Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1875-11-25
CURRENCY LEGISLATION.
A Plan Proposed by a Careful Thinker.

We copy the following letter up
on the currency question from the
Milwaukee Sentinel. 1t was written
by gentleman of Lancaster who has
given the subject much thought.
The ideas presented are different
from any we lave seen and are
worthy OF consideration
LANCASTER, Wis, Nov. 8.-As
Congress soon ssembles, il j. - be
presumed that the currency problem
will come up again for its annual Sc.
luton and az al minds Of finan
cal turn have been giving it consid
Grafton, il il possible that some OBJ
scuro thinker may throw some light
on the question With this object
in view wish to present my Plan as
an original one
There seems to be an almost uni
versal desire to get back 10 specie
basis, and TO do it without any
serious shock 10 the business inter-
ests OF the country. GreG3y's idea
that to do it we had only to resume
is very fine if it was not visionary
and utopIan. The other extremists
claimed that we had only TO fix the
| time by law of Congress in the not
far-di-tant future; and the panacea
would be found This last has been
done, and now its strongest friends
are convinced of its failure
There seems to be no good reason
why the Government should continue
the business Of banking 1t is not
recognized in the constitution as
any part of the duties of our Govern.
ment any more than mining or man.
! ufacturing. therefore leave the bust
ness of banking to those individuals
who choose to engage in it Let the
Government regulate the value of
money and al-o see that :the bill
holders are fully protected, and it
will perform Of its necessary duties
in regard 70 our currency and coin.
Nor - there any good reason why
the g 17ernment should be preferred
debtors aud allowed to issue notes
without interest or time of payment.
70 remove all these difficulties will
take time and will also cost some
| thing, but 1T must be done il we
would restore prosperous times and
the financial system which all of the
leading nations have recognized AS
the true basis of commercial trans
actions
A princlI!, must be established
which will gradually restore the
value of our paper money by causing
the greenbacks to disappear and their
place TO be supplied by national
bank notes.
First, repeal that part of the cur
rency &C. Of 1874 which fixes the
time of redemption.
Second, authorize the issue of
s700,000,000 of 365 bonds without
option, running fifty years interest,
and principal payable in coin said
bonds to be sold for green backs only,
and only for banking purposes; and
as 80 per cent. of their value in ma
tional banknotes are issued, cause
the destruction of so per cent. of the
greenbacks received by the sale OF
the bonds. By this process about
$3.50, O00,0 900 of new banking capital
would be used and four-fifths of our
greenbacks would disappear. This
would be a very gradual process,
and the banks would be required to
redeem in gold when the green backs
are gone. The $3.50, 900 900 of bonds
not sold to new banks could be ex>
changed with banks already estab.
lished, the government paying the
difference IN value.
This plan would certainly cause
the Government to pay more inter
est for time, but, as I said above,
there is no good reason why a
debtor should not pay interest on
what be owes. The above is an out.
line of my plan, which could be fur
Their elaborated to put it in working
order. Our laws need but few