The Conservative. (M'connelsville, Ohio) 1866-1871, 1870-04-01
8. Certificates of Indebtedness ::

3. Certificates of Indebtedness
4. "Greenbscks !"
5. National Bank notes and
6. Postal currency.
Gold and silver are not currency, do
not circulate, but are articles of mer-
chandise, like iron or copper.
Compound interest notes 10 not cir
culate.
"Certii Gates of Indebtedness" are
called currency, but they are not. The
most of our citizens never see them.
"Greenbacks" of the lower denomi-
nations do circulate, but those of de-
nominations above FIVE or ten dollars
do not, but are used on'y rs a reserve
for banks.
Deduct all these, and the c~ircula-
ton proper is reduced actually to
Postal currency, GreenbacLs of de-
nomination less than ten dollars, and
National Bark notes. After the fore
going deduction, we find that the cir
culation is ONE hundred and ninety
eight millions less than it was in 1860,
whilst the population has actually in
creased ten millions. as the next GEN.
fury will show.
Owing TO increased Improvements
and multiplication of artificial wants,
caused by a higher state of civilization
and from a wider range of territory,
the demands of the people for a circu-
lating medium have more than dou-
bled.
Is there a remedy for this?
The theory of the United States
Government is that the people rule
The practice is that they are more COM
pletely ruled than any other people on
earth-in their money matters. They
(the people) elect some one to be their
President. He is expected TO select
an honest man who will hold the COM
mon purse. He does so. Being una
bic to find any man who is the posses
sor himself of much money, or who has
ever handled money to any extent, he
selects a gentleman who certainly is
honest, for he has for years held office
under the Government, at q salary of
$4,000, when no one outside of Gov
eminent employ would be willing to
devote as much ability and time for
less than ten or fifteen thousand per
annum. well done, good and faith
full servant, thou shalt have thy re-
ward Lo these many year hast
thou served me for $4,000 per year,
now / will promote thee to a place
where thy salary shal be $4,000 per
year, and where thy expenses will be
$685. 900 but as thou hast made many
sacrifices, l beseech thee to make this.
l make thee from this day, hence
forth, Secretary of the Treasury of the
United States of America. My solemn
admonition to you is, hat you con
tIaet the currency, though thereby you
may cause many houses to tumble into
bankruptcy, and ruin tens of thous-
ands of people. You may even lend
your assistance to any cliques that may
conspire to the same end. Above all
things, do your duty in such a manner
as to obtain and retain political power,
looking forward, not to the real wants
of the people, but to the prospects for
Presidential nomination and to cleo
ton"
Where is the remedy for the fnan-
cial sufferings of the people? Is it to
be found in the autocratic action or
policy ofthe Secretary of the Treasu-
~ I? Is it to be sought for among mere
politicians ? By no means. The rem-
edy is in the people. The tax payers
and money users and bondholders
should determine how much currency
is needed. The people must decide
upon the increase and decrease of the
currency. When the people exercise
their power, then will the laws of
trade regulate the finances of the
country, and again will the country be
prosperous.
1t is impossible for one mar or one
set of men to know the amount of
money needed by the country at large.
To that end each individual should
have the power to increase the cur
rcncy or diminish it, as he may in his
judgment see fit, it being so regulated
that if no increases the currency he by
so doing decreases the nterest-bearing
debt. To that end let Congress pass a
law by which there shall be a new is
sue of Greenbacks, to the same am
cunt as our present interest-bearing
debt-our present interest-bearing
debt is two thousand millions-then
order the Secretary of the Treasury to
print. as called for, two thousand mil =
lions of new Greenbarks; this new cur
rency not to be issued except in err
change for Government Bonds, of a
date prior 10 the passage of the act
Let each National Bank be allowed to
call for its quota of the new currency,
and give security therefor. And when
ever the holder of any Government
Bond presents such Bond to the Trea-
sury or any National Bank, for the
purpose of selling such Bond, then the
Government, through its agent, is to
become the purchaser. and to pay for
the same in the new currency, paying
a premium to the seller of the Bond,
the same as would be paid by a private
banker, at the time of purchase. Of
course there must be an established
rate ofpremium, i. e a limit at which
the Government will purchase its in
terest-bearing Bonds. The effect of
this would be, that every one who
owns a Government Bond. and is COM
palled to part with the same. for the