New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-11

at night with sunbeams extracted f'om cucuih-
beers, and pay the National Debt frGn the In
come tax on the profits of the business,
Fourth: Let the Secretary OF the Treasury ne AUTHOR
lied TO purchase fyetwenties at their HirheL 81 AZ
and issue en-fOrties In equal amount 10 lnOse WHO nc
mand bonds for geenbacks and also 10 give tentertes
in exchange for iye.twentes on demand OF he hol"er
This is merely providing another thlmble
under which is hid the little joker initiation"
and asking us if we see, anywhere on the
board, under the thimble or outside oil IT, the
Specie We do mt see it, and 1t is MT there'
rim: Let Congress enact that the surplus revenue IN
the Treasury shall, each month, De apphcu Ia '"0 P'
chase of ten-forty bonds at their Market ploo.
What is the use of talking about the mar
"ket price, of ten-forty bonds when the Gov
eminent is supposed to have enacted that they
are worth greenbacks dollar for dollar! The
fifth clause admits the failure of the second,
third, and fourth clauses to accomplish Their
end, viz: to make legal tenders and ten-tortles
mutually convertible without loss to the hoider
of either, which requires that they shall always
be of the same value. Moreover, a Longtime
interest bearing bond is like tree approach
ing its maturity and periodically bearing irlilt'
1t is necessarily constantly changing its value
rs it approaches or passes its season OF interest,"
bearing, or its final period of payment IL
seems absurd to attempt by an act OF Con-
gress to declare that this fuctuating thing
shall always be of equal value with currency
which is designed to be, and ought to be, OF
one value viz. of the value of gold. 1t is the
old experiment of Canute bidding the rising
tides stand STILL
The provision that the Treasury shall apply
the surplus revenue to the purchase of ten
60 10 nd
there is any surplus revenue to apply. But
until a better system of preventing swlndles
and frauds in the collection of revenue shall be
applied, we are not likely to have a surplus
revenue large enough to occasion anxiety or
affect the return of specie payments.
SUN: Let Congress charge the banks for the privilege
OF their circulation q per cent per annun in gold, to
be deducted from the interest the bonds deposited
notes Let those banks which refuse pay this tax sur
render their circulation To the Government the same 10
be given to banks In the South and West IN those
States which short of their pro rata proportion OF
terms lei the Government I'll the vacuum with green
backs We propose this compromise Of the bank
question being equally fair both to the banks ana tne
Government Let each party have an equal benefit IL
win be great injury the country TO lose the present
admirable system OF national banks, and, at the same
time, the peOpeseem determined TO save the interest
which the banks get from the security bonds
AS it has been shown that the National Banks
pay in taxes an amount equal to the interest
they receive from the Government on the
bonds they deposit as Security, we do not see
that any higher taxation of these banks will
have the least effect to promote a return to
specie payments The title of the scheme
should be amended, by calling it "Scheme
"for draining Lake Michigan and regulating the
:" tides in the Bay of Fundy." Under that title
some Democratic town meeting might be in
duced TO pass it.