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

or other wise; and to issue new Greenbacks
whenever larger amounts shall be REQUIRED
every one being flndaDle in sums Of
xlUU, $1,000 or $4,000, as aforesaid. AZ
tne pleasure OF the holder, in bonds draw
ing an animal interest of 8 65-lOO in coin
per annum, and these bonds exchanpeable
into Greenbacks whenever a holder shall
desire it. 'A0ii
these: "ouiu De
l. Our Greenbacks, which are now vir-
tuai ialsehoods, would be truths. The
government could pay them on demand
IA Donds as Aforesaid which 10 in substau.
uA accordance with the plan on which
inc GreenDacks we've first authorized.
Il Every person having Greenbacks
Iof winch he had no present need would
present. them at some Sub Treasury and
eSAcnange them at par for these bonds.
suppose pc has 1000 which he expects
10 use month hence: he can make them
earn nm *5O meantime, without mourning
tne smallest danger of loss by bank failure
or otherwise, and with a positive Certainty
tnat the money would be ready fbr him
whenever he chose to take il.
III. A merchant leaves New-York with
200 which he purposes to invest in
Wneat al the West or in Cotton at the
south. He calls at our Sub Treasury. ex-
changes his Greenbacks for these bonds.
anu Iakes or sends these TO Chicago. St
raui, New-Orleans, or Galveston. to be
exchanged for use when needed. Alter
looking about for a month, he buys half
the produce he originally intended, con-
verts hall his bonds into greenbacks. re-
serves $50 per day, or 9f 500 in ali. as
interest, and makes his payments After
travelling and looking for another month.
he invests the remainder of his capital, re-
celves $1,000 as interest thereon for the
two months he has held the last Half
Million of bonds, and laws his course home
ward. His bonds may have lain nearly all
the time he owned them in the vaults of
some bank but they were earning money
not for the bank but for him.
| ~. Our Greenbacks, no longer false,
but convertible at pleasure into bonds
bearing moderate gold interest and ex-
changeable as aforesaid, could not fail to
appreciate steadily until they nearly
reached the level of gold. Indeed, they
would, unless issued too profuselv. be
really better than gold. Drawing higher
rate OF interest than British Consols, and
| convertible at pleasure, as these are not,
| they would in time obtain currency even
in the Old World.
W The trouble so inveterately borrowed
| by thousands with respect to over issues /"
redundant currency" &c, would Tor at
least should be hereby dispelled. If there
! were at any time an excess Of currency. il
would tend to precipitate itself into bonds
aforesaid. If there should ever be a
scarcity OF currency, bonds would be ex-
changed at the Treasury for Greenbacks
till the want was fully supplied. Black
Fridays and the locking up Of Greenbacks
would soon be numbered with lost arts
and hobgoblin terrors.
vi. Though the demand for these
bonds might for months be moderate
their convenience and manifest utility
would soon diffuse their popularity and
stimulate an overwhelming demand fol
them. They wonld be a favorite invest
ment with guardians and trustees who
should expect to be required to pay ovel
the funds held by them at an early dav
whether fixed or uncertain They would
say Though l might invest or deposit
these funds where they could command q
higher interest, l choose to place then
where ! kn0io they will be safe and al
hand when called for"
VII. Ultimately. we believe they woulc
become so popular that hundreds of mil
lions OF them would be absorbed at or yer,
near the par of specie, and that with tn,
proceeds an equal amount of our Outstand
ing Skies might be redeemed and Cancelled
without advertising for loans or payin,
bankers TO shin for us throughout Europe
The interest thus saved to our country
would be an important item.
Such are the rude outlines of a plaI
which he did not originate, but which W,
heartily indorse. Why not give it a trial
We should dearly like to inform Europ,
mat, since she seems not to want any NOR
Of our bonds at five per cent. we hay,
concluded to take the balance ourselye
at three and two thirds