, 1874-03-07

Sin: Knowing your Willingness to allow both
sides Of question to bo prescnted through your
columns, taltc tho liborty OF asking tor little
Bpaco for tho expression Of views nntagonfstio to
those advocated by you on tho policy OF Initiating
tho currency.
To illustrate tho bonafits likely to result from
tho latter course, l will briefly stato
HOW IT WOULD AFFECT MYSELF,
mud havo no doubt but that thero arc many 9th
erB in Bimilar situation.
A short timo ago, Ipurohasod piooe Of roal
estato, on which mado small payment down.
and gavo my notes for tho balance, amounting
to $4,000. Is 1t not ovitlont that II the currency
should DO expanded, tho value Of my roal cntato
would groutly Increase, md that would soon
10 able, by HullinE n Bmall portion Of 1t, to pny
OF my dobts, and hnve tho remainder "a SO much
clear profit.
may add that this idoa WIS brought to my
mind by reading tho
PETITION Or THE sEvEN M1LI1oNA1REs
asking for mitation,- -among whom aro Potter
Palmer, j. Y. scammon, and Samuel J.. Walker.
Uplosa .popuar opinion is wide Of tho mark,
amounta to not loss thau 8 ,000,00o Now. air,
I ask, Would not rents increase, mid tho value
Of real eRtate DO enhanced, under abundant cur
roncy, 80 that it would bo much easier for tho
nboYe.naned pnblic-spititel citizens to pay their
corporations laavo contracts by which tile nbovo
indebtedness III payable In gold hut that Btlpu-
lation is akin to tho ono introduced In cartuiu
transaction, recently, represented by E[r. Booth,
md perhapB might DO oyaded In aomo aimilar
mnnnpr.
Docs any ono hclievo that, If tho currency
wero sufficiently increased, tue uamos Of two Of
tho millionaire petitioners would appear On the
docscts OF the Courts so frequently NJ they now
do2 INFLAT1oNlsT.
Exchange OF Grcenbncl1s for R0ntlss
New YoHr, March l, 1874.
10 The Editor Of The Chfeaao Tribune:
Sin: Although in thls city, am a resident Of
Chicago my business calling mo here, wltaze 1
lavo THE TRIBUNE, which take at home, nent
mo daily.
have just been reading tho financial article
in your ,ssuo Of the 25th ult., in which you Say
that "if grconbacka aro Increased they will de-
preciate." Now, deny this, providing tho Gov
ornment gets it's intorost-paying obligations in
exchange, and claim that tho very opposite will
result Greenbacka arc evidences Of indebted
nosa paying no interest. given in excE,ange for
cvidonces Of indoht paying irtorest.
Tho value Of eithor deponds entirely on the
credit q q, nc s uove1nment y, and certainly SO
creased by exchange OF ono tor tho other, tho
value will romain tho same.
II there should he n change eithor way. tho
exchange Of greonbaoks drawing no intereat for
bonds drawing interest would, in OBJECT. be los-
scning tho obligations Of tho Government, and
would. to this oxtent,, appreciate ita credit md.
as consequence which must naturally follow,
increase the value Of greenbacka.
do not mean to DO understood that there
should be no limit to tho exchange, but to per-
NIT the exchange to go on until the issue shall
meet the 1egitimnto demands of trade; and. in
proportion aa the greenbacks arc iRal1od the
National-Bank currency should DO withdrawn,
and the proceBs continue until we have an ox-
cluaive greenbacIs- oulation.
It is true wisdom to Rivo tho benefit Of tho
exclusive circulating medium OF tho country to
tho Government, until 1t relieves itself from tho
debt 1t owos.
Tho aum thus saved by way Of interest should
ne made sinking fund to help pay the prin-
cIpal Of the debt.
In this way tho bonded debt would be in tho
courRo Of gradual extinguishment and, NJ It is
1osaenod. tho credit Of tho Government viii cor
respondingly appreciate, md ultimately this
course will bring its greonb,cxs to nar with
gold. 4 MERCHANT OVER THIRTY YEAns.