Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-11-03
VOL. LXXIV.
SELECTED
The ''LnbOr Reform Demand for
Money.

We must repeal the law which gives to the
banks the profits arising from the currency fur
nshed by the government; recall the National
Bank notes; return to the banks the bonds that
belong to them; create new legal tender cur
rcucy, and lend this currency or money to any
one who can furnish the proper security, charg-
ing, say, per cent per annum for the money;
the securities to be the productive industries
of the country, putting real estate in the first
class, as entitled to loan nearest to it's value,
aud government securities as the second. We
should object to loan being made on railway
bouds or any other such evidences of debt or
representations of wealth. Persons wishing to
borrow on such securities could apply to banks
or private lenders. The loans made by gov
crnmeut must always be on first claim on
property 1t is question whether the govern
mcnt should not supply the people with cur
rency on as easy terms as it does now the banks,
and raise the money needed to pay the obliga-
tious Of the government by direct tax upon
the accumulated wealth of the country. 1t
will not cost the government over one per cent
to construct the machinery aud issue the cur
reucy needed by the trade of the country The
other three per cent might be collected by
direct tax, and we do not care whether the one
per cent is called interest or tax. We should
thus approach the day when interest on money
would be so ins sgniGcant as not to be depended
on for support Until the National and pre-.
sent State debts are paid, the interest
charged by the government, or tax for issuing
currency, might be four per cent per annum.
When they are paid, the price could be reduced
to three or two per cent per annum, as 1t is es-
tinated that two per cent would pay all the ex.
penses attending the system, and pay the ex-
peuses Of the government besldes so that there
need be no more or very little more money
raised by any other tax, direct or Indirect, ex-
cept this, which might be called tax for sup
plying the country with currency The public
debts being paid, there would be no need Of
taxes for that purpose. Absolute free trade
being Inevitable, because of our increased facili
~ for production, the enormous expenses at.
tendant on custom-bouses would be saved, and
government expenses could be materially re-
duced. This new legal-tender currency should
be similar to our ''greenbacks, omitting the
words promise to pay and adding, this is
legal tender for all debts, public and private,
in the United States of America"
We need more money. If we have given the
true definition and true use of money, how
shall! we linit the amount? How shall We as
certain what is needed? Is there any better
standard of what we ought to have than what
we need? We see no other, and therefore ask
that law be passed by Congress by which this
new legal-tender money shall be supplied to
any one who will comply with the terms, one
Of which should be, that SO long as the security
is not reduced. and the anDual tax or interest
is paid punctuay, the principal shall not be
demanded during the life of the borrower. o.
I. g., IN Old and Neao for November.