New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-28
ONE WAY or ARG UTNG.

Mr. Elizur Wright of Boston is a gentleman
of considerable information and more than
average ingenuity He often cOntrives to
throw light on difficult question, and might
be more successful in this line if he could
free himself of the presumption that every
one who differs from him must be a scoundrel.
Perhaps this is impossible but we wish he
would make the attempt. The Boston Daily
Adrertiser contains one of his brief essays on
Currency, which closes as follows:
&C. Paper currency. by whomsoeyer issued, involves
borrowing without interest There is free GIFT Of the
interest by every who holds currency while he holds
it, to tho prOmsOr borrower debtor The only draw
back this the interest the said borrower loses on the
coin he is obliged keep idle TO redeem his paper But
the amount OF tins always inconsderable. II its
existence was not mythical. AT present the National
Banks only hold Government bonds for the redemption
OF their notes and they cut of the coupons when due
they realize interests the capital, minus
trning indemnify the Government for manufac-
turing and ndorsng their paper Blessed are the pau
pers who own stock in tile National Banks whom the
people allow both to eat their cake and keep 1t!
~. However obvious the trusm that the people lend
TO the banks ,cioa interest most of the capital out Of
which the banks make their dividends, it cannot be
known realized by the mass of the people, or they
would insist that General Governmental least as
long as It debt at asha enjoy the privilege OF
borrowing without interest all the money that they have
TO lend in that way. They would not kHOuugy submit
to be taxed some twenty thirty millions year. need
essy for the benefit OF bondhOLderS who not con
tented with their coupons.
50 While the Of the olers patiently plod on in
not very ignorance of this selfevidcnt PROPOSE
ton grave Senators Congress proposing, with the
return 10 specie payment at par-whch is very honest
thing indeed-to make annual present Of SOOOOOO or
more to bank stockholders by Withdrawing the green
backs and substituting National bank notes for them
As one OF the people denOunce this under the present
circumstances. as simple HeH
So An honest Congress- acting in behalf Of the dumb
and unthnkng millions and not OF those Shrewd people
who know how to suck teats with one mouth, would
do lust the reverse substitute greenbaeks convertible
into gold Tor National bank notes, let what would be
come of the price of its bonds II their price down
here they are not likely rush home from abroad"
Comments By The Tribune.
It is quite possible that it would be q good
thing to constitute the Treasury a gigantic
Bank of Issue and Redemption. We do not
decide that this is not best. But it involves
tremendous revolution, political and pecunlary,
and an enormous expansion of the powers and
functions of the Federal Government. Such a
revolution should not be decreed without the
gravest and fullest consideration; and he is
not necessarily knave nor a fool who de-
cdes that the true sphere of Government IS
far narrower and humber than Alr. Wrght'S
proposition assumes. If the Federal Govern
ment is to he a great Bank of Issue and Re-
dcmption, why not q Fire and Marine
Insurance Company-yeS, and Life lnsur-
ance Company as well There Is great deal
of money made in those departments of bust
ness well ia Ranking.
Withdrawing the Greenbacks' is ouly pay
ing the Greenbacks which their face requires.
Even if the Government were to become
great Bank of Issue and Redemption, we
should advise it to redeem its outstanding
promises and issue new ones instead, Oh which
there should be no faint of dishonOr.
Mr. Wright talks as though he regarded
" the price of its bonds as of no account IT
it ran down to forty or fifty cents on the dol
lar, who cares We are of those who want
to put that price where we shall be enabled
TO fund our National Debt Eat lower rate OF
interest To this end, we incline to Free
Banking on the basis of a -Four per cent. Ma
tional Consol, and on nothing else, We be-
lieve that would be more advantageous to the
country than to wipe out the National bank
notes and fill their places with unlimited
Grecnbacks. We are open to conviction on
this point, if Mr.. Wright will cOncede that our
error is that of a bOckhead who is not ncccs-
sarly villain.
From wandering to and fro in the warmer