The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-01-27


constitution, (or TO be hereafter conferred
by amendment,) to create a currency and
mention uniform rate Of interest thereon
18th. Shall create . currency 20 be ac-
cepted by the States, and distributed to
the Peoples County Banks, which shall be
a legal tender for the payment OF all debts,
, taxes, and duties on imports, bearing q
per cent. per annum, interest, payable into
the treasury Of the United States, lin gold
! and silver coin until the gold interest bear
ing bonds are paid Off.
18th. To be issued to each county upon
their giving sseAFity with every -dsllAE's
worth of property within their boundaries,
and allowing them to receive an amount
equal to one-haf Of their aggregate wealth.
9th. The officers TO have charge Of and
loan the money, to be seleced by the coun-
ty, and the amount to Be drawn Annually
determined by vote Of the county the
interest to be paid by the borrower upon
the receipt Of the loan, and quarterly into
the treasury Of the United States.
2Sth Each State shall make all laws
for the keeping and loaning Of this curren-
cy III the Counties and the election Of the
proper officers by each county, etc, etc.
but shall not prohibit any county from re-
ceiving and loaning its share Of this cur
rency or allow it to be received and loaned
by another county.
29th. This currency to receive the sig
nature Of the clerk and cashier IF the Peo-
pies County Bank, when paid to the bor-
rover, and only then become money.
30th. The interest received in each coun-
ty to be paid quarterly into the treasury of
the United States, and applied TO the paw
ment of the national debt and the interest
thereon. When the national debt is liaui-
dated, the interest received quarterly in
each State, 10 be paid into the State treas
ury, and applied to the payment Of the
State debt Thereafter all interest receiv-
ed shall remain in the county treasures. to
he, by them, applied as the people Of the
county may deem proper
31st The whole wealth Of each county
shall he mortgaged for the return, TO the
Financial Bureau, at Washington, Of the
whole sum received, and, if not satisfacto-
rily accounted for every four years. the
property Of the whole county, upon their
refusal to levy tax for its collection and
payment, he taken i'll execution and sOld to
repay the amount Of the deficiency
PAYING orr THE BoNDs.
SD. There shall beissued of this currency
annually, an amount equal to 1-I0 Of the
national debt, denominated bond Taying
notes, and 50 distinguished in the printing
thereof 70 be used by the treasury in paw
ing off that amount Of bonds for the year.
and for no other purpose.
, S;jd. All such notes received Ly each Of
the Peoples County Banks to be returned
quarterly to the treasury # the United
States and destroyed
I
! ccived from the treasury, in exchange for a
bond, $1,000 Of this currency, and with
, it buys wheat Of John Smith, who owes the
} Peoples County Bank 81 600. and with
this money pays his loan. The Peoples
: County Bank, at the expiration Of the quar-
, ter, returns those notes to the treasury at
I Washington, and is credited with 81, 600 on
the amount which they originally drew
: Those notes are now destroyed, having dis
! charged their functions.
: 3Jth. Congress can gain no control over
: this currency. The amount to be issued,
Of the Bond Paying Notes, being fixed at
/ One-tenth Of the national debt annually ;
and the amount issued to the People )
County Banks, at one-half Of their aggre-
gate wealth, centralization is guarded
! against, and not only the sovereignty Of
/ the States acknowledged, but that of the
: people in each county
3jth. The constitution Of the United
States should be so amended as to prohibit
/ Congress from ever again issuing bond
But, being forced TO rely on notes similar
} to those bond-laying notes, lin any great
emergency they should be granted. only by
, a vote Of the whole people, who, feeling il
to be direct tax, would naturally consider
before decideing.
31th- The county commissioners Of each
county (or other officers selected by law for
this duty shall cause thorough examina-
tion of the books Of the Peoples County
Bank to take place quarterly, and an official
statement, in tabular form, to be published
in the county papers, and copy also for
warded to the Financial Bureau. which
printed and scattered broadcast over the
land, viii enable the people to know the
degree Of depression or activity Of business,
with as much certainty as we Judge Of the
weather by the barometer
3Sth- The means Of effectng exchanges
between different portions Of the country
can he more easily established under the
peoples monetary system, than under any
other we have heretofore had and will cost
far less as all discount ceases under this
system.
39th. All power Of the few who now
control the currency would at once cease
Because it is practically unlimited in
amount, and because gold and silver is no
longer its basis, it being founded on every
thing to which value attaches.
40th. The currency issued to the Peo-
pies County Banks can only 60 into circu-
lation through the borrower, and can not
be made to pay any debt Of the county.
State, or nation, by directly drawing Il
from the Peoples County Bank for that
purpose. a. j. G.
offer the above plan for a Peoples
Monetary System for the criticism IF the
public, haik kng that such criticism will
causs~9m0re thorough understanding Of
the subject by the great mass of the people.
and believing that the plan here proposed
has many features superior to any other
yet offered 70 the public. Will those papers
publishing any portion Of it, or critizing
it, be so kind as to forward me copy ~
the paper containing it,
A. J. CoLvIN,
SIERRA CITY, Sierra County, California.
YALE freshman writes home "Went
to recitation first time Tuesday, and on the
.l.A ~