National Republican. (Washington City (D.C.)) 1872-1888, 1874-09-01
UBLICsPLRITED SUGGESTION.

A PUBLTC SPIRITED SUGGESTION.
Below we print communication from a
prominent merchant of the District, sug-
costing that the business men Of the COM
munity shall take some immediate step to
aid in the maintenance of the credit of the
District government. The near approach
Of the time when the ''three-sixty -fVes"
are to be issued, and the fact that rings
have been already formed by certain class
of spectators to depress, if not to destroy
their value, adds force to the argument
therein set forth. The S., 10000 of these
bonds to be issued would furnish circuAt-
ing medium In our midst much in excess
of any possible requirement but it is hardly
probable that half Of them will be retained
here, as many Of the contractors to whom
they are due will use them in liquidating
debts in the North. Although 1t Is true
that they are not legal tenders, 1t is also
true that taxes have been levied and are
now being collected to meet them, while
the legal tenders are virtually kept afoat
by the confidence Of the people In the good
faith of the General Government. But
the same faith is pledged for the
redemption of the bonds referred to-a fact
which, as Merchant suggests, gives them
an equal value with greenbacks. Add to
this fact the further one, already suggested,
that taxes are being collected for their pay.
ment and still further, that they bear interest,
and it will be difficult to explain why they
should not be received at par. They can be
issued in denominations of fifty dollars and
used, provided our business men agree to
accept them in the transaction of ordinary
business and the result will be to the ad-
vantage of the entire community. A new
impetus will be given to our commercial
transactions, and without the loss of q sin
gle farthing to either the buyer or the
seller the credit of the District will be kept
inviolate. Now. let meeting be called at
once, to be attended by prominent citizens
and capitalists representing every branch
of our commercial interests, at which this
vital question may be fully discussed. We
predict the most beneficial results from
such movement, and that if 1t Is properly
carried out an agreement will be reached
which will materially relieve the present
depressed condition Of affairs. The follow
ing is the letter referred to-:
70 the Editor Of the National Republican:
SIR: am faVorably impressed with the able.
editorial in your paper Of this date concerning
the value Of our District securities. Iconfess
I am at a loss to give any answer to your In
quiry why our S.65 bonds, issued under an act
Of Congress which guarantees their payment
and pledges the faith Of the United States
thereto, should not be as valuable as the legal
tender greenback dollar, which bears no inter
est. That the United States will carry out in
good faith their guaranty is not to be Ques-
toned, inasmuch as the District Commissioners
are already collecting and depositIng in the
United States Treasury interest and sinking |
fund to meet the requirements Of the S IS bonds
No one can be so bold as to assume that the |
United States will repudiRte the solemn obli-
CATION Of their act, after having In accordance
set in motion the process for the
liquidation of this debt.
These S.65 bonds are In law and equity
equally, If not more, valuable than a legal
tender. 1 see no just cause why the business
men and merchant princes of the District
should not recognize their value at par, and by
a public Endorsement of the same establish
their credit here at home.
The immediate revival Of business would at
once follow, as it would throw into circulation
some millions Of these securities which can be
used as money in all ordinary commercial
For one, am ready to advertise
the fact that 1 will receive these bonds at par
for all goods purchased Of me from and after
this date. Yours, MERCHANT.
August 81, 1874.