Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1862-01-14
ARTICLE NO. 3


your issue of December 10th, 1861, hav-
ng stated what, in my humble opinion,
would be the duty Of the people IN our
national struggle, also the danger aris'
ing from combination of some OF the
European ant:-Republcan powers
would. as citizen Of Democratic Re-
public, respectfully but earnestly suggest
plan for raising means worthy OF a
people whose Republican institutions are
at heart.
The Government now relies, to very
great extent, upon the banks and bank
crs for funds. BY the plan that | sug-
rest that reliance will be placed where
it ought to be, upon the people.
The outline Of the plan ! beg leave to
recommend, is this : Bonds to be issued
by the L. S. with view that the same
DC used by the peoPe as circulating
medium, and the payment Of tho oo"us
to be provided for, by the pay"en. o.
~ 10, Gu. annually on the whole
amount of bonds issued.
| LIST. One-half of per cent to be ap-
pied annually to defray expenses.
%. Two and l-2 per cent. to be paid
annually on the circulating bonds, that
is. such bonds shall draw 2 l.2 per cent
on their face.
Sd. TIE remaining or per cent. te
be set apart and appropriated as
sinking fund, through shich, at the enc
of each year, a corresponding amount o
| the bonds are Cancelled, by which TIT
circulating bond; * iIlI b"ean" po'"o0 .
, > 20 ner cent. fund uss.n e5 'a a1
imakc part Of che sinking fund.
The arithmctical progression of the
sinking fund, and the decrease OF the
original Indebtedness will be as fol.
lows:
| lsT YEAR. $2OO, 100000 Of
| hondsat per ceIt. $12,0OO,00)
| Annual expense one half OF
| per cent S................ x,OU,tWO
| 1st annual payment to the
| holders ofbonds at "a per
| cent. interest is....... 5OOO000
| Sinking fund at 3 per cent.
nualy. .......... ....... 100000 s12 oooo 900
The sinking fund 81, 900 de-
| Quoted from the 1920, 100000
of bonds will leave at the be-
| ginning of the
| % YsAR-Sl9l0oo000 bouds
at % per cent is ......... 81 $4,000
| which deducted from So 0oo,0rO
| leaves surplus Of $1o0O00
| which added to the annual
sinking fund SG00o0oo,
| makes &61 000O which will
| cancel that Of bonds
| and leave the debt at the
| Of tine
| 30 YEAR-S1 81 $4,000 at ~
per cent s. ............ s4,sss,oo
| conse luently surplus Of in
terest Observation-Disclosures. 1904 200
| Added to permanent per cent. sink
ing fund is 5000, 900, which at the end
Of the Sd year will reduce the original
debt to slSl, 100000 and at the same
ratio in "a years the whole debt will be
cancelled by the 3 per cent. sinking fund
and the annually increasing surplus of
interest OH cancelled p per cent. bonds.
| To further interest the people in the
bonds and to enable the Government to
pay the States, the amounts which are
now, and may hereafter become due,
them from the United States, suggest
the advantage of the following addition
10 the above plan.
A certain amour, is also to be raised.
the bonds for the same to be distributed
among certain number of States in
sums proportionatc TO the number Of
improved acres of land and of this
SUN, the owners offarming lands in cul-
tivation should be entitled to borrow a
stipulated amount, the payment Of which
should be made on the foregoing princi-
pies. DIR. lGNATIus LANCER.
Davenport, Jan. 10, go.
|
| CRUsrNG Or FREE SPEECH.-Tbc
| Duhtiu Eyen;nu Viii IS H. 10.l -.