, 1866-12-13
TIE ROAD To FINANCIAL PEP.
nfT%1stE ~@A%@

I anE !enECe tne p1bl1c debt, he docs not hes[tate
rom circulation, s1d that The furnishing Of whit
paper currency na7 be required he ieis so co:poe
NJ nt> of teee laws IS s3pe,icnex nay dictate, ier
tie better tzotsctton and adsancement ot the nab
s se1s1 Hew aDsn n!d e. a ay ybs BE- ts:;sa
mar have upon business mud Industry, and can be
better determined - the y ork Progresses. The
millions per month: ss contemplated By The at Of
ALnl a2 lsea. 70 TT millions per month for the
sion OF the interest ~teastug notes into 6onds. q
intasiouslJ asecsfns legitimate busiacfs.''
The gteenbacks aud Functional currency
outstanding December list amounted to
S3l3, &C., ,1!s. The Secretary has retired aluce
April Il, eighteen millions of grccnbscks,
and, In order TO do 50, has added nearly N
equal amount to the Fivc-Twenty si1 per ccnt
gold bonds lie has taken ont OF circulation
s,ooo, 600 Of legal tenders costing the pub
lie no Interest, and be has put into circula-
tion seventeen millions OF bonds coating the
taxpayers 81 ,o3o. 600 annual Interest In gold,
or 81 40, 400 in currency. II 1t be replied
that be has simply used the surplus finds
IN the Treasury with which to "retire"
| grcenbacks. aud has not converted the
| eighteen millions into bonds, wa answer that
1t comes to the same thing exactly; for he
ryra r.a... M..e. seaseeu .a'4.ons ol
e,o,,taor, .,,',," T.. 80 ~ MY noh1e WIN tae
rad,n,a. 'ous sM. na, =. sasplos 'unas' thereby
.nd ~ T.. sos soausa WV " taat afnoont,
l,on - ,a,s 4ssuun. s:,,.u W uose lnan mil
rcrcV - s''"' VI q sn'1non anu hal' IN eus*
The sec,eta,v der,o,ea that IT. ,,,.,4 =
pursuinp this s,nc,,l,r eor~ss r. " sGas.
contrnct,on or the cn,,cno.. III 49, % ~
| a sncedv retire, ~ s-o.,a s.,.. - n'.,
noiicr - 1,11nso. .,.,,,a.' ~ ~ .. In,s
NOV .,~a,.. s,..a.s e Nv, sopp'o'
of ,he con,tr.. ~ 'n' DAa"ep'' "eAAee
IT. .---....,
Ane 1toc way 10 oappfoach specie payments
oS feHecming and caucelline Interest
bearing oonds, and thereby strengthening
Inc Naaonai credit and Tightening the bur-
uen VI ts1at'on. lae Vast volume Of bonds
~ s''euia'ioh control Inc saiuc Of green
.~ "ach currency. lac interest bearing debt OF
ac o.eu sla.cs aup'onts 10 s1,soS,oO,oo9,
s ~ naa1 lne Sompounas. g. u Is IN M sne 1oFm
I Y'ous, 1Ipsps noln 8ao 70 sl'"" eaen,
, unu' ,s.' PassnR tfon aauo 10 hAnd
.n. nas 'anh no' *'lnous endorse
, ~. anu eseo ~ OASIS lof
~ o " eo~cfcn lf"osacuonS aud
a.u 'ol .ns pulcbnse u property
4 eau ia.i inen. .! aeots' 1hey circulate
!
."e us,ni' ~ ie"s. too9 nana'co nllhons os
49, ~ A-u.ots4 anese oonoS art "or1n' NJ
'nI Wesent t'me, ABOUT sesenty-use per
ssA. =. 'ash lacs ln soio. 1ney govern ana
| 'ee.ta'e tAe 'A'ue VI sfeenoacAs IN pro-
po4"on ~ 1ne9 'e.at'e 41anlI5' Ass,-o
" 10 70 - Jug lnuuence OF Inc ponds oo
luz l1'eG u Efeenoac6s' ana u'ee fsfsd. ihe
nonue' .Aete4ute' nave nve 'imea more M
| AACAEG Otcl luG EtGEADHCk6 t1AU lQG l8tfcf
s Ne'e osc' .ne oouo1. NOW, toe secretary
Aue 1fesats Nj" pursue poliey
LUZ 'e"oe ~ tuc'eaee .ne stanolns OF toe
oonus 10 WI plMs W lne sA'ue u Tue eur
.e".s ~ wv e@.n. tlhe' 1ne 1'en1 pouey
cellaih ana ponctual Payment Of the Inter
est; ana, secondly, employ all the surplus
funas IN the Treasury IN buying up and can
celling bonds, and let the greenhaeks alone.
The Secretary proposes to employ the re-
sources OF inc Government IN retiring the
INC greehoacks' b5 converting thcn Into
eo.a'.eees. s'.a NJ. oonas, ana oy buying them
WIZ tue cazn ~ tne treasury. suppose
, tna. oo tne utst u 'utss iooe, ne saoa.u
lew pei'ecleo lnls tnao ecnsne' "nat VIZ
tocn oe our annncm! CONDITION. ootn as
: oo'etnnent anu Peop'e ..-.
~ inc hrst pace tne tloo.Ho,Vo oi con-
4 noaha hotes WAN pc chapged INTO Five
:, i"cnties. craving <9,oo,uo OF interest II
gold s2oS,"ouo OF The g1eenbacks VIII oF
ianard INTO F.sV,un,oO OF F1ve-Twentics
! drawing S49.uU,VV OF gold Interest, and LII
, remaining *l5o.oUVo OF them Will be re
oeemea ma retired Win c1shin the treasury
! linen the bonded debt OF tue country vii
! be $7oo No,ooo greater thnn at present, ant
Il Tue gold tntefcse account VIII De increased
J., 4uo,oo per anuum, and the $al5.Wo,N
= - W, -, A0 "Ne s'un"'e "u4eA ."'I !"
IS T interest, will all have disappeared, lea7 in:
!. The currency field clear to the NatIona
s osnR.
= tne 1neSltaoie tendency oi thss large IN
,l cfeaec OIL the bonded debt Will DC TO drpre
e csatc Inc 7alre ot the National Securities.
4 t"s e1.e. ~ .ae eu' t+.ln.eos " tnc u'tcnI
a appreciates its purchasing power. then on
II bonds abroad will come back to the Unttct
I. slates Aot sa'c, Auo t4s co1n III 1Ht eountF
,f will be shipped to Europe IN payment q
= Them. THIS double process. the contraction
l. oi Inc eus1eues and tae q 4poEtaaon u soa
= will act on the body polite in the SAME va
that reduction Of food and the loss OF bloc
!. would affect physical body. The power t
produce wealth would be seriously impaired
~ .-,,sb.1 :. na xriao. ,,o,,,, .t;.1 ~,
d hot ctuaneo, SUI " "1ue'sp1eau colhuefc'al al
10 lhoosliai oisaster Wonlo anlfet LIE ano.
n Tho rpr-cncr cn-t ,,1m an ard snor;e eynor
u tation would haye on The National B.nk,
'e How could The Banks redeem their issue
Y in co,n amer thc 1eral tenders are al, ronc
The first s,en ererr one of them uust take
~ vii. be to contract their own ctrculat,o,
~ As hst as they fand tho ry1eenhacks ebblu