The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1875-03-18

1844). she has been obliged to violate
her money laws three times since, three
times in thirty years,-to save a specie
basis. IF the latest and best writer on
Lombard street can be trusted, tie Bank
of Englan d itself could not keep to a
specie basis and live, if the commercial
world did not believe the British Gov
eminent would always save it from any
and all dangers at all costs. To tell
how often American banks have been
forced to suspend wLuld be like photo
graphing the waves or chronicling the
rise and fall Of South American repub-
lies. It is hardly sarcasm TO say that
IN this country merchant could always
get specie of the banks when he did not
want it, and seldom, If ever, when he
did. This vauntsd theory Of specie ba-
sis may be described as thing which
continues to exist only because men
desert it whenever it is triad, and 60
back to it when there is no trouble. |
mean no disrespect certainly to the
worthy gentlemen who advocate this
specis basis. I will not call it as an
able New Jersey man does, bankruptcy
organized" or as Western Indignation
stamps it, ''iraud." I will not style
it as John Earl Williams, one of the
ablsst of New York bank Presidents.
does, Sewing new cloth into old gar
uents." I will not say, as he does, that
the attempts of banks of issue and de-
post to keep to specie paying "always
has been, and in the nature of things
always must be, q failure" But you
will let me say that, in view of its con-
slant and habitual failure, at oil times
and under all circumstances, I should
think the friends of this theory would,
like Cicero's soothsayers, laugh when
they look each other lie the face. We
may at least be pardoned for doubling
until its advocates can show us some
nation which has tried 1t and not been
obliged to suspend specie payment, or to
save specie payment by breaking its
own laws at least three times in every
fifty years
The plan have to offer has no claim
to originality. Increasing thousands
have already urged almost every item
| of it. No man studies this subject
without feeling his obligations TO Mr..
Kellogg. So much gentlemen who
doubted some of his propositions must
allow nae to say.
Let me take my first item from the
bullionists. (Bowen, Bowlby, Wilson,
John Earl Williams and many others.
t 1. Take from national banks all right
? to issue bills and oblige them to return
! what bills they have within reasonable
$ time.
To this add, receive the present green
backs at first for one-half of ell debts
dxe the government, and, IN time, for
all debts so due.
This course would pat greer backs on
par with gold very soon. It would
secure the government enough gold
to meet its obligations until that hap
Ipened. If, in the interval, there should
be any slight deficiency, we could afford
to buy gold. The gain from other parts
of the plan would abuRdantly cover
such expense.
know the nations pledge to its cred
itors touching this revenue to oe claimed
in gold. We must arrange with them
to have this contract altered. The gain
: to US is worth the effort in cost.
2. Allow any person to do what banks
are now allowed to do-that is, deposit
national bonds and receive from the
nation greenbacks in exchange, with
this difference, however, that such de-
posltor shall receive the full amount of
the bond, ana pay for the use of ouch
greenbacks three or four g or y per
cent per annum, whichever rate is thought
best. Why should not an Individual
be allowed to borrow greenbacks on q
bond as we'll as banks be allowed to do
SO? Why should either of them be
allowed this privilege without paying
for it? Even Mr.. Secretary Chase, in
/ hi q rennrf of 1881 dnnht cd thu r;nh4f,l