New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-10-29
COMPOUND INTEREST MOTIFS

TO the Editor OF The Tribune
SIR: We have had compound interest notes
which were not well adapted TO the OF people,
and which therefore did not answer well OF
different character might answer They were for tenn
porary use and this perhaps accounts for their defects
Compound interest should be suitable for currency
To make them so the should receive them for
dues at their value On the back of each note
should be table showing the dates when Its value would
be s. o. and for as long time Us oc gwen
legby the space available and In shops thete could
be largo tables showing the values or otes OF al e' at
all dates up TO 20 years more. IL the "o'e'on' io
ceived them at these increased values they would gher
ally be 40 received and as the credit OF the "oV
eminent Is reesabshed should have an interest pay
ing currency.
This is what is needed especially by people who are not
traders and money only for their living WINE 'he
money Is accommodating for quarterday they want 70
draw interest upon IT, aud would do SO II they heu co
pound interest notes. The rch anu many, VI hnds
means, now draw interest on loans Onca, anu Oh a
means OF the poor will not be received on terms conto
ne1 to them They have to waste time az ssvSs
banks or TO walt for interest day or to pay
to brokers' II would be more convenient iOr te 70
hs from s be ii s Ta6 dse @ cut
from bonds and sell them to broker wasting their own
In short, submit that interest paying currency ls
wanted IL IL better than Rod ana the sioyetnncns
itself 0at is to the people collectively, ana 10 the peo
pie individually.
10 pay and legal tender. TO be safe for the Gov
orment credit it should not be payable demand, but
And in sayiug that Woud be received for dues the
3oyeTnment should add ~hen mot meoss ,,n q; tbs
pdyee TO such notes for dues, and the understand
ing should be that the Government would never snD
TO n run" but would fail to accommodate IL IT
could do so ut a reasonable sacrifice. -
Such would not circulate rapidly; they would ne
boarded and this is what the Government now wants
Were 1t 10 S3oOooOoo OF them and sell them at anc
ton IN weekly lots Of Si.VOWO OF So0OOOO u would
without disturbing trade. gradually redeem tho green
backs aud raise them to par; The effect would be- not
would raise its value And II it should not raise It to par
with gold compoundinerest notes should be drawn m
until they 10 par either by selling large Donds OF Dy
an honest increase of taxes.
considered presume they would willingly cooperate
In any good measures to reestabsh the Government
credit And believe that, In the end, they would use
tho compound Interest notes. and that nonorest notes
would be used only In large dealings and for
ment should euact that they might be put at adl
ional interest sgeed co. n9twl'nsta9dng ,no 9susy
raise the present geenbacs TO par by declaring specie
rush for gold but they ask. What would they do with
the gold bat deposit ~" apprchend that sudden
measure like this-if were not 10 fail-wOuld iBlure
debtors tue egatender act injured creditors ard.
therefore, | would prefer "a gradual CHANGE uh.
less q provision was made to secure the payment OF
values equal what intended at the time of the CON
tracts. But am one OF the great majority who thnk
neither official rulers nor wirepnllers, nor people dare
attempt 81 IL IL for the present hopeless scheme And
IL not hopeless what constitutional use Is there IN
permitting the Government TO shave the people out OF the
Interest currencyl In other words, what use Is there
In permitting the debtor portion 70 shave the credit por
ton OF the peoplei Does not the fall back. with
interest upon the shavers II merchants, traders. and
others who are the creditor portion any way pay tho
interest on the money they don't they add 10 the
prices OF their goods. aud get It back. with IN
terest, from the consnnersi with large
addition for profit risk aud other accom-
paniments o. an imperfect money SYSTEM behefe
they do, and that whatever the debtor class might gam
by the saving OF Interest OF $sO0OO IN the currency
they would lose many fold BY the Increase Of the prices
OF the goods they consume Tho paper money trade,
therefore, not proper for the Government ana were IL
not unconstitutional many believe II Is II should he
business for private enterprise All that the Govern
ment can consttutonalY aud henehcay 90 toward pro-
yidng currency make It's bonds OF such size and
form that they may be used rs currency people choose
to take them. But Will they take themi That viii dc
pend three conditions First, the signal uefeat o tho
Democratic wTe-puers, who proclaim Iepudatl0u-
openly and totally and others under the false pre-
tense that the nterest-paylng bonds into which tie
greenbacks were DO funded to be redeemed" by
returning the groenbacks Second, the expulsion from
Congress, Infamous persons, OF the Republican nen
beers who preach the lies, more or less fully.
Third, tho appearance Of determination, OF at
least earnest desire, to pay inc green
The Democratic oligarchs thoroughly defeated and ex-
cudcd from all places OF trust and all commit
tees on public aiairs and the knaves OF the Republican
party expelled from Congress aud all other public bodies,
tho naucicrs OF the world will believe that No mean To
pay II for the sake Of conscience or honor at least
Tor sake OF interest; and they will lend us money at
"A Der They have Just offered 10 France AZ thuJ
want 70 lend at rate. and anxious to lend
u borrow All they require Il, 10 DeleFe US nom
doom 10 political death the villains OF both parties who
keep under the stigma OF dishonesty whlch makes
while French funds yield A. and English funds less than
81 Down with the irresolute woman Seymour! down
with Swlndleton down with the rOwdy Blarl down
with Hampton and his conederates who wish TO ami
hlate the national credit that they may renew the Re-
belon aud triumph and ayenge thenselves down with
Batter sherman, and their accOmpces and with all who
tolerate them Then our per Treasury notes Will
be taken at par to an amount sufficient 10 re9ee the
Nsie. Y0;k Oct 10, 1853