The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-06
HOW ntpAY' the NATIONAL oesT.

70 THE BDfroR OF THE HERALD.
0ae OF your coNsspoaasuAs lately pvesensed piau
for paying o6 the national dsbs without TAXATION, We
would herewith respectfully submit secthsr for ths
accomplishment Of the end, vx:-Thai tho Tsea-
sury Department be authorized and instructed pre-
and pay out legn endsr called lawful money,
all demands the government except interest payable
in COIN including the debt 10 natures and in order
70 avoid redundancy ~ inaAssn the lawful money
be convertible into beaAs bearing low OF interest,"
ct tho option Of tho holder Fog OF calcu-
latoo would SUCCESS hat interest b fixed three
hundred and sxty-ass per cenA, being cess- per
day hundred dolaSs.. And to secure uni-
formity and prevent psnics and monetary revusions
that sad bonds be reeoaverbe into lawful money also
at the option OF the hoder Simple this may appear
believing that II woudnot only pay or the debt without
TAXATION but auniGosmty. and equilibrium in the
circulating medu N before known, would 70.
give this Theory that scrutiny and consideration which
the Importance and magnitude Of the subject would
to demand, and beg that It's simplicity novelty may
We submit ID at free issue Of lawful money IL con-
vertbe into b nds viii noe produce imitation and thaA
II win DO rene mbersd that lawful money was originally
convertose into SIX pcr cent bonds and that the i've
nanasss %asm nvewensy lo.n,w,s taken up By .e-
quirements % trade being freely issued and In large
i below ID thse al no time since the issue OF lawful
money was ommesced has thsre been great uniform
ity and stead nsss In value during the time that
s Sss beng KEN Of s.fu
ssesdiness and uniformity In values would have been
That 10 rye and FREQ issue Of any thing tina. answers
tho purpos Of circulating medium has immediate
tendency reduce the rate Of interest believed TO DO
shoud government Ak q standard rate or in,eross 1t
which would issue bonds for any amount offered 10
nos equal certain that tho ruling Of interest
hall hal tan &hauld dsra
be fixed by and It's bonds made erbic
into lawful money II the option of tho holder and avail
Cd Of By the public tina. i would be impossible there
after to- create high rate oS interest would appear self
evident, as bonds enough would be recovered into
legal ts nder 70 supply tho demand and reduce the
Would the national Legislature thus not only pay
of the national debt without taxation but establish
system that wosld render redundancy and nhaton
scarcity and monetary revulsons impossible ara also
furnish the asunt Of circulating medium necessary
stimulate and keep full employ all The energies Of the
surras aayhng In the history a. our country asd per.
maeny sec.rs the prosperity Of The people In tbs
We undertake 70 say that Al no period in The history
OF the world has there been great prosperity the
people Of the loyal States have enjoyed dusg the last
Ss sDs 'sAi ny Dc
We maintain that this theory will perpetuae It. and
tina the theory Of the Secretary Of the Treasury will
destroy IA also that both theories have been practically
demonstrated 70 some exisnt The first BY maintann
unformhy during the absorption Of the ave hundred
IKE oanksr Is a. shis moment gradually eating into Il.
vtals q the whole country checking legitimate In dss
trcus enterprise and throwing labor out o. cmploypn
caused BY curtslmenA Ok she curvescy, which has
already been efectsd. and BY underlined misty fear
AZ chess arc sscss within shs knowledge or US ALL Il
consider ana rc6ec them with unbiased minds.
hsw can Ne ros,xt me foregoing concusonf
Congress appeays TO be in favor Of continuing the
- SPECTATOR