The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-11-18

but as fast as possible converts its original
| investments into the same.
Let Government resort to the sale of its
bonds, and the managers of the company
will be obliged (if they do their duty, TO
throw all their Government Stocks upon
the market, and loan the avails on call I'M
| til the bonds reach the lowest market, say
40 or so cents on the dollar, las they pro-
baby will during the next twelve months),
and then renvcst witness the price OF
English consols during the war with
France). This will also be done by those
very men who so blandly coax Government
to rely upon loans, and go back to the
manly mode ofraising funds by selling
bonds for what they may please to give.
Permit me respectfully to make sug-
gestion that Congress authorize the De-
partment to issue all the Treasury notes
required by the wants of Government
made legal-tender for all purposes whatever,
convertible into $50 bonds bearing 4 per
cent interest. Said bonds made Te-cORcert
lie, at the option of the holder, into Trea-
su-y notes.
The operation Of such law would, in my
Judgment, furnish Government with all the
funds required to continue the war TO a
successful termination and, after peace,
through the operation of the recoverable
principle, pay of the whole debt in an I'M
paralleled short space oftime. Should the
interest be fixed at per cent, which is
much higher than the English Government
paws now, the public wants would absorb
larger amount before conversion than II
continued at 6-perhaps to the extent of
three or four hundred millions.
The free use of Treasury notes would re-
duce the rate Of interest, and when below
A per cent, conversion into bonds would
commence, after which no further issue
would be required. as the amount convert
ed would supply all wants Of Government
thereafter for no more can by any forced
operation be kept afiOat than is required by
the legitimate wants OF the community.
After peace, there will, through the Oper-
alton of tax laws and custom house duties,
be more received into the Treasury than
required for interest and expenses, which
will ofcourse be received in Treasury Notes,
and to the extent Of such surplus reduce
the amount atioat and, by tightening the
money market, increase the rate of interest
above per cent, when the re-eOnUertibJe
process will commence, and gradually pro-
4
| deemed. leaving Treasury notes atloat, in
place Of gold What it may be asked,
| would be done with the accumulating sur
plus in the Treasury thereafter? Ans.
Repeal all tax laws, and grade the revenue
to the wants of Government
Should the requirements Of increasing
population call for more Treasury notes,
gradually reduce the revenue receipts, and
pay the deficiency in new notes created for
the purpose thus furnishing the nation a
currency, and banks basis for all banking
purposes, that would always regulate itself
through the ttoO conrertibLe safety palpes, and
prevent the possibility Of another financial
revulsion, or even great tluctuatiOn in the
money market
Thus money would be furnished to give
full employment at remunerative rates to
all descriptions of labor the human family
could engage in, and bv the time the re-
venue laws became wholly repealed, our
exports would probably render all foreign
| nations, with which we have intercourse,
oar debtors, when we should have no more
trouble about tariff for protection or re-
venue. Then neither pauperism nor even
crime for the n6cesSdries OF life could eria.
Tins the Treasury Department, through
this war, will have introduced revolution
in the national finances as much superior
70 that introduced by the Navy Department
| into naval warfare ne its monitors are TO
the mosquito gunboat fleet proposed by
President Jefferson
Some may ask, in honest establishment
Do you propose to issue really irredeem-
able papery Perhaps it may DC proper
answer to ask what is gold redeemed with
and reply, that this paper is redeemed in OF
with all that geld is redeemed with, and
when in such use, will be so much prefer
red, that it will never again be exchanged
for gold through all time | can readily
imagine when gold gets below par, that
banks may, to get rid of their stock, pay il
out at their counters, and, ii being a legal
tender, compel their dealers to receive it,
when the annoyance would be so great
that these same idolatrous worshippers OF
the precious metals would be the first ia
cry aloud for the repeal of all laws making
them legal-iender
repeat, shall we dash this greatest bless
ing ever conferred upon man to the ground,
and trample it under our feet, when its
benefits have been so far developed that all
but the blind the wilfully blind, can see
them, but perhaps not fully understand the
cause2
In Heavens name. implore you, do not
let this greatest of Heavens blessings be
perverted into a national curse
Most respectfully,
Your obedient servant,
| pr INV EpvEMAn