The New York herald., 1873-11-27
OK currency. Ihope you win soon get beyond

back currency. hope you win soon get beyond
that fallacy.
What we need to-day is the right to convert any
OF our government bonds into greenbacks, bearing,
OF course, no interest, and the government FeaDy
the Deople) thus saving that amount.
TIE WHOLE NATIONAL DEBT rs BUT CURRENCY,
the bonds, or larger denOminauons, bearing in
terest; the smaller currency, or that OF active
trade, not. Then our greenbacks should be made
convertible into an interest bearing currency bona
at a rate not to exceed four per cent per annum
Tor longer or shorter periods. The fear has been
expressed that such q rate would not be high
enough TO reduce the volume Of what may call
active currency TO the requirements OF trade ana
commerce. and that we would suffer from tnat
great buBbear. imitation. Is the experience OF the
war period so soon forgOtten2 Can we not trust
the people and this matter TO settle ltse as we did
then2 Between five and SIX thousand mllhons
OF dollars Of government paper was Issued
during the war; ana greenbackS had endorsed on
their backs the privilege OF conversion into inter-
est bearing bonds, and what Was the result
First, portion were converted iEto seyen-tnIrty
notes. then larger amounts OF fiye-twenty bonds
were absorbed, and last, ten-forty five per cent
bonds were taken, and this process mas gone on
has been paid out Of the labor OF the country, and
THE ACTIVE CURRENCY
now in use, including the bank notes which ought
to be replaced with greenhacks, does not probably
exceed $500 100000 to-day, and this was accom-
plished at time when one-haf the country was
In arms against the national authorities, and large
numbers at the North were crying down our bonds
as valueess; "Ony waste paper" was often
cents on the dollar coin valuation; but
notwithstanding all this, the people, IN,
slcdu Ol turning the ueSplSeu gTccuDdCk iHtO
lands, houses or merchandise, exchanged
them for the interest bearing bonds until the prvi
lege was taken from them, and II they have done
TINS in the midst OF gigantic civil war, cannot
they be trusted to act naturally and do 1t now in
time OF prosperity ana peace2 And II, during the
war; with a government on the brink OF despair
ana ruin, our rate OF interest was reduced from
seven-thrty to five per cent, Is not four per cent
an ample return for a loan made to the American
nation, now strong and unlted2 Let the crOakera
answer these questions.
Heretofore the advocates Of a free national
hoxr l,nnr Had ~
country and Western journals to express their
opinions, as the press OF the metropolis appeared
almost wholly under the influence OF the bank mo-
nopoly, the HERALD being the marked exception.
The time has come when the people begin to see
through TINS currency sw!ndle, and the demand IS
made that the banks pay full interest on the cur
rency they receive from the government or cancel
the interest on the bonds deposited for the cur
rency, or, what ls better,
THE IMEADIATE REPEAL OF THE NATIONAL BANK
ACT
so far as 1t giyes the banks the privilege Of issuing
currency, and then let their notes be replaced by
the greenbacks The ablest and best managed OF
our city banks do not now issue currency, but rely
ON legitimate banking for their profits.
am glad you present this matter for the con-
slderation OF the expected Speaker oil the House
for the Forty-thrd Congress- Mr. Blaine. He has
nation, and 1t Is well for him to remember that
parties were never so broken in power to mold
as never before and II, in appointing the Banking
Committee, 1t IS again filled with bank monopolists
he may learn at the next election that the power
OF the banks Is also broken. And 1t Will be wen
for members OF the House also to heed the warn
ing. Yours &C., CHARLES w. WAkDWELL.
STANFORD, Conn.,, Nov. "a, 1873.
p. S.-TUEsDAY, Nov. 25.-You publish this MORN
ing an abstract of the report or the Comptroller OF
the Currency. will not now take time space for
review OF that mass OF special pleading Tor the
great monopoly. The man who win attempt to con-
vey the idea that the circulating notes given TO the
banks afford them little or no profit, yet in the
same document has the impudence to praise their
sagacity and good management in saving q sur
plus OF $120, 200, alter paying enormous divi-
dends, which even the panic has not interrupted,
has only to be given ink enough and he would
curse the whole concern. tnird rate country
lawyer ought to do better than That performance
for his client. G. w. w.