The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1859-02-13
WASHINGTON CRY.
SUNDAY, FEBRUARY Is, 1869.
business Notice.
THE PUBLIC cRFDrr-rrs CHARACTERS AND DIS



THE PUBLIC cREDr-rTs CHARACTER AND DIS
TRIBUTIoN
With a gigantic monopoly in The production OF
three or four great agricultural staples an admirably
balanced industry better division of labor than ex
lists any where else with distribution ofestates with
internal commercial facilities equal TO the wants of our
people; with Astounding wealth and prosperity. il
would to be the clearest thing in the world that
the federal securities are really better than those OF
any other government We owe less in proportion
to means of payment have shown more resoluto de-
termination tolimt the issue Of bonds than any
other great State. Our system is distinguished not
only for the economy Of its administration, but
more by the settled policy of it's people to avoid
tracing national debt. There is stfoig constitu
tional prejudice in the American niind against ans
radical increase oil treasury ISSUES We have no
st nding armies, ovorshadowing navies our for
tifcations limitei; our pension system economl-
cal and restricted our salaries small then why arc
not the bonds of the government bearing high rates
of interest better than any other like securities!
Then again we have vast accumulated capital ;
aud il is no longer desirable that we should resort to
foreign means to carry federal securities.
SO long As we barrew money why not adapt the
character of tile stock to slit every niarkets If
registered stock be preferred by one purchaser to
eoapoa stock because the former is less liable to loss
from the depreciation of thieves or the dangers of
FIRE. OF the periIs of the sea- then why not allow it to
be issued as the owner may elects II costs nothing
and might command wider American market and
better premiums to the government. But loan is
not, in our Judgment, the mort desirable mode of
increasing the public debt. Would not aii isstc of
treasury notes, bearing FIVE per cent interest, or
less be more advantageous to the people of the
country and far better for the When the
loan is made the debt is contracted, aud cannot be
paid Off unless at loss, before the time fixed
for its redemption fills aaB tia toilrat pt!r-
sued by the government when il purchased such
securities at twenty per cent. premium, which
entaiIed loss, according to Mr.. Bentons view of
the transaction Of five hundred thousand dollars.
A loan especially of stock coupon stock, goes into
foreign hands because the rates Of interest less
abroad and such stock cannot be held by small cap
italists II is like bank-note, Just rs goud in the
nds of thief as i'll those Of its righfu owners,
This species of funds thus absorbed abroad TO the
extent OF fifty millions of dollars makes heavy
drafts upon the country in the way of accruing in
trest Registered stock the contrary, at the
option of the holder would be perfectly safe against
loss. aud would doubtless be largely distributed
amongst our own people, 1t is quite unlikely that
the obligations of the treasury will ever be issued
to am extent sufficient, if absorbed by own pco
pie to bring into operation Mr.. Hamiltons idea Of
binding them to The SUPPORT Of the government BY
being interested the holders Of its bonds in iiian
tanning it. 1t was on that principle that he proposed
the creation of bank as political machine
That is not our idea of conducting American politics;
but it is certainly desirable that bonds should
be held by our own capitalists as far as possible.
This cannot be if they issued with coupons be-
cause small proprotors have not the necessary
m ,ans of making them secure II may be said that
the treasury-note il liable TO the sailic objection.
This is not so for obvious reasons. The Issue of
twenty or thirty millions of treasurynocs receivable
at the oustomhouse aud land Office would be absorb
ed by a species of floating capital of which the is
always q vast amount on hand in the country.
II would undoubtedly operate TO reduce bank depos-
tics. because many holders of money, uncertain
as TO the time of it's employment, would avail liie
selves of the notes. bearing four or FIVE per cent in
terest, and convertible into cash at any moment in
preference to its idle deposit in bank. Treasury
notes even of saO--tbe smallest denomination ever
heretofore issued especially if they should be a-
thorized to- be ressued when redeemed, would great
w assist the business operations of the country The
farmer, the mechanic, and the aborer would be safe
in receiving them; the merchant would hold perfect
convertible security; the banker would esteem
them as precious as gold; and the widow and the
orphan have the means of investing their little
savings in stable and substantial paper. With
treasury note in his pocket the citizen would
he secure, aud would realize the credit of
this great country. How they would quicken and
revive all the business ransac lions Of The nation
especially if taken in payment of all debts and obi
cations of the government. Would not such notes
place too, the credit of the nation iudepend
ent basisg Would they not rescue it from the hard
bargain of the foreigner aud ditlnse among own
psople confidence in their country and gratitude for
the benefit which had resulted from their issue
Experience has already attestcd the benefit to the
country of such an issue. That benefit has rcfuted
the specuations of the politician and the theories of
the sophist aud with such proof Of their value in
former days why not resort TO this safe, reliable,
and economical mode Of relief, If the government