The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-27
the PEOPLES cuaasncY--Ewm NAN MS own uAnxea.
TO THE EDITOR OF THE HERALD

TO THE EDITOR OF THE HkhALDs
The war has settled not only the slavery qussss and
a collateral issues but 1t has settled for years 70
our financial probems whether We like II or nol 90
have got 10 readust our ideas this subject We
have got to grspple with the questions that upoa
The old notions in regard TO money are being discarded
BY thinking men, Even Mr. Mcculloch 10 beginning 10
soc that impossible 10 back 10 the old system,
and, whether national currency lie money or not,
that have to take it, its equivalent 10 carry the
business Of the country propose 10 this paper 10
show that have another currency, which s equal
n not superior, to the grscnback the national cur.
rencya currency which will get rid OF one dIfculty Of
present encountered VIZ tne payment o. ni'eea NIL
the national banks call this currency the Peoples
Currency; and think before get through that you will
agree with mo In this designation.
There arc three things necessary to constitute money
to afford "crculatng medium" good In all parts of
community These three things are: First, That the
notes issued shall be issued by the general govern
men, under national authority, endowing them with
legal attributes. Second That these notes shall repre-
notes shall be convsrbie al the option Of the holder
attributes there can be- 40 money without these three
attributes The great objection 70 our gresnback cur
rency lies IN the fact that they are deficient In two Of
these qualifications They do not represent value,
they convertible at the option Of the holder II 10
true the United States promises to pay these notes.
not inform Us II IL impossible to pay them In
gold and silver q evidenced IN the fact that they arc
not pad The national has III: advantage
DO converted at any time by surrenderng OF the
notes BY the banks for everybody knows the United
this currency 10 that but the banks have tho right
70 convert thsp The people have 70 pay them interss
FOR sSe notes ana 70 b snuDSed half Ss a %s FOR
tecting them n their present monopoly. Truly We are
q patient people Nov, Is there no way BY which the
% the banks or bothsriig Mr. Mcculloch about his
gresnbacks, or at least allow him 70 retire them and
1--WE us something better In their placsS
few words Let Congress at its next session pass
4 law authorizing the Comptroller 10 issue green
bonds from hundred dollars aud upwards security
the issued on the same The present green
ss note: can Os oS Sesy rss e.ea 'ns en-
except dulles mpors and interest on the public debt
so opon q
q Sss sd 1SS
win this endorsement on tho new grssnbaek cur.
rsncy, issued 10 any person who viii deposit hvetwsn.
,snt .S' Is: poopIs ~oad have az: and reliable cur
rsncy, possessing ell The attributes OF money. they
would thea BE- practically independent Of the banks and
portion Of One interest paid the national banks
kssp their notes In circulation. II would snscuany
a. Il the same time a. elastic currency which would be
In s action. IL being convertible q the
option OF The holder any recnangng OF issue could %
speedily corrected By their power Of oonvertibty.
There reason for the people paying the banks Ia
sres for endorsing their notes when ths United Saae
give The people oil The currency they want without
Interest," In this way w would popuIarizs our banks
b. making them NE basis Of our
popular Interest In them which would forever pms
luislus upon al movements looking 10 repudation.
that Democratic hsrssy would be forever squslchsd
rhs stimulus which such currency would create IN
business would make our national burden light We
would not feel the PRESSURE would We now feel
hat our life blood IL being drawn oct OF 10 feed and
'-''' '' CHURCH