The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-08-14
Grel,i,.s State Sa'lrlsal
Cheap Money for tie People.

| We have from time TO time stirred vi
the minds of our readers upon this mos
vital need of our industry and trade. W,
shall continue to press this matter til
money IS released from the grasp Of mo
nopoly and made accessible to Trade and
Toll at living rates. We have before showI
that, by the issue of bonds, bearing low
rate of interest per annum, convertible
into legal tender notes at par at the optior
of the holder, and vice versa, we may OBJ
tain a well regulated and reliable curi ency
controlled by the law of supply and de.
| mand.
Franklin Stearns, esq.,, Of Richmond,
well known as gentleman possessing The
highest order of business talent, and {
thorough student of finance, published the
details of a plan some two years since tc
carry this principle into practical opera
ton. 1t failed in securing full hearing
because of the powerful influence of the
national banks, and the great want of fl.
nancial knowledge among the people. Mr.
Stearns' plan is quite original, and, as Q
whole, seems to meet the case more per.
fectly than any other we have seen. II
proposes:
l. A consolidated loan. TO run fifty years
at 3-G5 per cent. interest per annum.
2. Establishment Of agencies to exchange
the bonds at par for greenbacks, and vice
versa, at the option OF the h older, ant
without cost to him.
3. That the national banks be re.
quTed either to surrender their charters or
to exchange their present bonds for the con.
soldated loan bonds.
4. To tax all sales of gold on a sliding
scale, according to premium.
Gold then ceases to be measure oi
value. 1t may be used to pay debts, but
if SOLD al a premium must pay tax to be
increased with the premium.
BY this means u currency would be
afforded eXpansible to meet the wants o.
the whole country, subject to no disastrous
oscillations in value, and readily obtainable
at low rates by honest traders, farmers and
manufacturers. 1t would overthrow the
present odous, oppressive and ruinous
monopoly of money, and release the fixed
capital of the country from its present fatal
Imprisonment.
We endorse this plan in all its
substantial features, and commend il
to the good sense Of all patriotic
men and true friends Of the people.
Let politicians cease from following the
barren paths where the poisonous weeds
and cruel thorns Of malignant hate rend and
ruin, and turn to the green fields OF
fraternal and progressive politics,
where prosperity awaits all. 1t is
for the people to rise in their might and
overthrow the money rings who rule both
parties and take what is their own. Let
education, justice to all and cheap money
for all be the rallying cry.
Mr.. Stearns says, and with good reason
for his faith, ~ predict that in one year
from the time that the above scheme is in
full operation gold will have the same
relation to greenbacks that silver now has
to gold" We trust that he may live to
see this grand result. The people who are
now driven to the wall for want of money,
will hold his name in lasting remembrance
as their champion and deliverer if he can
free them from the groaning thraldom of
the money power. Let them cease being
blinded by the false battle cries with which
these tyrants now misead and bewilder
them. Cheap money is bread for every
family and comfort for every home, and
freedom for the shoulders now bowed with
toll. Shall we take it, or still degrade our
selves by submitting to the usurious de-
mands of few thousand task-masters lar
worse than the slave-holding oligarchy
which we have overthrown? That is the
question that confronts us, which we try to
get heard, but which the miserable politi-
cal quacks, who know more of everything
else than politics, are trying to drown
with the cries of "negro supremacy"
"C@sarism," and such deceitrul alarms.