The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1872-11-22

set forth in said petition and the rea'
sons therefor as follows:
ITO the Senate and House of Repre-.
sentatives of the United States of
America in Congress assembled:
"Your petitioners respectfully ask
especial attention to the fact that no
opportunity is offered to holders of the
non-intcrcst bearing promises of the
government illegal tender notcs) either
for the redemption of said promises or
their conversioHinto interest bearing
| obligations Of the United States except
by purchase Of the latter in the open
market at Il premium.
And therefore petition your honora-
BILE bodies to provide for the issue ot
bonds of the denomination of one
thousand dollars and multiples thereof
bearing interest at the rate of three
and sixty-ivc one hundredths, 6. o.
1909 per centum per annum in ex-
change at par for legal tender notes at
the option Of the holdcr) said bonds
with accumulated interest to be ma lie
payable on demand in the said legal
tender notes.
Anu a1so that permission br granted
to the National banks to count said
bonds in the reserve required to be
kept by law"
This able financial journal explains
the object of this petition in the fol.
lowing tersc and forcible language:
.Let congress make our greenbacks
fundable at the pleasure of the holder
into bonds of $1,000, and its multiple
drawing interest at the rate Of one cent
per day on each 500, Cor 3 65-loO
per annum) and exchangeable int.
greenbacks at the pleasure of the hol-
der. Now authorize the treasury tc
purchase CD our outstanding bonds
Cor pay them according to the law I'm,
der which they were issued) as fast as
it is supplied with the means Of so do,
ing by receipts for customs or other
wise; and to issue new grecnbacks
whenever larger amounts shall be re-
quired-every one being fundable, as
aforesaid, at the pleasure of the holders
in bonds drawing an annual interest OF
8 65-1OO in coin CD per annum, and
these bonds exchangeable into green
backs whenever a holder shall desire
it."
The Journal then proceeds in another
article to urge the advantages of this
system to the business interests Of the
country. To the arguments of that
able financial Journal, enjoying as it
does the confidence of all the leading
business men of the country, We invite
the attention of sensible men every
where. In another way than we
suggested last week, it proposes to pro-
vide to increase, and keep up the cir
culation of the currency of the country
so as to meet the utmost demands of
its commercial and business interests.
1t says:
1 Our srnonhack., which are now
virtual falsehoods, would be truths
The government would pay them on
demand in bonds as aforesaid, which is
in substantial accordance with the plan
on which the greenbacks were first auth
orizcd.
2. Every person having greenbacks
for which he had no present need would
present them at some Sub Treasury,
and exchange them at par for these
bonds. Suppose he has $40, 00o which
he expects to use month hence, he
can make them earn him $50 mean
time, without mourning the smallest
danger of loss by bank failure or other
wise, and with a positive certainty
that the money would be ready for him
whenever he chose to take it,
3. A merchant leaves New York
with 1000, 900 whica he proposes to
invest in wheat at the West or in cot
ton at the South. He calls at our
Sub-Treasury, exchanges his green
backs for these bonds, and takes or
sends these to Chicago, St. Paul, \ ew
Orleans, or Galveston, to be exchan-
ged for use when needed. After look
ing about for a month, he buys half
the produce he originally intended, con-
verts half his bonds into grcenbacks,
receives $50 per day, or $l.50O in
all, as interest, and makes his paw
meuts. After travelling and looking
for another month. he invests the re-
mainder of his capital, receives $4,000
as interest thereon for the two months
he has held the last half million Of
bonds, and lays his course bomeward.
His bonds may have lain nearly ali the
time he owned them in the vaults Of
some bank; but they were earning
money, not for that bank but for hin.
A. Our greenbacks, no longer false,
but convertible at pleasure into bonds
bearing moderate gold CD interest
and exchangeable as aforesaid, could
not fail to appreciate steadily until
they nearly reached the level of gold.
Indeed, they would, unless issued 100
profusely, be really better that goll.
Drawing higher rate of interest than
British consuls, and convertible at
pleasure, us those are not, they would
in time obtain currency even il the old
world.
5. The trouble SO inveterately hor-
rowed by thousands With respect to
lover issues, 'f'.redundant currency"
etc, would Cor at least shou.i) be
hereby dispelled. If there were Al
any time an excess of currency, it
wovld tend to precipitate itself into
the bonds aforesaid. If there should
ever be scarcity Of currency, bonds
would be exchanged at the treasury
for greenbacks till the want WAS fully