Los Angeles daily herald., 1874-02-25

49, E~~A~SAkSesA He1J rAASAAsAAA 6VAsA 40 ~ VA
30 years nom date. ~ s-'.''-s'ia--.-.aa
1.-THE results Of such system would
be: .~..a....ss.a. $500
First-To redeem and destroy the
present greenbacks, and thus silence
the complaint that Government does
not keep faith IN the matter Of their
redemption; and also to reduce the in
terest on our National debt to about
four per cent Suppose the nation thus
issues Qends) 81, 20O, 000, 900 of curren-
cy, then it will receive over $40, OO0, 900
in interest. The annual interest on
our debt is now in round numbers
$112,000 600. Subtract SO. 000, 900 from
this, and it leaves us to pay $80, I COX, 900
annually, which is less than four per
per cent on the whole debt. ss.sss-'-.ss.
Twelve hundred millions of cnrren-
cy would be no extravagant estimate.
We have two or three times this
amount of what is really currency in
their nature and effects as4much a.
greenbacks are. Under my plan we
should have fewer checks and bills Of
exchange, and more greenbaCks. But
if we had these 81 zoe, 0O0, 900 Of green
backs, and beside the same amount of
bills and checks as now, it would be
no i'll, and no wonder. France, an old,
rich nation, thoroughly developed, has
now twice the amount Of National cur
rency per head that we have. A new
and undeveloped nation like ourselves
ought to have twice the amount per
head that France has. Hence, II our
greenbacks were trebled, it would be
we'll. '0fFfl.l.I
"Second-The second result would
be, that neither the Bank of England,
nor any ring, there or here, could dis
turb our currency by q corner in gold
or greenbacks. We should be beyond
such interference. s@t eEA 80
"Third--In time capitalists will in
vest In such bonds, since, In confer
nifty to their present theories, these
bonds will at last be paid in gold.
Fourth-We develop our new coun-
try by having money abundant at 3.65
per cent. interest, and can thus COM
pete with any nation without a pro-
tective tariff.
"Why cannot we now compete with
Scotland in ship-building, or with the
Welsh in making rails t? Not because
of our rate of wages-that is not the
reason. Thomas Brassey the largest
employer Of labor, perhaps, in this
century. proves (see his life) that it Is
cheaper to build railways in Asia and
Hungary, by carrying there English
wOrkmen, at so cents q day, than by
employing natives on the spot at 10
cents per day. It is not rate of wages
that cripples our manufactures and our
W0otapv1 acknowledgements L.
our dead capital-lands, buildings,
machinery-is worth here 10, IL, and
IA per cent. Abroad 1t is worth only
8 per cent, and we work to 3 constant
disadvantage of to 10 per cent. year
by year. Give onr Eastern manufac-
turers and land holders money at per
cent. and we can then defy the COM
petition of the world. Keep your rev.
enue tariff to pay the debt. Abolish
its protective element at once. I
waive entirely, so far as our home cur
rency Ia concerned, all abortive at
tempts to keep gold basis. We have
never really had one. We have only
pretended to have one. One dollar In
gold to five or seven In paper, IL no
real gold basis. We have pretended
it was, and as q consequence it has
happened inevitably that the moment
ceased the banks have al
ways suspended. specie payments.
just the moment we needed specie, we
could not get 1t out Of the banks. It
is OF no use to try to keep up this sham
any longer.
HAs }or international currency, we |
must remember that our coinis worth
abroad as coin. IT is received |
only as SO much merchandise, accord |
ing to its purity and price in the
like wheat. Still as gold IL
! convenient medium Of exchanEe on |
many accounts, and at present is SO
received by the world, our Govern
nent will help merchants to use it.
IN order to do this, the Government
will certify, by its stamp, the weight
md purity Of gold bars sent to its
mint. And Government will keep
,old deposited. with IL by merchants,
md give certificates Of it, amount and |
,alue. Such certificates may be used
lere and abroad, thus enabling the
merchant to save the cost and risk of
arrying gold to and fro, and the ex-
ense of insurance. In this way we
urnish the merchant with OertifIcntes, /
vhich will soon be Of the, same use
nd value as gold itself, whether in
he form Of bars or coin. IL any one
oubts whether the Government is
onest enough to be trusted With SUCH
over, / answer, It Is a. honest - lthei
RATIONAL banks, who now WELD these J