, 1873-12-07

American lDnth0luefa, 1clntllhH TAO ua'!as
would generally ptcfor tho Eleanlucks on ac'
cn,sl!t o convenience and tito cl.capnoss Of trans
puriatnn by tlD cxp1UHs-aUn,pa ,panleA, nntl thu
aau.o thug would bo true, TO nonlo ostens, viii,
tnroign lonlholtlora, l'ccauHo sroenbhckh woss!d
then circulate at par anywhere
IN EUROPE OH THE WoHt.p,
lust m III tho cano with 1}auk 1f England notoB.
A question will naturally aYfao III tito minds OF
readors, thai II Tho Government thus under
takcs to rcdoon. sH notoB IN Goii1, whnt use ~
doomed IN gruonbaeks. aud that, III practical
effect, tho whole burden Of roicn,rtson fallb
OIL tho Government? Why al,o'!ld not tho ba1lk-
notoa ho retired, a.d tho scc,irity.lontls bo 70"
Gosornment for groonbacAa, and then banl; o.,
lhis natioral cllrro,,cy, without foar Of cvor
being called on to redeem their notes7
I co1fcas my inability 70 give satlstaotory 70.
tnrnng /. i over IN ovory ii9]'t, conceao tho point
tint tho proper policy would DO for tho
lANK-NoTKs TO n: NETlnED
and grecnbucks redecn.abo In gold issued II,
e stesa So long ~ ha grooMnua1'ks Maa noon ion 10
would inevitably DO to doprcciate tlom
very much moro than thoy, arc. The brokers
would pay fur loss for gleenbacka nat redoomod
niloat Than IL only s35e, ,0ou. QUO woro 1itiug
around loose, without father to focogn1zo Liz
poor offspring.
It Is pros,,n1nblo that tho hnnls would mako
SERIOUS objection to Bulrendoring their clfSu"
lnlng uotos,-lhat iB tho bankn in tito rural 'iaB-
tricts. whore deposits aro comparatively 1gt: g
/ Tho city banks would probably caro- worry littlo
aeout 1t, as circulation yields them plit littto
profit, and, In tho event Of resumption, might
tho outset for tho Government to undertake to
redeem nny grcatcr volume OF curroncY thon It
has now atioat. Dotter try that experiment Drst,
aud 500 how it would work. ,.,.,.
While tho rlan hero aliotchod would furnish
the country with eol,nd spcca currency, having
for its support tho whole credit md strength OF
| the nation,
IT WOULD NOT PREVENT
nan,cs and rcyuleons growing oi1t Of atock-
wntorng and stock-gnmling, aud coniidcnco,,in-
priscs nor would it prevent tic payment Of in-
forest on dcposith between bnnka or interest on
cal-Ioanr, which is roally tho snulo thing nor
would it prevent glut of currency in the hanss'
vuul.B iii tho dull seuson. a,id Htrngoncy IN
crops arc going forward, because tho quantity OF
tho currency would, ut I'll Boasous Of Tho
year, DO tho same, just aa It IN
now. Relief against thoso OWLS. ho'Fosor,
could bo gtvou BY the Government consonslng
change them on lemhnd. Thns. IL tho Govern
n,cnt would gtyo tho holders Of it's notos the op-
ton oe choico to convort t!on into coin OR 5-per
cont bonds, and, ut tho same timo gave the
|
| III exchange for groclbnckH, tGon tnefo Would
be uocurod to tue country
FLEXIBLE; CURRENCY,
which would expand wlon tha bueineas-nceas ol
tho country required it, and contract within thort
wcro more notes III circulation than wcto wanted
This would be uniting the two p!nna Of currency
reform In harmonious action for the public goou
nndit would flrrlpll tho American people tho iaoa
perfect monetary pyHtoln ever posscHsed W NH
ilrtion. Tie foaturo OF this plan which allows
OF tho conversion OF tho idle. surplus currency
into bonds during tbs dull rart Of ahc year
would do moro to provont atock-gambling, rock
loas speoulatione, and panics,' than any md 81
othera that hare ovor been proposed. LII
currency
WOULD nEaEnDLE 1ND1A-HuDnEn; !.
it would expand when necessary; but til
tc,,leucy would always DO in tic other direction,
which il exactly what tho country neods aud
If wo lad l.nd such system adopted a fow year
ago, tho 1ato pauio md collapse would not llny
ofhundrelB of millions would huyo buon avoided
aud all the attendant evils ayertcd.
In Tue busy, actiyo portions OF tho yoar, wlie
tlere Tas an agtfvo demand for money, til
bankers would send iu their stock Of bonds, an
exchange them for groonbncan. Ono or tn
hundred millious would probably bo thrown mt
circulation in 8eptemIor or October. 'shic
would DO withdrawn in Tho following May az
June. With this safety-valye attached to ttl
eystem Of grocuback-tcdcmpion, it ia dit1cu
to imagine how . monetary panic, followed by
prostyatsng breakdown Of Industrial oporAtionE
could possibly occur, But, il any ono
MAs A nEYgEN pI.AN
. for tho reform of tho currency. and tho futur
laealth and safety of tho bus.ueas-intcrests. {
:: tho country, let him bring it forth. ]. IL.
Iva, -