The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-19
GOVERNMENT FINANCES.

from the Tribune.
A Union citizen of New Jersey, we are in
formed has offered to canvass the place of his
residence manufacturing cty-gratuitously,
and pledges himself TO raise loan of 500 900
10 the General Government on the following
conditions
First. The subscriptions to be paid by regu-
lar monthly instalments over period of not
less than six months.
Second. The Secretary of the Treasury to de-
vote stipulated proportion of the proceeds of
all permanent loans made by him to retiring the
superabundant currency now in circulation, until
its maximum amount shall not exceed
$3.50 900, 900. The reduction to lie gradual but
as rapid as the condition of the country will per-
mit-say at the rate of Sl0O,0OO0 900 per annum
or one-Ihird Of the excess over the maximum
given above.
Third. Public meetings to be held all over the
country, to be addressed by the most eminent
speakers on the subject of the resources Of the
nation, and the urgent duty of citizens, espe-
cially workingmcn, subscribing TO the Govern
ment loans in the manner and on the conditions
stated. generous rivalry TO be excited among
cities, States, counties, townships, &C., as to
which will contribute most literally TO the loan
aid consequently of rc irement to the redundant
currency and corresponding reduction in all
market values.
4 Fourth. The loan 10 bear six per cent interest,
which, with the principal, is 10 be made payable
in gold.
The advantages which such IN arrangement
would offer are many. by reducing the volume
of the currency, the nation would take the first
practicable step toward the ultimate redemption
of the whole amount OF its Indebtedness, thus im-
parting degree Of confidence in he faith and
ability of our Government which would ctleCtu-
ally checkmate the spectators, and cause the
price of gold to fall more rapidly than it has Lately
gone up.
With this decline would immedtl'cly follow a
corresponding fall in the nect-saries Of life,
which have recently advanced Dgri DGssU with
specie, The Government would az the saIne
time, le enabled to make its purchases ut prices
so much lower than It now can thai the public
Indebtedness would be many m lions les, at the
year's end than il threatens 10 be.
= Last but not least, this reformation would give
the Government new hold upon the affections
and support OF The mechanics, the labOring men,
and their families al over th" country, who are
now oppressed 10y the CNtOrion OF spcUul ltOrs
brought about, rs is alleged, by be dilutng Of
our national currency, assisted bY the unrestri ted
issues of local bank paper in different parts ofthe
country. BY retiring a considerable amount OF
the "greenbacks' issued, il is believed the country
banks would have 20 follow suit Or close their
doors altogether.
Perhaps the most Attractive feature in this plaf
is the proposed payment of subscriptions by in
stalments, thus atiording workingmen and
women an opportunity to become the owners of
500 or 800 each in Government bonds. There
are hundreds of thousands of people who seldom,
if ever, have the full amount on hand, who
could, nevertheless, raise il during a period Of
six or twelve months; and would gladly apply
their surplus earnings in that direction, if they
could see that, while aiding their country, they
were at the same time helping themselves by
OVerthrowing the speculators
In such case we should have patriotism ''ac-
cording to Gunther,' which, though not of the
brightest type, is better than none at all.
We commend the subject to those In authority
and the American people. The least that can be
said in its favor is that IL merits a trial. If the
experiment Is found 70 succeed in one locality, il
would doubtless be followed up in all sections of
the loyal States.