The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-09

their own interests for the benefit Of others But
Various methods are suggested to redeem the Five
!Tenties in currency one very able writer sqggess ssT
wards the greanbaSks may be redeemed Will with ts the
sufcient currency together with its probable in
crease then that would be the proper method, with
But i g Believed that th9 present and prospectiye
large enough to redeem these bonds as they become
due; and not lnjuTiousy Increase the business then
legal h tenders eSus 70 the b1 & e be & %s @
loan. Indeed, but a small portion might be issued
monthly. say AoOOOCO' so as to imperceptiby ahect
The business men here complain that the retiring
Of tiGOe,00 month without any substitute, causes
business operations doubt not thst that additional
business Without being fpjurioasy elt as an expsH
sion may here state that 90 not see why nearly
treasury when might have Psd a. least Twice that
amount 0l tne m h gDS setaY1 1o o Se TreasnrS
whom believe to be very honest man. Butt
within the time spoke ofby the department cannot
conjecture
Before the banks can be expected to resume the
Government must resume the payment OF legarten-
ders What ans has it of raising t5OOOOOOOO. and
must be done at the same time, thereby adding one
% hundred and atty or two hundred millions more,
terest upon the public loan about 600 added to
about $500 600 make an aggregate 1928 900 OOO
which 6o du must fSst be paid In coin 0i that sum
lions. and with the then contracted business Of the
"I In ali SSSo COO COO, which, taken from the aggre
gate Of interest and expenses, leaves balance of
SO It will be seen that the coin revenue raised by
the ordinary means OF the government VIII be insult
S5e eoo resUmgMOR cs M 66Sn being
Of he way sSe iesatenGeTs would u1doSbedy be-
absorbed 70 very large amount by other equiySlents
holders would be willing to receive; but the
would be Tunous to Se business mem Of the
nity. Ny notion. therefoTe is that the sooner the
paper cuEency which the people viii be willing to
the sooner it WIN be able to resume specie payment.
l observe that respectable New York papers have
delay the resumption Of specie payment. This is
wholly false; have been anxious TO resum the use
any better as token Of debt but because i has been
do not wish to resume by breaking the bones Of every
manufacturer, mechanic. and agrlcnturist for the
S%ed sHeT capita; pi S'''S" Op''N'' ' '' "'" '"'"
1 think that even the s4,OcOOOO month which the
as they can endure l admit that such restriction
portatiOns, because they are Introduced beyond
the means Of payment 10 my mind that Is recon-; pm
y would be an objection 70 many who think that coin
II has been said that the present national banking
system, instead OF being . loss to the government
0e se psd 10 National
Of national banks contributed to the sale Of bonds
Sesves sU tRtS bonGs taken m 1ith an
required agents and promises as do all efforts OF
10 lend and preerring iaterest to its lying Idle, ever
refused to entrust this Government with 1t on ac-
assisted in the 8 ale of the bonds,
The banks were esablishsd to a6s9rb the the bonds
establish the banks But why would they help sell
6saTing sf cent unless those Kinds q Securities
worth less wbo made np the dfeFence 'fsy B T is
SAD that besides the banks paying taxes the capital
these banks had not erected yau for the protection
C hS Seen pa h
other form less likely o be protected?
IDEAS not one which can be chargea6ie as an in
20 the ens aG tho OF ths GSSny What should
eeye M ses fG11ry OF its 6Idsn BY les pcoy
bonds of the Government redeema6ie in coin or It's
equivalent, the Government became liable to the
tion to guarantee LS such circulation and TO make
Those bonds were to be deposited in the banks not
to lie idle far the owner concerned but to
bear the highest rate of six per cent inte est payable
Of the original holder. Did The Government gain any
thing 10 the way Of Interest by this q %SePSsitF on the
taxation of country, far state and municipal
any other way that can perceive but the cSance Of
law sni!s yexaton and costs in case Of the @ failure
thus to deposit for safe keeping and distribution the
rather a high reward for such duty. If any gen
tiemen can show me any other advantage. either IN
yet to be pointed out to me.
After the establishment Of these banks and their
palpabe injury to the country. brought in have
already said two three bills at different sessions OF
Congress to borrow sufficient quantity of money IN
greenbacks, and fast the Fivetwentes fell due
to redeem these bonds whose Interest was payable in
coin and principal in money. That day has now ar
FiVe-twenues would have been paid not purchased,
at the rate Of their lowest figure. and might have
been bought, have no aoabt at 2 much less sum o
payment of the national debt At the rate of 500 for
what is now worth sl4S.
The amount saved to the nation would have been
t37. .64529 Had the bill prevailed at the time, with
probability is half million more might have been
saved making ten or twelve hundred millions. But
this sum in addition to her legal debt because MI
Jay Cooke and the Tribune had pledged their word
paying it, but dislike to take the balance left me by
the Rebels to pay my part, unless the law requires
that my trustee should do t.
How does the European creditor stand with relation
to these bonds? have no docuWents here to tell me
where they are held; but most Of them, presume,
held In Frankfort and London for the money
lenders there more sharp scented than those who
we've cudgelled out OF the Temple At tue tme e 5ney
were AZ that discount by the arrangement or the
Gold was made to purchase greenbacks at the rate
of about $50 to dollar. But suppose tnem 10 hAYe
sG5q az fat hnR %e tSey 0e 'S was the
opeTationY The purchaser paid to-day $500 In gold
CSt on SnS aoo IN SoS and SO ever and
claims that when the principal fals due In year or
two II shall be paid In COIN
This is what they call honor, conscience, J1stlee,
through the custom 81 the the So%qb bgb sp 10 psy the
monsy dealers OF Europe this enormous rate TO
from destruction, ana Lne moral men
opoTsble rSbbers and il do not in forty
years qUadrupe the capital OF the Rothschids Gold
saY 1RS @dee r myef Of Ss monsrOus propos
Iion and TO see whether am bound to pay any more
thar he demand who, with pistol at nay breast, com
mands me TO stand and deliver.
Idonot blame the European and American holders,
at whatever price the loan was fairly obtained but
RaoIn the denunciattOn which would drive me to