The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-10


would be in the nature Of call loan, at
lower rate of interest, say 3.05 per cent"
Do these statements require comment or
explanation to show that 1t Is initiation or
contraction. at will, as well as reputation
10 one of its worst forms, because specious-
ly stated. Indeed, he sustains the initiation
part with lengthy argument, the SUBJ
stance of which is that these ''in,ercon.
vertible bonds, these "call loans" will ex-
pand or contract the currency at the option
of the manipulators of the market. The
authority to issue these bonds is unlimited
and If "corner" Is made to Gepress trade,
then rush into the treasury their notes and
take bonds II speculation requires an in
fsted currency and inflated prices, then re-
verse the rule That is the argument and
all there is of 1t. No specie payment and
death TO state and national banks naturally
accompany such scheme and arc there
fore, a part of it, The argument is found
cd upon the assertion, which is true in fact,
that each individual is his own depository
and acts upon his own responsibility, but
it is extremely difficult to see how the con-
clusion Is drawn therctrom that the govern
security Tor ''moreys voluntarily deposited
with banks or bankers This, be it under
stood, is q part of bis argument against the
existence of banks of issue, and it seems to
us, whether true or not, is entirely foreign
to the question one way or the other.
money voluntarily deposited with banks
or bankers" We conceive stands upon diff
fereni footing from requiring security for
bank bills, issued as money, although ac-
cording to Mr.. Kelly both are "mcddling
with the private business Of the country"
The inllatiOnists do not propose to allow
this kind Of ''meddling," although
it is perfectly right and proper
to constantly ''mcddlc" with the
volume of the currency Ivy compelling
the issue of treasury notes whenever de-
handed by greed or gain, as it is. also, to
repudiatc, in effect, our national .obliga-
tons and make specie moi basis for
values but an article OF commerce. We
need not pursue this subject any further,
and therefore conclude by expressing the
opinion that the people will never be
brought up 10 the point where they will be
ready and anxious to strike down banks,
discard specie, make orr bonds unsaleabc
abroad, permit if not direct, the secretary
of the treasury to issue or withdraw
''greenbacks" at will or at the dictation of
others. A death or two on the bench of
the supreme court Of the United States
might, and probably would, render the
schemes of Kelley and company nugatory,
if the people should be deluded enough to
accept these financial hcrcsics. Let them
remember that thcissue of legal tender notes
was only held constitutional by 'packing
the court and that what has been may be
again. We should not like to see the court
''packed" again, but, however deserving of
apprehension the practice, however demon
alizing in tendency and however subversive
of justice and equity, we should look upon
it with more complacency when done III
the interest of national honor credit and
| currency based on specie, than when its
object was to continue TO fost upon the
country an rrcdeemable legal tender treas
| ury note in lieu of real money.