The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1869-08-03

should pay of the 20 bonds as soon
the five.year option shall have matured,
by issuing legal tender notes SO far as
necessary. provided that such payment
could be made honestly, the terms under
which the bonds were issued being full.
ly considered. If such payment can be
shown to be unjust, and contrary to the
law authorizing the issue Of the $40
bonds, then the Secretary of the Treas
ury should be instructed to issue legal
tender notes to the amount of $780,.
600 900. and be directed to purchase
and cancel such other Government OBJ
legations Herewith as could be bought
on the open market at the lowest fig
ures. To absorb any surplus Of legal
tender notes that might at any time ex-
ist, over and above the legitimate de-
mands Of trade, and to inaugurate .
'self-adjusting currency regulator the
Secretary of the Treasury should be
furthermore directed to issue, when re
quired by any person presenting legal
tender notes (amounting to. say $1,000
or its MULTIPLE bonds bearing interest
at the rate of three and sixty>five one
hundredths per cent (ten cents per day
on each 81 .000,) both princip al and in
terest pay able on demand. in legal ten
der notes, at any time after sixty days
from date Of issue. Interest to be paid
semi annually until the principal is de-
manded, and then in full to date
This currency regulator has been apt
ly compared to the governor upon a
steam engine, the treasury representing
the boiler, and the business of the coun-
try the engine. If the boiler be strong
enough the accumulation of steam in it
beyond the needs of the engine at any
particular moment does no HARM
When more steam is wanted, the gov
ernor (rate per cent. with interchangea-
bility) operates to give an ample sup
ply, and when less is wanted it adjusts
the valve to the diminished require
mcnts of the engine.
A national bank organization was re-
Gently effected in this city by conven-
ton of leading bankers from nearly ev-
cry State in the Union. How this or
ganization is regarded by shrewd OBJ
servers will appear in the following ex-
tract from an exchange: This organ
ization consummated last week shows
that they intend to be ready for any
and every emergency. Thus organized
they. can collect within ten days mill
ions of dollars for corruption fund,
and no matter how great an excite ment
may arise against the banks, the peo-
pie would be powerless for several
years, during which their could be wor>
ried out. leaving the bankers in posses
sion of the field, triumphant in their ru-
inous profits
The only way to defeat organization
is by a counter organization, and 1t Is
for this reason that we see hope in a
ell organized association of merchants
and manufacturers to meet powerful CO.
alitions whose object is to enrich them
selves at the expense of all other inter-
esfs. i
Having in our former article discuss
ed the plan of a self adjusting currency
of legal tender notes, convertible at OiU
of the holder into bonds bearing interest
at tne rate Of 3.65 per cent, we will not
at this time again discuss it. But to
those who are Inclined to raise obiec-
tions we will say. that after having con-
sidered it deliberately and carefully for
months we fail to see a flaw in it. It
takes all power over the money market
from the Secretary of the Treasury, and
from all cliques and combinations, and
puts it right where it ought to be, in
the hands of the people, individually,
but not collectively, thus effectually de>
feating combination. z,4
To carry out the figure of the steam
eogine the governor is at present in the
wrong place. Instead of having it on
the engine, commerce, whose move
ments we wish to control and render
uniform, it is now aetuated by the mo
ton of another engine-Secretary Of
the Treasury-without governor and
law unto itself. So erratic and fitful
are it's movements that one moment we
are without steam, and the next running
at a speed which threatens our very ex-
i.tence. Merchants and manufacturers
who can scarcely at this moment collect
enough of outstanding accounts to meet
current expenses, ought to carefully
consider this subject.
Should the present administration
meet this question on its merits, IRE.
spective of adverse influences which
will inevitably be brought to bear
against it, the wisdom of such course
will secure the grateful recognition of
the entire country, and tame second
L.. =. 80. -