, 1869-11-24

Eal
If the government should issue The
<,-.a,borta n ravment of nnb,;c e.nandi.
tnrea in the firm of salaries to lis officers.
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-. ~ s:.,. =. -. .a,,act:na to .aron,,oa Iot
1ess ~. sa.- s ~, ra1a.. ;ts a1nansas and ;ssns
10 1A -,AS. ~ eu 49, ,..aru,. ~ ..,rn,r,
s.e'ns7es1 -. g." AA I r ~ ~ -. - ~
's:e " ~ iou' s.a.,A es :. - :aua@ ~ ~ ~. ,.sa 49,
~" t
sne..aa ~ go - ", - aun ~ -; an. ua.. ~
sApe'' "11 'as1o se'4o1o"s :, - -, ',1u, aas
"paiu oe tsi'ea.'ae ,oe oqe'a''''4a ~ l''-
70 1ee4' anc4eaanB me ueo1' e1pA.a'ns .ao
c'9tencse ana ocpt tee'A''"6 ~ sa'"o -
Keep On eouec'1ng sa3es' ma s'ilt issae ne"
gseeneaeka toF expenses ~o'Ao oe 70 pae
up efeenbacKs ldle III Tue treasury 10 an
amount equal 70 tnat Issued ln's "oo'a
accomplish notnloe' eteep ~ 'u1A.'u "oiA
for the enf'ssess ana etso Us osagnsot
and 1sesnet st5'e OF paper II "oala no'
increase me amount now cHeni4t1ng'
Ihere aze thsce ~aSs OF getting OUT more
| gEeenhacks: -.
J. To issue them on bonds pledged, and
| 50 restore our present banking system.
.. To give them away.
=. 10 let our income fail below our OK
peuses, and issue them for our increasing
Insolvency.
| Which OF these plans does the U'r7ld
propose: Which uf them will give the
| government the 'senormous profits Of a
circulation :"
There is but one condition on which tho
| government can have the bankers "enor-
| NOUS profits Of circulation" and that is, By
becoming itself ths banker, and assuming
the risks Of a circulation, by 1oaning its
notee, redeemable on demand, in ex:hange
for Ii. uotes Of merchants payable in from
| one to four mouths. This risk involves the
solycucy Of tho makers and enaorsers OF
the paper discocnted. We need not nrgue
that the government could no more afford
to no into The business Of buying and soil
iup commercial paper than Of buying and
selling calico. 1t might as we'll covot the
nrofits of the dry goods trade as those Of
buyine commercial paper with bank
| notes. The bunker who issues Sc
cured currency receives two interests for
his capital, because he makes two invest
mcuts Of it, and shoulders two risks- He
first loans his entire capital to the govern
u,ent. and takes bonds. This is one risk
p1edriuo these with the Comptroller, be
receives currency, which profits him moth
ing until he loans it to the merchant.
| This Ia second risk. His capital would he
-ank if the merchant should fail, or
II the merchant should pay and the
government repuaiate. Why, then, should
, he not receive two interests? L
the National Banking System should
be abolished, md We should re
turn to the State banking system
the banker, il he secured the redemption a
his notes mt all, would receive two interests
J -one on his securities, whether they wer'
national, State, or individual bonds. ant
one on his commercial loans Ihe matte
!. is summed up in these a11onatio PROPOSE
! rions:
No paper currency should be put FORT
) unless its redemption is secured.
A Agrecnback currency is one whose II
+ de1nption is not secured, nnd therefore
o shonld not he issued.
No currency should be issued ID banks