Year: 1864

oosAoVe its prOVlSlOOS are S3luLary, ana calcu-
lated to advance the common welfare of our
citizens. p. i-4 81" ls -i21is'ffi ~ q ~


The people have suffered more than once
from the evil which this law is intended to
remedy. They arc suffering now, and there
IS imminent danger that, without this law they
may suffer more than ever. E By this bill we
provide that, institutions calling themselves
'banks" located in some unknown spot in


Maine, or swamp in Indiana, shall, after the
4th (ofJuly next, be prohibited from circulat-
ing In Iowa, their "notes', in competition
with our own State Bank and United States
currency. The people have suffered too long
from worthless foreign shinplasters, and, ,the
time has come when we should drive them
from our State by legal enactments, and that
is the purpose Of tie bill now under consid-
Grafton. .-.....


1t is asses ted by those who are opposed to
the bill, that there is not enough good cur
rency, Chat is. State and National currency y
in the country to supply the demands of trade,
and therefore it is necessary to food our State
with the notes of unknown Eastern banks,
in order that we may be able to sell our pro
ducts. That statement, for there is no argu-
ment in it, is entirely erroneous. The fact
is, those who need our products will buy
them, and when they cannot get them for bad
money, they will give US that which is good.


The farmers corn, wheat and pork, are things
of real value, and should be paid for in good


money. There is now in our country an;
abundance for all commercial purposes, of


Treasury Notes, and notes of National Banks.


In addition to these, we have our own State


Bank Notes, and l am ready to declare that


my preference is for our National and State
currency. And more than this, it is my ear


nest desire that the farmer, the stock raiser
and the laborer, of the State Of Iowa, shall be


protected from being swindled by the rag


money brokers of other States. use the


term "swindled," because when the farmer
exchanges the valuable products of his land


for the painted "promises to pay" of Eastern
SPECTATORS, which promises are likely to
prove worthless on his hands, the transaction
cannot be regarded in any other light. @1


When our State Banks were about to be
established, 1t was said they would furnish us
with good home currency, and we would
be no longer cheated and cursed by foreign
.shinplasters. Well, our banks have been es-
tablished and their notes are in circulation,
and in addition to these, we have our share
of four hundred millions of United States
Treasury Notes, and still, in addition to all
these, a prospective issue Of an immense
amount Of National Bank Notes. With all
these facts before US, certain gentlemen upon
this floor are found advocating the introduc-
ton and circulation among our people of the
Eastern wild cat currency, which no man can
safely keepin his pocket one hour. One hon
cradle gentleman tell, me that if Il drive out
this Eastern currency, will not receive as
much for my corn or wheat as if this trash
is permitted to circulate. Very likely. If
took rebel scrip ! might receive q greater
number of dollars, nominally, for load of
wheat, than if I took only United States mon.
ey but does this prove that was gamer
by taking the worthless rebel money!, Not
at all. Now, suppose sell my wheat at a
dollar per bushel for Eastern currency, and
in order to get money to pay my taxes, must
pay five or ten per cent. premium for green


backs-had not better have sold my wheat
for rs cents at first, for good money? .,..eI
There are many reasons why prefer our
Federal Currency. prefer it because the
faith and the resources Of the Nation support


it, because it is good in all the State alike,
and because by uphoding it we uphold our
Government. When our farmers, our stock
raisers, and our mechanics are paidin nation


al currency, they have that which they can
depend upon. They have species of money
that viii be safe to keep on hand.


am glad to see that the friends of this
bill are maiply the farmers who have seats
upon the floor, and the personal representa-
tives of the industrial and laboring classes of
our great and prosperous young State. When
I see this fact, ] care not though the bill be
opposed by the banking interest or commis-
int kI,o:, ,n1n
or the champions Of any other interest which
makes profit from the circulation of the vile
trash. These interests are the gamers, while
the farmer. the stock raiser and the mechanic
are the loserc and the sufferers. These latter
the operations of the sharpers. The shRrpers
can take, care of themselves, But there is
another and still higher reason why /, sup
port the bill, and i. is this. We hereby de-
the clare to the country, and to the world, that
patriotic State Of Iowa gives her preference
to the National Currency. The State Of
Iowa speaks, through this bill, in voice Of
thunder, that will re.echo from the centre to
the circumference of this continent, in behalf
of our National Government. and our coun-
try's cause envy not the position of any
honorable gentleman on this floor, who, by
endeavoring to defeat this bill, labors to keep
Eastern rag money in competition with Fed
eral Treasury Notes. Let the influx Of for
eign bank notes continue, and they will ev-
entually drive Treasury Notes out of circu-


lation, which will be found only in the vaults


of bankers and in1the hands ofbrokers. Our


people will then possess only the ,basest and


most worthless. currency. e.. ~.


In my humble opinion he who opposes
this bill works to make Treasury Notes an
article of speculation, He would profit by
buying eastern bank notes, bringing them out
here BY the bag full and trading them of for
our produce, but he would keep the green.
backs in his own. hand and sell them at
premium, and when the cash comes he pos
ses.es the good currency, while, the people
are the losers and the sufferers. Such men
may cry--"bus,ness, business, the interests
of trade" and all thai, but they care nothing
for the interests of the community, p, Out
upon such menl They are spectators in the
Nations currency, and are endeavoring to
make the affections of our beloved country
thing of merchandise for their own selfish
purposes. and for their, own individual gain.
For my own part, I care not what any other
man will do, Twill follow the course which
duty points out in this matter will 40 ALI
that in me lies for the passage OF this bill,
because believe IT is calculated to benefit
our people, and, in some degree to uphold
the arms Of our Governments, in this day Of
sore trial and affection. AS aoLegislator, Il
believe it is my duty to diseopntepance
everything that comes in competition with