, 1873-12-06

LITTLE IO COMPLAIN OF.
lilo Importers could always kell 1t to to
brolors wlion wanting gold with whicl, to pay
tnios, nt tho market price OF Il por cont bombs
aud, as thoy, aro bought at,sl Rold und convert
iblo into gold, IT, Great Dritnin. Traneo. ucr-
a11y, Belgium, 1lollantl. aid tho United BatcH,
at pnr or. tl,ercahout at any and nil tmoa, %
al.o would tho Convertible grcenbnuls command
equal amounts Of Eod everywhere.
This Hcllono for improving tic cllrroncyis
ALTOGETHER THE s1strLEsT
Of nny proposed; nnybudy can understand 1t.
That It would operate admirably, ea:, har;lY bo
n ,:attor Ut doubt. 1t would not only bccuro to
tho p,oplc ourronog substantially otna1 to gold
a,,s IN wine, but but flexible eurreney tat would ex-
neeessitica Of tho country. There never would
he tens OF millions Of itlle monoy lying III t4n
vquitB Of banl!s, from Aay to October each year,
seckin.g any kind of borrowers, mud tempting
snecuiators to embark III NIL BORIS Of hazardous
schemes, ,nsottling tho, value Of gtockr, and
promoting gambling Rpirit III business.
As tho Government does not redeem itH note8
on demand, according to tho pledge on their
tlon, in this form when demanded by tho hold
ers. Such d scheme OF currency would render
convertible boilds Bort OF 'iutionai awnings
bnl,t, Of absolute socuiity, mud mover liable to
It may 10 satd that so largo n part Of tho
groonbacks would DO converted into bondn that
thoro would boa
aEnIous sTn1SoEScy FOR ounnEScY.
10 nut thnf 70, bccause theIe hslIl woulu no
tho wlolo vou1ne OF bnnk-notcR; and silver
woud be abundant for all small tranB-
notions; and gold would roiufotco tlo
bank-nolog when c1rrelcy was scarce
mid, besides all those, tho convertible bo1.tls
largor transactions. a bond would bo equivalent
to logal-tenaor notes for Its faco and earnod In
tarcBt, md be talton III payment Of any debt, or
for any property, with avidity. T!oy would sim
ply bo another form OF grcenbachA, which would
ntiv nra In t,r1E
IN tleir posscHsion; anl for this rcnson thoy
would bo extremely popular, and, once intro
tluccd inta general uso, would probably mover bo
discarded Or disusou 80 long M there was bond
dconsod. Tho greenbacka would bo used III tho
ordinary transactions, whilo tue bonds would
fulfill Hitcl, duties as bills Of exchange.
& A right here let mo aigrosss to TO- r3mnF I'm tha,
mont a. 10 price, but stand as
PROTESTED, D1ganAcED PAPER,
thcy arc convertible into gold at all tinacs at
somo price. Tho bankers and brokers always
sn stnnd ,eaay to purchase them at shave"
nothing. The gold-quotntions in New York
each tlny, or several tiwca dav, simply mcau
TINT tho BROKERS, bankers, md onoy-jobbers
arc paying the reported prices for Crconbacks.
brolseiH aro buying greonbacls from tho import
era Mt o. 2-3 cents on the dollar,-raying that
much gold therefor the importers uaug the
gold to pny tho duties OIL their imported goods.
AZ the yalSo Of ths greenbacks is thus fixed by
each dny, is it any wonder tlat such yaluo is al
ways tlnctuating, g,-forover bobling up aud
down? To-day they may bo l08; Tomorrow,
tit; next day, 100; OIL Black Fridays, at 1Go,-
meaning that 4 greonbnck ia worth but G211 In
gold oil sl1ch days.
1t would greatly simplify tho whole currency
question if the public would bcar In mind tint
grconbacks l,ayo only the value as money which
From tho day that Congress- repea1ed tho law
milking them convertible into 5-2O bonds (Which
WIS in 1864 until tho present tinlo, their value
hna been
FIXED NJ TIE uoLp-DnoKEns,
and thoy hnvo been purchased by them for ten
yoars, at varying price eucl, day; hut whatoror
was givon for them vas in gold. and their pur-
chaaing-power .was determined, by what thoy
would soil for in gold. This is tho inevitable
currency. IT the issuers Of it fail to redeem it
on dcmand, it will he sold to tue curroncy-spocu-
latorH, and will bo worth. as money, precisely
what those spoculutora will gi'o for It n coin.
somebody mnst otror gold Tor it. aud it's valao
vii! DO whatever por cent OF gold those persons
will give for it. Why they offer moro for 1t ono
tay than anothor,-some days giving as high
av as % nss cent sosrst sn eh an oasr aos s dos
to divine, but treat it aa emo Of those things
which '' no fellow can 4ind out, as Dundrcary
would say. Bat curroncy whoso valuo as
money is thus loft to chanco. whiln, speculation,
and " corner operations Of gold-gamblcra, is
A NATIONAL DISGRACE
md q commercial calamity, already endured i've
or Nix years longer than tloro was any necessity
or Qualification Tor H.. Tho conduct Of Congress-
in tho premises has been both stupid anl cow
ardly.
Returning now 10 the other, or
HEROIC METHOD or REDEMPTION:
Congress call cnuct that tho Secretary Of the
Treasury, aftor day named Bay year alead
at tho New York sub-rtoasury. at par in gold ;
ind, in order to onablo him to do it, plaza tic
surplus coin in the Treasury Of his disposal, and
III addition thereto, say $500, ,00o,0 ,00D Of per
no many thereof AZ mny be needed to redeem
greonbacks. 1t would bo the visor COURSE to
nuke half Of them sterling bondn, with interest
payable in London, 30 that, in case tho gold
ut much loss than par, they might DO offered for
aale by Treasury Agents in London. Paris, or
Berlin, where they would bo sure to fetch their
faco-yalue or very rear it, at all times aud tho
aa!es could be made OH telcgr;apli-ordor, thus
The reileomed grecnbacas, Of COURSE would
HAVE TO DE rAlp OUT AGAIN,
otherwise the whole legal-tendcr currency would
speedily dipappear from circulation, and The
lall, alone would In left to fn,usl. curroncy
what tho public want, 1t would be ncccssary to
roihsue the greeubacks nearly as fast aa tloy
eoaio In aud that raiaes tie question, How
could they be 'eiasned For what would they
be paid out? Obviously for nothing except ii
rnlcln.o Of bonGs The regular loveuuca arc,
and must be, E1,llicon: to defray tic expenses
u tuo Government, Including the interest Oh
tho debt; otherwise it would indefinitely increase,
and thereby impair the public credit. Ti,o Govern
ment would ho Obliged to purchase bonds With
Its redeemed graonLlcLs. AH it could not force
the fo1oisn holders to accept grooabpcks for them
without such brcach OF 1atl aa would Impair
lts credit in selling per cent bonds Tor gold, It
would bo necessary to buy bonds ut tho ,narllot-
PRICE In greanLachs. In this way it Is quite prob
abe Thu: the Government would losu at tin,cs
rs AigA al or per ctnt In tho sruusaction for
it would bo so!ling per cent bonds for gold at
some discount, and buying per cent 6.25s at
premium, lecauso paying Tor tAcln, not In coin,
but III lcEd!-tender. And the snme would DO true
in buying 10.i1 s por cent bus,dH.
WHAT THE ANNUAL LOSS
to tho Treasury would lo can only be nlattor of