The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-02-21

fobhS utbt Gnu paper CuINtuty VI tHt country.
The troubles with the debt are The amount is
enormous the time and terms Of payment are
unwise, the rate Of interest upon g. 800, 600 600
of II is per cent, which Is too high too many
| Of the per cent. bonds are held abroad, and
the Government credit stands too low In the
markets Of the world
The difficulties with the paper currency are
II is deprecated, Huctuating, and uncertain in
value IL consists Of legal tender notes. fractional
currency, aud bank notes.-the two last named
are redeemable in legal tenders, and they are ir-
redeemable. True, the Government is pledged
TO redeem them in coin, but IL does not do II, nor
tell US when it will
Early in 1862 the legal tenders were worth par
| In COIN in July, 1904, they were 80 cents to
the dollar In coin now they are from so to
81 cents TO the dollar. Between par and about
| 80 per cent, they have nuctuated day BY day Cor
eight years. What they will be worth tomorrow
or at any future given day no one can tell their
maximum value is coin, their minimum IL
unknown.
Tho legal tender notes, as permanent money,
are indefcnsbe; they are arbitrary issues of ii.
redeemable paper, tho evidences Of forced loan.
The fractional currency, being redeemsble in
legal tenders, falls with them. The bank notes
have some redceming features, but, being also
redeemable in legal tenders and otherwise mad.
MISSILE, they must 20 with them. stream
cannot rise above its source
These difficulties are National Governmental
Congress is the father of this paper currency. II
forced the legal tenders upon the public. II
forciby continues them in use as standard money
II does not maintain them at par with coin-real
standard moDey--nor at any other fixed value
This is error-ine xcusable and unnecessary error
The remedies for these financial evils. 10 DO
efectual, must come from Congress. II has SUI
preme Jurisdiction over the matter. II has am
pie powers and means. It's duty Is common
surate with its powers The faith Of the Govern.
meut is pledged to pay it's debts in coin. This
faith is to be kept, the people will see to that
and the day has arrived when IL becomes the
duty Of Congress 10 determine when and how
each class of this debt shall be paid in coin or its
equivalent.
The time has arrived for Congress TO determine
when the country shall return TO one uniform
monetary system for Government and people,
with coin Of the precious metals ss the ealv
standard money, and notes maintained at par With
coin as the only paper money.
To accomplish this we require a system Of
measures from Congress at once broad, COM
prehonsiye. systematic. and harmonious, cover
ing the whole ground and for all time. No puny,
puerile wheelbsirow measures will meet tho
case. We require:
1. An act Of Congress providing an issue Of
United States bonds sufficient in amount to
cover the entire public debt.
These bonds to bear per cent per annum
coin interest, the principal Of each bond TO ma
furs on the first day Of some month within ten
years from it's date and at the option of the
Government to be Psys5lS 1t maturity in coin or
in another bond for the same amount bearing tho
same rate Of interest and upon the same terms
as regards maturity and payment
Oher these bonds, dollar for dollar in exchange
for any outstanding Government bonds, due or
not due, and at par for coin funds-using such
funds in paying any SEQ bonds that by these
terms may be paid or in purchasing, at or I'M
der par, any Government debt desirable TO have
paid.
ii. general law of Congress authorizing any
five or more citizens to organize and manage a
bank Ofdiscount and deposit anywhere within the
jurisdiction ofthe United States.
Existing banks TO have the right to come under
the new law upon the same footing as new insti.
tutors.
No restriction ne regards the number Of banks
no restriction as regards the amount Of capital
except that no bank should have less than 800.
OOo no restriction rsgards the amount Of
paper money, except that no bank should take
less than 100000 upon the pledge Of United
States bonds, as hereinafter mentioned
III. An act OF Congres declaring tina. upon all
money contracts or debts hereafter made, unless
expressly made payable in something besides
coin, nothing but coin Shall be a legal tender
~ An act Of Congress providing an issue Of
United states money notes in all Of the usual
denominations, and all Tor which the required
securities are presented
Make these notes relecmable In coin on de-
mand receivable for al dues 20 and from the
Government, except upon specific coin contracts;
fundable into interest-bearing bonds. and legal
tender IN all cases where parties 80 agree.
Offer these notes, dollar for dollar in exchange
Tor coin and bullion, and for this purpose receive
coin and bullion at every Government depository
in the country.
Provide them also to banks, and 10 ant other
parties, upon deposits of United States bonds,
the new issue and coin-d0llar in notes for dollar
in bonds and 20 per cent. in coin.
The whole issues to be alike, the Government
70 be the only responsible party to tho public;
but the Government TO have some uniform plan
for banks and others 10 take up what the Govern.
ment redeems in coin.
V. An act Of Congress relieving the banks
from redeeming their present issues, from holding
any reserve therefor, and rom all taxes in rea.
ton thereto the Government assuming the en-
tire issue of $500, 100000, making it legal tender
the same as greenbacks.
Require each bank to r1y into the Treasury,
in lawful money, in miscellaneous of $40 600 or In
muluples Of SO, 600, sum equal to the amount
that II is thus relieved from Iedeeming, and IN.
terest thereon until paid
Retain and apply, as FIR rs necessary, the in
t'rest due any bank upon It's security to The pay
ment Of the interest upon such requirements.
Return TO each bauk liz security pro rata upon
each payment.
vi. An act providing an issue Of United States
currency interest notes, in all Of the usual de.
nominations. restricted in amount only by the
conditions Of Issue.
These notes to bear four per cent. per annm
interest, from the first day Of the month following
their issue.
Each note 10 mature FIVE years from its date,
and, at the option Of the Government, TO be pay.
able, principal and interest at maturity in coin
or in the new Issue Of per cent. bonds.
These notes to be receivable and legal tender,
the same as greenbacks. but for their face oaly
When ready, retire all Of the present issues in
the Treasury, and all that thereafter comes in,
replacing them with an equal amount Of interest