The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1869-01-27

GENERAL BUFFERS Currenc! Dill re-
Gently introduced in the House Of Rep
rcscntatives, and defended by him in
his speech Tuesday, has three leading
dcsigns:
Frst-To substitute for the legal
tender notes now In use II now form OF
currency, on which no promise to pay
ANYTHING shall be expressed. Tho
q" certificates of value" for which 1t
provides arc to "bcar only, on MeT
face, the denomination or value Tor
which they are money, together with
appropriate vignettcs to prevent coun-
terreiling, md such signatures, checks,
and numbers, or other references, as
may bo best to prevent. over-issuea, Or
rorScrics; and on the back thereof
shall be printed the provisions OF the
law under which they arc issued.
Sccond-lt makes war upon tho pres
cnt national bank currency, both by
rorbiddiuy its issue after June 80 next.
and By imposing on it tax OF 36o loO
per cent. per annum in coin.
Thiyu - It cmbodcs tho familiar
scheme Of making United States bonds
convertible into circulation and BACK
again at the pleasure Of the holder.
Concerning which tho New York
Sun thus pointcdly aud comprchcn-
sively says:
1t il easy to sec why Gen. Butler is
so anxious TO erase from our legal ten
der notes the words which express y
promise to pay "dollar$.' So long as
these words remain, they convict the
nation Of continued bankruptcy, ifnot
0at reputation. We promise to pay
"dollars" on demand, aud We fail TO
do it. But how much better of shall
We be with our new certificates OF
yaluc?" What is the "valuc' Of 4
piece Of paper with the words lone
dollar on il, If there is no implied cx-
changeability in it for dollar III
specie? All value is measured ny
some standard. and we ito not find
that General Butler anywhere contcm-
plates any other standard than the cX-
listing weight and iincncss Of our ma
! tioual coiu.
The effect oftaxing out Of circulation
national bank notes will simply be TO
shut up the numerous small country
bauks which are such IL convenience to
the farmers aud mechanics Of their
ncishborhood. No such bunk can do
Il profitable business on It's deposits
alone, and its customers will have to
take care Of their own money and run
all tho risk OF thieves and burglars
which that course involves.
The Arrangement for issuing currcn-
cy ut the pleasure Of any holder OF
bonds amounts to nothing more nor
less than an imitation Of the currency
10 The whole amount of the national
debt. II our rich bond.hodcrS could
borrow all the money they want 1T 3Go
100 per cent. per anntm III com, now
Ion. would it be before they would
set to work buying up all kinds OF
property and doubling its price! y
combination OF such men could pledge
Il hundred million dollars worth "t
bonds, buy ninety million dollars
worth OF stocks or produce, sell out in
thirty days at an enormous profit, and
then ret their bonds back at the trillin9
cost Of 3-l0 Of one per cent. in coin.
Or if their operations could not be
closed rs quickly Us this, they would
be accommodated with the use Of mon
cy rs long rs they pleased at the small
interest Of JG5 LOO per cent. per annum
in coin.
The whole bill is financial mon
strosity, and ought never TO be report
cd back by the Committee to which it
has been referred.