The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1869-12-02

become deprecated like the old Continental
and Confederate money. They forget tina
the Continental aud Confederate Govern
/ ments were both dissolved. The paper upol
i which English consols and United State
bonds is printed is GO better, or more valuable
than the paper upon which the Confedcrat,
bonds were engraved; nevertheless one il
worthless and the others are valuable, fo
the reason that they arc bona .fde mortgage
on all the property of the governments b.
which they are respectively made. It is tn.
sovereign power by which paper money i
made, and not the intrinsic value of the pa
per, that makes it as good as gold, and it
light and portable character make it more
convenient and much safer than gold as {
medium of exchange; it is, therefore better
than gold for all the purposes for which mon
ey is used. 81
Having shown that paper money, coined BY
the Government, would be better than gole
coin, it only mains +, show that the eltir
debt of the Government can be paid, dollar
for dollar, in lawful money, that will com
mand the gold in thirty years, without taxing
the people Que farthing.
IF we estimate the national debt at twenty
four hundred million dollars, one half of the
debt could be paid by coming the first twelve
hundred millions; the balance Of the debt
could be paid in the same manner, from time
to timo, as the population and business of the
coutry shall increase, until the whole amount
of the debt shall be paid.
In about thirty years, more or less, the pop
ulation and business will be double what they
are now; and if forty millions Of people require
twclve:hundred millions Of currency, eighty
millions will require twcnty-four hundred
millions, and thus the entire amount Of the
national debt could be paid in thirty years,
more or less without taxation.
The adoption of this system would, of course
involve the repeal Of the present banking and
revenue laws, and the adoption of details
which the practical working Of the system
would suggest.
1t could easily be shown that the bondhol-
ders could not be injured by this system, and
that they might be materially benefited.
The national banks would nave to give up
their unfair advantage of the double tax they
impose on the people for the financial facilities
they afford them; but they have enjoyed that
advantage quite as long as they could have
reasonably expected.
1.-THE owners Of Irrational banks desire to con-
tinue legitimate banking business, they can
convert their bonds into actual money as good
as gold coin, and better than the currency roy
furnished by the Government,
In connection with this system it will prob
ably be found expcdicnt to issue a limited
amount of bonds, bearing low rate of inter-
est, convertible into currency, for the purpose
of absorbing any redundancy that may at any
time exist In currency
There is another objection to paper money
which we have not noticed, it is said cit will
not be current out of the U. States" To that
we reply, it will never be needed out of the
United States. Our gold coin is not current
in England. Nations, like individuals, settle
their balances, which they have no other
means Of settling by giving their interest
bearing promises to pay. In this way, our
Government has become largely indebted to
people who live in foreign countries, and we
voluntarily tax ourselves to fill their foreign
Golfers Our American monetary system
will stop that drain upon the fruits Of our
labor.-N 7. World aud Refornser.