The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1867-08-08

the Secretary OF the Treasury to prepare
and tender our lawful money, in payment
of every dollar Of our interest bearing debt
of every kind and description, with notice
to creditors, that all interest will cease on
a given day, and as every good citizen,
every patriot, IS anxious to consummate
this great measure in the shortest period
of time, with Justice to all, and without in
justice to any one, we will take this oppor-
tunity to present the following view:
l. We should have all the country, and
all the channels of trade for the exclusive
circulation of our own legal-tender notes,
until the whole of the debt is paid, and
until these legal-tenders are so issued in
amount. that other circulation. say Nation
al bank notes, and coin, should come into
their place to keep up full supply.
g The necessity for CONTINUALLY IN
C, easing amount of the circulating medium
of or country presents itself concurrently
with the increase of our population, i'm
provements, trade. intercourse, productions
of all the States, as we'll as Of all the great
Territories opening for settlement, and
even now marching With giant strides to
their near future of great States of the
Union. And whenever the great produ-
cling States of the South shall again be
tranquilized and freed from foreign inter-
ference; with their social and business
rights in full enjoyment; with all their in-
dustrial powers applied to their rich pro-
ductions them a further and greater IN
crease ofhe circulating medium acW be
demanded.
3. We may now estimate the amount of
paper circulation to be about seven hum
dred and fifty millions; three hundred
millions of National bank, and four hun
dred and fifty millions of legal-tender
treasury Dotes.
i. Suppose we retire these notes of the
National banks during the time, and issue
five hundred millions per year, for the
next.fve years, Of legal-tenders, to be ap-
piled only to the payment of the interest
bearing debt, which it would fully pay !;
and during the same period the Treasury
shall redeem, by means of present taxes,
the sum of three hundred millions per year
of these notes, which we have no doubt
can be done, besides paying all the cur
rent expenses Of the Government, if the
Congress will act with any Difference to the
principles Of common honesty.
5. BY adopting such plan we are sure
to avoid any convulsion, and perhaps meet
the views of the more timid and cautious,
and cOnsummate the end without any in.
furious effect on the agriculture, the COM
mercial, the manufacturing, or the labor
interest of our country, aud without any
depreciation of value in the current mon
ey to any injurious extent for if the Con-
gress should fail to take up as much as
three hundred millions per year, yet the
increased amount of legal-tenders with
the National bank notes withdrawn wat
all be ,eantea to supply the Increasing de-
mands referred to } or,
| 6. That the Congress order the Secre-
tary to prepare and tender Immediately, to
all holders of the interest bearing debt, as
we'll as of all other liquidated debt of every
kind, except the legal-tenders, with notice
that all interest will cease on given day
and that on that day the creditor can re-
ceive the total amount Of the principal, as
we'll as all accrued interest on his bonds.
This, Messrs Editors, Itake to be .you'
proposition and it is recommended to our
mind as plain, bold, definite, and carries
with it the high consideration ofsweepng
at the earliest moment, from the face oi
our country, that 'swarm OF officers who
are eating up our substance that az.
nun,erabtc horde that fatten upon the toll
and hard earned means Of our entire com.
munity; and at once annihilating grea'
bonded debt, destructive Of oar reJfare,
Destructive ofrepuJlican goccrment, uyusl
IN erempting tie holder from any part o,
the erpenSe Of the Government.
Z. AS we have already observed, there
will be an imperative demand for greatly
increased circulating medium, for the use
of the vast regions of our Western Terri
ritolies, and also for the use Of our South.
ern States. which will absorb the increase
of legal-tenders that shall be thus issued
and paid out by the Treasury Department
and put into circulation by the holder for
we must bear in mind that this payment is
not like the payment of current army ex-
penses, when every dollar goes into direct
circulation but the payment is only made
to the bondholder, the capitalist, who will
understand his interest too we'll to part
with his legal-tenders in such way as to
lessen his wealth. He will not force them
into circulation-he will especially avoid
any act of this kind-but will hold them
until the business Of his locality shall call
for them, at a full value.
Therefore, Messrs. Editors, we have
really nothing to fear, nothing to appre,
hend, that can in any way be I'M urious to
any part of our country, any portion Of
our people, by the adoption and carrying
into Immediate execution ofyour patriot,
just, equitable, honorable recommendation
for the final payment of the public debt.
CITIZEN.
Military UsurpatiOnS.
| 4 L III