, 1862-11-19
NEW PLAN OF PUBLIC CREDIT
AND CURRENCY.
Memorial of New York Merchants
and FlDauc1erS,

TO the Congress- Of the United StAtes Of America:
Your lnemorialists respectfully rcpre5ent
1hot the financial affairs Of our Government
require 70 be 80 systenlhtiztd a. 10 command
tue Confidence Of the country In tie admins
tratlon oi fAe business of the treasury de-
Tint thu ayetc,n pursund by the head of the
1f:ss''ry o. itFAIng irrrltt nlnblu de1nnad
hhtcn, Eeftli!catcn II f!irhtriucst. acy.n
'h'fty d'In"nj honts, and e. rtilicatt:s of DE-
I"tt''s fnr .hofa lfsna, Is cc.llnalatiug ~,
ei"fI""ns DEMAND d:I't that will euon ert; IL:
~ ulrnntt1,tnhln alarm n.ut:n, ,,talnee, ,t,;,,
u u dors not t1tnIiy !dcs1Toy liz lnat1onai
Gtf34t.
tihL '"tmd'1aI RHcE TN tocsi:iclxe e The I,nan.
r''i t"'fey w li'c gnvernnlc..t II. eorne lcns.A
n1i'i r"h'!'ts1rs tiuh):
III "',nf' ',u"ncs tr these fete and corrlu
t"nt, Jour 'nt in"1lsll.,. ttr.t,,: lo prcs.nl Ia
i"ti htit uth ii hHa:'ltAu !ii,anc.: which will
f"h''.fm ~ The condition and r:nju, tr tnr
it'j'l'. i,Hd wtlrh VIII 1.afi.; tic ,ur,,I.n y,
Hh,".} d'hl n"r NJ lightly LIS t,u>Eihi,: u,,n
~ iHtr'rnis, 'y ns!lu..i1g il 10 l!it: .noull:r.
VI fF1'in, hnGkGit n,sd eaT!t1lin,n.
IN our thLairy "h,uMtY" IN thai article
rt.rti u" frtfInl government should declare
10 h IL E"l tcuder, ahd th': 1',l,itr: will tah.;
ihla 'nHnty ~ lhY AZ t,attc md buslEc:s nav
~ h."HdH. J'rhdc will tmpt,,y t1ipu,:y ru long
nn ~ ~: ''ro "f 1t will pruiuce q pIont treatcf
nun li't Ahbi'nL VI lhtsrast pliti lof ita n5e
=" hci' we wlol' 10 flaat n.oIu illna.y thau can
bc Frtf,i"biy employed IN tru1c, We uu-s
!i'he IT. ht;r I'LL intcrt1t, or It will dcprsciat. i.
H. tlsIzent 1Auc.
IL IL not !l:e quantity or bonds hearing it1-
lcTcst that cscntcs iuia1ian OR u9rr iszucs. but
thu lHiEc 1uan1ity Vi ilrcte.ln.ble bills f,,r;ti
u1io,l tEc public US currency that bear no
lntcreht. N
4eur ncmorialsts tLcre:ere rc:Eccffull,,
Ttgu, ECU TO authorize and direct the treas.
al'y department to issue coupon bouslz, having
e"eHfy Years to run, Of tie .lcnou1inatior q
L"enl9, nity, one hundred, five hundred, one
thoussnd, and I'VE thousand dollars each.
BORING ali interest OF fdur ana one Lalf osr
cent, anil to make such bonds q LEGAL ten:icr.
1o1r u,tsuor:alista represent rnas these
b2nds viii tc taken and held BIZ all classes oi
GIE people, e1d 6specislly NJ merchants, ira
Gers and manufacturers, to q very Jarg. az
tent, and that the introduction Of these b ,nrs
VIII induce business men to use'mure capital
a1d less personal credit in Eteir business. ha-
cause surplus capital invested il these interest
p.51pg bcEds 7zil sill he money II the hands
Of The holder.
We Propose foaf and one-ha1f per cent. in.
teress, because Ee find by carefnl e5titn -
o. current values, that tour or cent p;o;1ti
&c TOO loT, and Eve per cent 700 h}rh ana
tfa: !our snd one-half Der cent, witt IN,
ieM tender clause, making; TIE bt,uds frioa..-.
. IL
saius- This will cause them to be f1et;l; ;; u:cl
aafEs general bu:ilcs5 CT tho couu57yi:, :;!sc!
Q. Ellls tf exchange, Ga1k crudils and ind;r;tt.
uat aecel'ta1ces.
Anctler i1n2arta7lt Advantage iii. ilo y from
tbls x5Sft q ot finance. Tkie rate Of int.rssE
III government bonds viii nos 80 se1;o1str ds-
letciaEs. mortgage securities or tbs current
Fia; 6: re:i' estate at he rate oT si1 or Eey-:,
pcr cEni- ro- bling l'a:s; b3 Tie treasury u ul1a
It's issue be,&ds.
3aa again: these bonds hing money, ;55sr-
:nt1;e5:s 7rlli soon s::ke the pisrt q: IS wei
s. aessro taa lr7cd:+ntaa1e deu.,:st no;.s, os-
cSut:: tLese bonds viii Cos:&es all IT,: cn traf.-
t:z,stics Of mouey and bear i1I":est.
~ aIe1':1;ig tut: ey:tem &E- :7.a4urr Fill
fsb pe competed 10 MEk another loan for as
:Etsa u 0t's Sill he -cg.l teGtla-, tn. Er...-
uiy may use them as c5ner money in :;arEnent
10 Iihs:e creditors. THIS 4=ill ILL. Rational
cfesIS b. rrsisc; e1 :lgaiGSt Giseonor, 10 which
:Ed cali CT short lan5
Il Is I:iobah.e these bends ms7 be absorbed
II t.:e bE.iErts OF tho cpaarsy, without ma
1tIisl:S ;tI:2;iug =aln. s, 20 ta: lxteut OF more
sAA: i'.:s iteuaaac :usi lens witniu six MN tbs:
a.so, % :sIoWiDE sl;ars tine - 5:5cg aoousa
proper appreciation cf she value s,f this new
money, hearing Interest aEi gradually piu2I,ie
tue sc1Is irt9 tire hands Of the putlic, IL S
not unijEc]y that t=o thuu:anG 1cilli1nS nav
te Tftfitas'ly takeu III uur country.
Ey 3-sulag tAs5c bonds, that Will take the
3'st2 OF tic i:rteuan:ab:s demand H.;tc., H..
1reasuT; will b2 enabled 10 resume eaarie
1:6J .lcute Tishi1 kitty t!a,s sfusa the t;rl..
the:s: honds shall he lfesea TO tas public,
1t :ho PEo!!c shall -2.luirc tie ..:,yern1.aut,
10 Continue the issue ct iaE.a:.t not.,s 6: de-
nomination less iii III 1vcs;y d HAS, then my
v'Ei;n should be a,a5e to rld:5u. 51.;i lttes
IN specie at the sub treasury
I'hla plan " L! keei' su:l issuGs :ri.u;r uro-
Per limits, aud vii! not III any degree. ale It
h1: L :stle., tecaus:. +hG5c j:.s:ita.;cns. like
iEdlT7au:ls, may use tH;: 5:Das SIG uot;s Of
tie GOVERNMENT in p!;ca cf s;1,s:ie, II Gu.
sre:s shall adopt this s5s:c:u, ;1.G thus make
Ii i's funded pr,n!ses q Legal :enf}er, l. *gi,!
ta p!:cing t;:E c1edi; Of the soy.1nnei,t where
il shcu!sl b:--aboye al otEsr credits in our
c51ntrr.
1heEe Propositions bring tx; obligations Of
ICE EoSt::7i:v2s down 10 :9zo !lil;It=~--onc be-
ints 2 t1.c promise, ha.i.g tren'y Years tn
run, and i,es!lng irt.'s.5 th:: other Dear:ug
no nse:ts: std payable on demand il speci4.
Lotll being itg;,l lErd.r.
This system Of credit will make rs siu1ple
"Ec Ic:74et :5&1i Of l3c-:Ttcz1. ti.,:nca IS auv
ssGs !esi;.an cal desire 10 seq es iab:isit:G
IHo thousand T!iil{ous OF f31r and hs!f
l'ar CERT. bonds sill rcYci:a 1:i;,s.sv millions ~
collars to pay the asns-sl irreres: Thereon,
whereas the present rates paid on baud: Of
tac government, OF six aud svvan per cent.
viii demand one hundred and se,;t;t.: millions.
3E7ss to all the other advantages l::r.;,.,efore
Etctcd is :.aavd q sa.ing Of thirty r.Il'icps p.r
:.2nrr OF iE'eresc % The tieas ri ttyo tl13c5.ad
millions,
Your T.e3nnriali.te .c-e .e-c