, 1861-10-12

The shinplaster fraternity nave too hun
1red millions Of their notes in constant
circulation as money. On this two hun
3red millions Of indebtedness, which they
owe the community, they charge, and col
[ect, fit. en- to twenty millions Of interest
on Mefr Gun obziaa&ions! No other class
enjoy such extraordinary special privileges
Other people are obliged to pay interest on
what they owe, but the bankers receive
on what they oaoe, and literally
wax rich On the interest Of their debts.
It would be sufficiently intolerable if the
stopped there, but that is only
the first Of series, The second is called |
81 exchange and discount" When enc Of |
the banking fraternity puts batch Of his
"promises to pay" into circulation. all the
Others commence shaving the holders Of
them. The note which was issued as
worth one hundred cents on the dollar is
"quoted" md bought ct a discount, The
shave varies according to circumstances,
being higher at one time than another.
Sometimes the notes are done at mode1-
ate shave; on other occasions they are
tythed, and frequently redeemed On
shares = the holder getting but half their
face.
This miserable state Of things breeds and
sustains swatms Of exchange brokers, who
reap fortunes from The evils attending our
currency system Whatever is made by
shaving bank Issues under the name Of Sex
change" is so much dead loss 10 the people,
What the aggregate sum Is annually, would
be difficult to estimate accurately But as
the whole paper currency passes through
the hands Of brokers and banks at least
sccre OF times per year, and shaving is
planed off the note holders at each transit,
varying from one quarter per cent in
thickness to twenty PEI cent, the gross
amount Of spoliation suffered must be
morc than double tie interest first charged,
or thirty to forty millions in the whole
Union. There must be added to this at
least ten millions, to cover the loss by the
breaking of banks aud the suspension Of
specie payment, the whole making in round
numbers sizty millions Of dollars as the
annual penalty paid BY the people for per
mitting these thousand debt factories to
pollute the currency medium and convulse
the business Of the country by panics, con
fractions and expansions This direct
tax Of sixty millions is equal to the whole
cost Of supporting the Government of the
; United States, in time Of peace, and il
would pay The inte, est On National deb,
Of one thousand millions of dollars.
The remedy for the cure Of this appall
ing evil is simple and ut hand. 1t consist!
in substituting the Government demand
notes, redeemable in gold at par, for tn
issues of the thousand banks. Thi
change cen be brought about by Congress:
at It's next session, nying tax On tht
Issues Of all banks. It need not be *
heavy as to Danish them from circulation
in month, or to produce any violent de
rangement Of the finances Of the country
A moderate stamp duty Will make it ths
interest Of tbs bankers and money lender
to substitute the National currency. Il
the course Of 8 single year the banks would
be ablt to retire the bulk Of their issues
and IN their place, pay out the demand
notes Of the Government Meanwhile tht
Secretary Of the Treasury would be deri
wing handsome revenue from the stam1
tax The transition from the corporal.
shinplaster to the National currency coult
be made without shock OF Inconvenience
to the community, and the people woult
thencefoHh enjoy the benefits of uniform
paper currency, which would circulate q
par from Maine to California; whicl
would buy property or pay debts through
out the continent, and would be receive,
without hesitation by the merchants an
capitalists OF. Europe, az they could US
it st par IN the purchase Of America
products and payment Of custom nous
duties On goods exported to this countr.
The American traveller could safely Z
atroad if his wallet contained q few: 1
Uncle Sans notes. He could e1chant
them for gold with foreign bankers p a
quarter Of the world jWhere Amer1c'
commerce nenet,atad..
This oonyertib1lty into con' a
equality Of value eveEyEhere, Is an mo &c
ment for the substitution Of dema1
notes. scarcely less important to the pe
p1e than rhe ;dezth blow that would
aiven to exhortdtsas' aexchange" ]
deed it NAV be doubted whether discou1
~ou1d he more than the slight cost Of (
presa chargea for reunitting packages
notes from one section Of tbs country
another, and which could hardly exct
one mill on the dollar. Here would b
saving to the people Of not less thsn TO
millions per year now paid for exchan
and LOST in saIlingfo brokers, the notes
broken and suspended banks The
te,est on twu hundred millions Of b.
issues would also be sared TO the pub
as Uncle SAM won1d not charge inses
On his demand notes; and while the
pie would have their currency free Of
terest, the Government would enjoy
uEe o. perpetual loan Of two hund
millions without having 10 pay interest
it AL that :would be required, would
the presence ot twenty Or thirty mill
Of coin in the Sub treasures, IN the q
cities, for the redemption Of the notes
would be presented from time: +: Il
Thus while Tue people would be enjoy
the advantages Of a. sound and convert
NaaorA currency. uniform in value,
-receiVahly everywhere; thev would es,