws will keep us prosper
GUS"
The governor was urging changes in
the currency laws under which
the country at present is prospering.
He is the first man to dis
cover that the American people
are too conservative. He says except
tiey
would Immediately correct the curren-
cy legislation. Discussing this phase
of the governors topic which was the
Conservatism" Of prosperity the Inter-
Ocean says:
"Doubtless there are countries whose
prosperity decays because their peo-
pie are too conservative to perceive
the necessity Of change in methods by
legislation and otherwise. That mental
defect has not, however, often been
imputed to the American people. In
fact, their history shows that their
periods of adversely have usually fol-
lowed the growth of spirit of unwil
lingness to let well enough alone.
"There was for instance. the period
between 1887 and 1892. The country
was widely prosperous. For high pric-
es high wages and general well-being
1890 was thought to have broken all
records. But the silver miners were
not satisfied and a succession of dry
years in the semi-arid region had gen
Grated populism, with its notion that
everybody could be made rich by act
of congress.
$50 we had the Sherman silver pur-
chase act, which turned the, dry rot
| with which our currency system had
been infected by the Bland act into a
running sore. Then the notion arose
that manufacturers we're waxing too
fat in the sunny shelter of the tariff
and we had the political revolution of
1892. Few living men will ever forget
the hard times which resulted from
these manifestations of discomfort
with our prosperity.
"For the American people the dan
gers Of prosperity seem no to be that
they relapse into slothful contentment
with things as they are but that like
Jeshurun, they wax fat and kick and
give special interests leave to try legis-
lative experiments for their particular
benefit instead of waiting to be sure
that the proposed changes are really
for the general benefit. That was the
fa1 ;-4o i