The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-12-06
National Debt. Currency, and
Taxation.


permit me to make a few suggestions
for vour consider ton.
That Congress authorize fifty year
loan of fifteen hundred million dollars;
and interest PAYABLE IN gold,
fre from ait taratj0n, with interest pay
able semi-annualy at four per cent per
annum
Authorize the Withdrawal upon Just
and equitable terms Of the National
Bank circulation and the substitution
of illegal tenders
Authorize the issuing OF illegal ten
ders' in the whole, to the amount Of
one thousand million dollars.
Authorize any cr ditor Of the gov
eminent to exchange his evidence of
Indebtedness for the four per cent Fifty
year coin loan ut par, or take his pay
at maturity of debt in legal tenders.
Pledge the receipts from duties up
on imports to be collected IN god
for tie payment of the principal and
interest of the four per cent fifty year
coin lon.
Provide 10y law that whenever there
has accumulated in the Treasury one
million dollars in coin over or above
the matured co liabilities of the gov
eminent including the half yearly in
terest on the coin debt, that the Sec
rotary OF the Treasury Shall purchase
in the open market one million dollars
of the four per cent bonds and so CON
tinue till the debt is paid. Provided.
that if the coin debt is being paid fast
er than the interests OF the country re-
quire, duties can be reduced or wholly
taken of from tea, coffee, and raw ma
teIials that enter into manufactures.
To provide for any possible rednn-
dancy Of the currency that might en-.
sue from the issue of one thousand
millions of legal tenders, aud to eqnal-
i've the currency to the legitimate
wants Of the business of the country
huctuatug in amount rs it does, from
time to time, according to the activity
of business, the amount OF tue pro.
ducts of the country to be moved, ano
the price 1t brings:
4
sistant Treasurers in AL the pnncipa
cities IN the Union to receive on specl
al deposit legal tenders III amounts o
one, five, ten, twenty, fifty and one
hundred thousand dollars, and issu,
certificates therefor payable on de
maud Mt the place of is lie, in currency
with interest in currency, Mt five pc
cent
The government furnishing this cur
rency thereby saving an equlyaIen
amount OF interest, can well afford t
allow interest on it while withdraw
from circulation.
The plan of special deposits of cur
rency and its Issue of interest bearin.
, certificates, re gad Of the Creates
Importance for many reasons 8, som,
only of which | will state here
1t is well known that when business
is dull, money accumulates in larg,
amounts in the commercial centres, anc
those in whose hands it IS, desire K
make something from it. Legitimat,
business does not require it's use. |
is offered "on call mt low rate OF liz
terest. and is loaned and is used TO
+ speculative purposes. Sooner or late
! the wants of legitimate business re
quire the money at the legal rate o
interest in the locality. The bank
and dealers in money attempt To re
spond to the wants of legitimate bust
ness. and call in their "calloans," an,
panic ensues, and without there be
ing dollar more or less in the coun
e try, money is scarcely to be had at an
price
i. The plan of special deposits and in
. terest currency certificates. prevent
l all this by providing mode for tia
y government to absorb any rednndanc
o of currency there NAV be at times. an
would provide for ali the coptractio
necessary.
j. This plan RECOGNIZES the fact tho
more currency is neededat some time
$ than mt others. and gives that dexib
n Hty to the currency SO much needed
and will secure the country at ali TIM
40 inst eitber a want of sufficient an,
J reucy for legitimate nurposes ar - >,
d dundancy that fosters sneculation
If Provide bv Inv nj once for tnlin, 9
# discretionary movers over the cu,ranc,
gold. and debt from the Secreto,v