The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-12-06

currency, therefore, should possess one
more attribute, ELASTICITY; capable Of ex-
pension to meet increased demand, with
out injuriously initiating prices, and Of con-
traction when demand becomes iessened;
always suDscient-never redundant.
To provide this elasticity, to regulate
its power Of expansion and contraction, to
meet the actual wants Of the country,
Government should issue bonds in sums Of
even hundred dollars, say from 800 10
&lO, 900, properly signed, countesignsd
and recorded, payable in this lawful money
on demand at such fixed low rate Of inter
est ~ Congress in its wisdom shall deter
mine, with interest coupons annexed, pay
able semi-annually, subject to future regu-
lation by Congress. The currency contem-
plated should be convertible into these
bonds at the pleasure Of the holder, when
presented in SONS Of even hundred dol
lars
This currency, prepared, issued and
convertible, as aforesaid, should be substi-
tuted for all government promises TO
pay" now in circulation; and with it, all
appropriations, salaries, and wages Of en-
ployes should be paid, and also all public
debts, which by the terms of the contract
are payable in currency. 1t would imme-
diately be par with gold, or At premium,
because equally good as currency and much
more convenient There would be no
further use for gold, except in the arts, for
specific contracts and foreign balances. 1t
would be released from boarding and put
to use. Our mines would yield sufficient
for all demands, or it could be cheaply
purchased. Moreover, this currency would
be favorably received abroad, being ees;ly
converted into interest paying bonds, (un-
less Congress should fix the rate Of inter
est at less than or "a per cent?
Gold is usually invested in English Gov
eminent securities, drawing about 2 or 2!
l per cent.
The inconsiderate assertion that ''this
currency would be worthless, if not based
on gold or silver, 10 readily seen false, if
convertible INTO government bonds draw
ing or 8 per cent. The principle il not
altered if they draw but per cent.
Outstanding bonds, payable at the option
Of the government would be cancelled
other claims purchased so As to furnish 9
circulation adequate to the wants Of the
nation. When the supply Of currency
should reduce the rate Of interest below
| Tile government JHC
would be converted into bonds. When
greater demand for currency raised the
rate Of interest above that on the bonds,
they would be converted into currency
Such bonds and such currency would regu-
late the national currency, and the plan,
a. was well and truly said by the New
York Mercantile Journal, in the seventh
article Of their platform, CONTAINS A
PRINCIPLE THAT WILL REGULATE TIKI
MOVEMENTS or FINANCE AND COMMERCE Al
ACCURATELY As THE MOTION OF STEAM
ENGINE Is REGULATED BY ITS GOVERNOR,
and furnish much nearer measure Of val
ne than polG or silver ever has, or evel
can" In addition all the destruction d
this currency by fires or otherwise would
accrue to the government, and by so much
lessen the burdens of the people. This o.
itself is not unworthy of consideration
1t is said the loss Of our fractional curren
cy more than equals the cost Of maxim,
and issuing it.
(To BE CONTINUED