, 1873-12-07


tlu,ca, ut Tho market prico Of par cent bonds
and, MI Tiny are bought md sold md convort-
ihu Into gold, In Great Britain, Fsn,'ce. Gnr.
,nany, D'lEitn,, Holland a'ld Tho United atatea.
at par or tl'treabuut ut my and MI ttnlcH. 40
a1no would tho convertible grcenbackB cor',naud
oqunl alno,ntss If geld everywhere.
,rllis acl!elno fur improving Tho eurrcnnys
ALT0nET1IElt THE stHFLEHT
Of my prorDscd; anybody can understand It.
That It would operate admirably, ra, hardly ho
n l,uttor or doubt. 1t would not only secure to
tho p9ople curronoy substantially olnal to t'old
in vnluo. but n flexible G'lrsctey, TINT would OK
10 tcpY Of millions or lilo money 1yug III tho
vquIts Of banks, from May to October each year,
aeeking my Kind Of borrowers, ard tempting
schemes, ,li.sc,tling tho value Of atocks, and
nrou1otill, Il gambling spirit IN bnpincaa.
Aa tito uovnrnuort docs not redeem itB notc1
OF, demand, according to tue pleage on their
tholna a in Ills form wlea demanded by tho lo!d-
rra, Sucll HClsomo OF currency wu,ild render
convertible bot,tls sort OF national Savings
bank, Of absolute security, and novor llablo to
Il may 10 sald that 90 large 4 pnrt Of tho
| groot,backu would be converted into bonds TINT
tllcyo would bo
sEuIous sTn1sarNoy ron cunnEscy.
do not think 70, because tloro sill would DO
nctions: aud gold would roiuforco tho
pank-notcs whom curre.1cy was acarco;
| mud, bosltlcu oil these tho convertible bonds
would bo largely used as currency i'll all Tho
| laygor transactions. A bond would Do equivalent
to iegal-tenor notoB for itB faco und earnou ill
forest, mud bo taken in payment Of any debt, or
for any property, with ayiJity. They would sin,-
NV be another form OF grecslLacts, which would
alynyu bo earning tho holders something wllilo
! III their possession; and for this reason they
| would DO extremely popular, and. ouco intro-
ducod into general ubo, would probably mover bo
| of tI1o nntiouu debt outstanding aud unro-
1con.Di. Tic urcenbucks would bo uBod in tho
ordinary transactions, while tho bonds would
fulfill ntell dutios AZ bills Of oxcllango.
villa creanbucks are rod semod by tho Govern
m,cnt u no urico. but stand as
'110 pnorEsrrp, p1sogAcEp TAPER,
thoy aro uonycrt,blo into gold at oil times at
suJ stau ieei; Icay to ~ purchase tlcm at BhavoS
| WcIc il othcrw;so, tboy would soon be worth
nothing, Tic gola.ouotationB III New York
each isy, or rcvoral times day, simply meau
that tho brokerp, bankers. md monoy.jo7bbe{rs
Whe,, rojd il quoted at 103, 1t lncatB that tho
broEots arc buying grcenbneku from Tho import
ora nj Ya 90 cnnts oY Tie tollay.-paying shat
much gold therefor tho in,porteGu using tho
rol to nv tic l,1tios on thei, imported goodg.
1u tic yal;.o OF tho grcenGucks is thus fixed by
Slat the Now York brokers will give for them
o,c1, nv IA it a1,v wonder that sch value IL al
WAYS 1iuctuating, forever bobbing up mud
11s. nnrt, Inv 100: on Tlact Fri(ays, at 1GN,--
| .noan;n. tint n grccnbac! is worth hut C211 In
gold on s,1cll days.
It would greatly nimplify tho whole currency
question il tho public would bcnr i'll MUD that
EroeubAckB tlnvo only Tho value as nOnoy which
tho Now York brokers will give for then. " gold,
From tho day that Congress- repealed M tho T." Y
nsating thonl conrortiblo into 5-2o bonds (Which
was IN lsG3-4 until the present tin.o, their value
Inns been
FINED ny TIE ooLD-nRoKEns,
and they Aayo bccn purchased W them LOT ten
yoars, at varying price eact t!ay; p!'t Whatever
was given for thcm WAS III gnid. and ti.oir vas-
chaalng-l,owor was determined by what tnoy
fate ot an inconyertlp!o Or irreaGefaaDi.e; !;
currency. If tho issuerh Of it fail to redeem il
on demand, it will 10 solA to tho currency specn
lators, aud Will 10 WORTH, aa Monoy, Ptoelse!s
To havo any value above thAt Of waste-panor
somebody must otfcr gold for It, and lte Vasnf
will be whatever por cent OF goid those pcrsont
will give for Il Why thoy oter moro fos IT On;
. day than anotAos,-Homo uaya giving III elel
as % per ccnt nnd on :, othor Gay
only rs or 621111,-a aocset nhnll not attomp
to divine, but treas 1t aa one q Q those Ihln!:
which 10 fc!o" CAN tlad odt, as DhnareaI
. money ia thue lett to chanco wlim, speculation 10
| aud cornor operations of goltl-galnbors, III
ANA71oSAL DISGRACE
I and commercial calamity, already endured ny
r or Dix years longor than tAcro waa any necossit
:, ol.justincstion Tor IT,. The conduct Of Congress
, III tho presnisos has been both stupid and COW
: arlly.
notuGuing now to tho other, or
y 1trEo,o METHOD or REDEMPTION:
| | coueress cal enact tiiut tue Secretary Of Il,
, Trcasury after d day natacd, d,-say year nhea
3 Of lilo date OF The bill, shall rcdec,
), oil lcgal.tendcr mites. on preacntstio
. nt tim New York Sub-Tl caaury, at par in gold
n and. III order to oraLlo him to do it, place til
Sur,,tus coin in tho Treasury at his <apoaal, ane
!. In clition thereto. say $3J0 600 uO0 of 5 pf
u cont cold bouua, With authority 10 sell for col
o 70 ronny thereof az may DO needed to roaco1
j. creontacsg. It would DO tho wiser coursu t
i make half Of tl,om sterling bordH, with iutore.
o naynblo in London, nu tiiat, In oaBo the golt
,~ irnkorn cn1nli1ci in Nov York to pllrchNEe bo1t
i at much Icsp ttlau par. they might be offered #
d salo by Treasury. Agents III London, Paris. Q
- l,orlin, w,lc,e tney would DO Bnre to fetch tue
- r.,,a1,a - Wv, ,onr II nj n1l ttnna n.,d ri