The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-06

The following extract, from review OF the bill TO
establish uniform currency, provide for the manage
ment and liquidation Of the national debt and for
other purposes, introduced in the House Of Repre-
senatves by Mr. Cary, OF Ohio, IL rom the Industrial
Adcocate-the national labor organ in Washington
Question.-what would he the practical effects Of
this currency bill2
Answer.-1. IL would gradually convert the ma
tonal debt into a national currency OF uniform
value.
O. II would reduce the taxes upon the labor of the
country to rate that the people could pay.
g. II would at once remove all excuse for repu-
diati0n.
A. n would enable the government to abolish the
internal revenue system which has paralyzed the
industrial energies of the country, corrupted the
assr. 81 q aR ops ana cost nearly nine million
s. II would fnly pay all the debts OF the govern
ment In about thirty years, without taxing the
6. 1t would furnish an adequate amount OF money
for all our agricultural, mechanical and commercial
purposes and prevent the recurrence or financial
revusions.
!. 1t would enable our government TO aid our
enterprising capitalists TO construct the numerous
velopment OF the resources OF the country; aud,
what ls above all other considerations most vitality
important, II would give profitable employment to
millions OF suffering laborers. who are ekng out
a miserable existence by hard labor from daylight
tn dark for wages that are barely sufcient TO keep
soul and body together, while their children are
unavoidably denied the advantages OF moral and In
tellectual culture.
law, whether the material OF which u IL made
be gold, silver iron or paper Second, that the in-
trinsic value OF the material has no influence upon
It's powers and uses money, and third, that II IL
the duty OF the sovereign 10 select the material which
is best adapted to all the uses for which money is
needed; and having stated seven reasons why the
new monetary system should be adopted without de-
lay we will now present plain. practical illustra
ton OF It's practical results We will assume that
the present population OF the United States is
40 900 900, and the aggregate debt $4,000 100000 VI
we give 70 each person $50 II would amount 10
A
IL nomlnay, say 500 00O 000 with all the industrial
interests OF the country depressed, on account OF
nigh taxes and the want OF money, In more IMAM
hrcefOurihs Of the Uaited states. II we could con-
vert nall Of the national debt into national cur
rency would vitalize the clements OF wealth aud
enable the people to pay the enormous taxes now
imposed upon them ~ pay the eimost fabulous ex-
penses OF the government and the Interest on tue
public debt. But we would do more than tnat: we
would diminish the interest the debt one-ai. be-
cause hall OF the principal Will, 10y our system, De
paid. For example, the government will com
misses 10 pay gold that II has not and cannot obtain
with borrowing and taxing the people do 70
The Treasury we would give notice to the
holders OF greenbacks, national bank notes and
interest bearing bonds, that on aud after the ISL
day OF August 1853, the Secretary OF the Treasury
will pay all such Obligations IN The order in which
they may be presented until the $1,000 900 900 shall
be paid out. Thus one.hai OF the national debt WIN
be paid ia lawful money, which casnct deprecatc
or fuctuate in value and cannot fail unless the gov,
eminent should he destroyed, OF which there would
| then be no danger. The balance OF the debt wilt
remain unpaid OF course, and the interest must be
provided FOR, according the spirit OF the contract
If II Is payable in gold. the government can pur.
chase the amount required and forw ard the same TO
the place nominated IN the bond" That is what
| We have TO do now, with this very important
! Aforementioned Of purchasing with our
interest bearing bonds We will purchsea
| IL with real bona nae money Of our own sovereign
| coinage. We would then buy gold by the pound, as
we buy cotton by the pound az ts market price.
Gold IL now worth about $40 per ounce In greenback
legal tenders. ~ Is not probable that II would cost
| more in the new national coin, nor would II make
any difference whether the price should rise or fall
Thus In one mouth we will have furnished the coun
try with sound currency, uniform 10 value and ade.
| quate TO the wants Of the people. The industrial
healthy action and one-haf the interest on the ma
tiona debt will be stopped forever, for the principal
will he paid, not funded Now the question 10, what
Will become OF the balance Of the debtf How ID dat