Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-04-22


ness. except in the comparatively
few cases where coin payment was
contracted for, should be paid in
money Of as nearly equal value as
practicable with that in which it
was contracted. In other words,
we should maintain substantially the
same currency basis, so that prop
erty will when sold command an
equal amount of money as when
the debts were contracted. If we
do not it will take more labor, more
property to ay debts.
This has been illustrated in the
experience of England and America.
Let me cite one case: in England
in 1872, with an abundant currency,
an estate was bought on credit for
eco, 900, on Which the interest, f8,-
600, was paid up to 1921 and f10,-
555 of principal, and then the whole
estate with another, costing E72.
900 IN 1912, were both insufficient
to pay the debt. ~. .--
Contraction now will bring SINH
lar calamities here-it means ruin.
MORE MONEY FOR USE WITHOUT NEW
ISSUES OR IMITATION.
The bill I have introduced pro-
poses to issue 800. .0OO,OO of 2 per
cent. twenty year bonds, exchang
able for un equal amount of 6 per
cent. ive-twenttes, convertible on
demand into greenbacks, and recon
vertible into per cent. bonds, to
be deemed lawful money for bank
reserves. The national banking
law of June 8, 1854, provides that
every bank shall continue -
"For the period of twenty years
from its organization unless
'the franchise shall be
forfeited by violation of this act. !"
As the law authorizes the banks
to continue for some years to come
it is the dictate of prudence to make
them as useful to the public as may
be practicable. BY law the banks
are required to keep a reserve in
greenbacks, and from necessity
they must keep currency to meet
deposits. In October last the de-
posits were $511,40O,0OO, the re-
serve of bank notes, greenbacks,
coin, three per cent. certificates,
and cash items were in all $274,243,-
267. There is no necessity for
keeping this vast sum idle.
Pass this bill and the banks will
procure 'sfye-twenties" and ex-
change for 2 per cents. and hold
S46, 900, 900 in lieu of that amount
of per cent. certificates now held,
and which it is proposed to cancel,
and loan out S54 100000 of the
currency now held IN banks will be
liberated and utilized. Individuals
may takethese bonds and use them
as currency also; I do not say that
the whole Of the bonds should be
issued at once. Practically the is
sue would be gradual, and it can be
so limited in this respect as to Sc
cure and maintain a currency of
uniform value, supplying only the
demand of increased and increasing
trade and business.
By this means the Government
may save S46O.0OO annually, being
1 per cent. on the S46, 100000 of 3
per cent. certificates, equal in cur
rency to $4,000, and 4 per cent.
gold on S54,000,000, which is 81,
100000, equal in currency to $2,-
420, 900, or total saving of 81, 1886,
600.
vALUE-RESUMPEIoN
Within six months gold has flue-
tuated in value from IL to go per
cent. premium over greenbacks.
Something must be done to secure
uniformity OF value. The bulls and
bears of Wall street, the gold gam
blers, amass fortunes by creating
panic and misfortune, and no man
knows when or how he may safely
pursue an honest business. See
Rep. No. 81, House Reps, 41st Con-
gress, I'd Sess. The bill under
consideration provides that the Sec
IcbdIy VI tuC 4l0douAJ ShoA Oh NC
mand redeem greenbacks in gold, at
80 cents coin for every greenback
dollar for two years, and after that
at an advance of per cent. every
six months until par is reached in
twelve years, the greenbacks so
brought into the Treasury to be
paid out in disbursements or ex
changed for gold at the same rate,
but in no case less than the current
market rate. AS a part of this
scheme duties may be paid in green
backs at the prescribed rates, and
when the current market premium
on gold is not less than the pre-
scribed rates, interest on national
bonds may be paid in the same way
to holders So electlng, and in Cali
fornia, Nevada, and Oregon, where
gold is in cnmmon use the revenues
may be collected in coin at the pre-
scribed rates if not greater than the
current market rates. This will de-
molish gold operations in Wall
street, and the gold gamblers "occu
patton will be gone" This means
the resumption of specie payments
in twelve years and currency all
the time of fixed value, or if re-
sumption comes sooner it will not