Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-10-08

try, have been driven INTO the tolls OF
the vendors Of credit.
But you asked for a remedy. To
restore the impossible 10 re~tor.' /,
credit aud competency the countless
uIhn of .n.rgt and tnterpfi5. V ito
have been reduced al the bankl uptcy
and WANT oT the slrinknge in the "a
ua Of their property AID the high raj )
Of interest Imp,,-,ad upon til. III h th,'
ruthless ;..'!Ion al tin = y..fn.ptn:. lNrrr
less Inps.s,ii.it n,sF On Ne -" 10
!,,:nG back t" their OF !,ib. Is f - il
'tsp;cG, t-np, rancH, iu,iu, - AM
thrift he mIiJiunS Of II, iI~&:.inII- IA
tl,tcr. who have been forced tn lux, ~
,d'.n,.,S, and 10 accept, y"> IL s..t:u!s
the country and beg fur the hift;-,
bread eli charity. In trrst r.' thing
of the past. Can W. GREAT It E,riE'lJ,.E
outlook for til" iu;ur.. Tti..t IL ihr
rIrp0rt Of ,uur Il I,>,tipu / b, i've
We can. the fir, tn.ng t.; l',. ,n,.,
Will d. ID rt,I,ea, tile lag arbitrarily
tixirg II day TO, til" resumption ii Pc
&c. payments. Inis viii lift tie, t.
ribl,. shadow Un,lr: which the wi,,,it
debtor r.ass in which t'on .a:ll@ ,.f nlr
| ir.St people are trembling IL despair
! I'm So far j. viii r,~t"rn cDniiu!,,nc...
| TIL next step will be to rniIt t.,.
| q st,-r, of the hoard Il mt l..}s q tat
| which, if 1T were clrcIIltttG;, as {. mt
| dunn Of exchange. would be m,"cv,
! bat wh.cn Is now dead and Hupr,.GtIo-
| tive capital, to invest Il, and thus I,--
store confluence aId revive Industry.
! InIs | would do lay I. Gsttr,ng t;le z y
ment 10 practically return to r..i,,i:cr
upon the Amerlcun people for It's lnans
the acceptance Of It's monry at par
! for those loans, the payment of its IN
tGrcst in it's legal tender money, t. IT,
own people, and this I would ace m
! plIsh by requiring ii to issue bonds Of
| twenty-five dollars and mutI;3li,t:
thereof at Il rate Of one per cent a l&q
for one dollar, or 50 g. per aunnM.
which should like the3 per cent CERT
ioates above reft rr"d TO, be always
convertible iutO greenbacks by the
holders on presentation at :he treaau-
ry Of the nited State or amy sub
treasury This would cal! forth the vast
am nut Of legal tender money that i,
now boarded for tue purpose OF pur-
chasing property when the final crash
shall come. But, says some creature
of the credlt-mOnGerS, through the col
umus of the metropolitan journals,
''Ehis is scheme TO make the govern
ment pay interest to the rich upon
funds they cannot employ" 1t would
be tn and nothing else II the plan
stopped here. 1t is, however, we'll
known to every Intelligent journalist
ii the country that it docs nos stop
here, but that L aud my cO-iabJrers for
this reform nave at ali times proposed
that the secretary of the treasury
should be required to apply the funds
thus received to the redemption or pur-
chase and cancellation of orr gold
bearing bonds. 1t would thus, to the
extent % which the 3 IS should be ia
ken, enable the government to change
the character of large amount of i'll
terest from gold to paper, to ray 1t to
our own people iitead Of to foreign
erS. and TO save the difference between
800 aud per ceut 1t would brei,t,
mp or greatly diminish the speculation
III gold for by giving Lew aud
profitable use TO the greenhack, ii
would Increase it's market price. and
thus brin.' gold and legal tender m IL
cy to the same value, or near.y st,.--
Let me iiiu.tra:s, the simplicity And f
fectIvcutss of tire operation. II .juiy
ard August the secretary If tn treas
ury WIS co rp"li,d to- buy ~ many
grctnhacke "a he could get for five
millions OF gold III cucn uuntii. and
during Tins month he is b;Ning a.
ma"y a. he can pct for four millions
OF gold He thus prac, really goes ilitp
tn" go!d-ronm weekly 40 trn!li" Y ittI
tue tr;.:, are Il t3I'. country .ud T.ttttir
the vump'r = shat Sut:i, t:,t' if Hl,1r,l
If the industrial GLASSES Way does
ht d. til ? Moi h,.cau-r liA has t.,A!i~
II gle: h,f "Iii s.r,.hic A.p 10 resume
spec" payment on The ist Of i:url:ary,
1879. and d"s,lcS t" profit by
lus-kster,nG IT," surplus, hnr h,,-
cause til" Internal revenue tnx"s, winch
are payable III currency. do not pro-
ducc Income enough to lIie.t the chr
rent EXPENSES of the government ;i3t,i
the result Is, that he has to l'uy cur
rency, month by month, for that pur-
pose. Uudtr the system above iu,ii-
Gated, TINS iisrcI,utabIo traffic would
disapp for jhe law should author
lie tue secretary to take from tie cur
rcncy derived from the issue of so
bonds such amounts a. might be re-
quircd to enable him to meet the ap
preparations made by Congress, and
to apply on the first of each month So
much gold a. might be III the treasury
and not required by ita exigencies 70
! the calling, redemption and cauceiia-
ton of per cent. goid- bearing bonds.
! He would thus. instead of swelling
tie business and protite of the gold
room, as he now does, be reducing our
interest account and relieving us from
the impovCrishIDg effects Of the prac-
teal abs, Htecism established lv the
transfer OF orr gold bearing bonds to
| Europe. This much accomplished,
=
and the tramp9 who now infest the
country, gathering back to forge, fur
mace, factory ana mine, would give
their skill and vigor in exchange for
money and in supplying to their wants,
(Which i'll con eQuence OF long enforced
| ldlencss and their present dCstitution
are many,l would patronize the in
| dustry of each other aud make n mar
ket for our products. Tnen the grower
of cotton might hope to realize a profit
! on his capital and labor, and the credit
| mongers who now absorb that which
should be his reward, might be driven
to raising cotton or to engage IN some
other productive pursuit. Then, too,
the aspiring poor of Great Britain and
Europe would hear that prosperity
had returned to our country and would
TOW IN upon us. as they were doing
when money was easy and business ON
n cash basis, at the rate of from 400,-
600 to $50, 600 q yea. Then we might
confidently hope to see the South graf
fly its newborn desire for industrial
development and commercial pros
perity, and give to all Corners cordial
welcome to fields over which would
wave golden crops OF grain, amid cot
ton fields which, to strangers, would
look like wintry SHOWS at midsummer