, 1875-10-30

a
70 ths Et.tor Of 1ht CA.eaaa Tribune:
Ou1cAao. Oct a7.-An objection la urged to
tho plap Of Goyornment-currencY, that 1t Will
luck tho quality OF elasticity. The objection
would be good II the currency wefo to bo tha
nsmo volume all tho tImo. This may be obviatcd
by the adoption Of low-prlcod bond 70 be in"
te1changeablc botwcen tho people and tho Gov
crnmeut, This bond should be regulated somo'
thing like the English cousol !; that IL, II might
ho a little larger than bnnk-uoto, cluaily port
able and convenient to handle, payable to
boarer on iomaua. Tie coraol merely
calls for 80 much interest NJ stated
periods, without any promise to pay tho pfin-
cipal It is q 3por cent only, aud to-day con-
Buls arc quoted In London ut fraction over w
cents In gold. Our bonds arc worth more IN
London hccauso they pay higher ratio OF In
tc1est Our tuterconvestible bond should DO 30
arranged that any posson having $50, OF any
multiple Of $50, could iavoAt 1t In the public
debt FREQ OF expense, and With as little trouble
| az posajblo. When Loldor OF d bond Wishes to
| oxchanvo II for currency, bo will do go, net by
| rs.uruips It to tho Government, but by
solling It to non,o ono who wsnta to
iuyest currency In tho public debt. Thofe will
always bo buyers Of Buch security, just AZ there
| nre now for our bonds. Tho British conBol Is
| Issued In amounts much less thnn ESQ, and Is
I ul.ays Ha1able At Its current vh!uo, NY tae
| ADOPTION OF this System. our public debt would
soon lind its Way into the banda OF t1o common
people. instead Of ootng held aLrosd It high
rate Of interest. The debt OF England q not
carried alono by tho banks, Or thu nobility, Or
tho wealthler classos Tub ttadesMeu, tho great
Interest ] ia tho pnbio funds. Not 20 IN shls
I country. Our tebt-some"hae moro than Aa,l
OF Tint Of Englsnd-ia largely owned abroad,
the payment Of the interest on which drains ua
| OF our coin. Tho banks, insurance conpanias,
large capitalists, aud spocu'ators, own tie bal:
aucu, No attenpt Is uada TO populs1ize uti
public debt by making u ACCESSIBLE IN small
amounts, and transferable without o1peuse
Anything OF this sort would be oppoted by tht
gentle1slon Of the bank.parlots and tho STOCK
boards; 10 il viii not likely be doao for th'
! prcEent. .
torest-beAriug bonds, = 1ovarntnant.curfenc
would have every elelnous Of slastic!ty which "
bauk currency syor had In sais country, Will
thla great difference Every businessman Q
loug o1perlence Knows that: whenever mars ~ ~,
II finances, the ciast!elsy OF our panR.oa!
. repoy eomos suddenly to st, ond. In ,! helt
IL protection. tho banks begln to boat
e.pit..sa eI 3D. smous Ito peopo, md thoy Fl
10 high aud dry ou tue rock OF bankruptcy; ~ y
ID panic OF 1915, tho lauks were not called on
redeem thoit notes 10 coin they had more tta
IL vS iimos Of u sroatio @ IT, aossrament would
N deem their exchang oabls bonds iu tho curraut
III | OF the c0untry,-something which tho banl
., neyor did and never will do, because, In such
y trial, thoy neYor have what they should have,
ho | money to pay their detnRnd obligations.
IT. admit that tho prasont hastona!-n Banking u
/" IL probably the best that could DO devised I
IL, tho regulation Of banks. AL ask Is, that 4
10 prisilegs Of isaulng pnpeF-n,ouey he placed Q
ID, custyey In tho powos Ut the General uoYer
"a. mppt tie samo ~ tile powor 10 coin luoneY. T.
ot law for regulating banks should remain;
,es will do no harm after the right to isauo money
,as taken away from sho1n, and may do some goe
ME would hAya no faith in tha lhw anyhow aft
liz, hpeule.paymeats arc inAuxuratca, IL the ban
h,s are to retain tho privilege OF issa'n g papt
Wit money. Law OF no law, = bank cannok EeAot
sce its uotes IN ton II il hAs not got It. In ioa
re- iahin9 period OF lrRds, When perfect conadsu
nel aud trust prevail. banks OF issua do "
DIV DIV make & my donsads for coin 81 than; hut. VIII
anu eyor such time does come, tho National BAL
~ will Ko lowu fu tho frat s&or1n, Nothing :
[aty aaya them from their inevitable fato. W
no. | hero aud there would Ea strong bsuk, able
Ills weather the storm, there mould be 10 mauy I
1rtt ures that tho whole system would DO brought
Ech | to dlsrepute aud general dAtrust would prev
was 1ha p.ssant Law provides that country-hA
flig- alall keup on hsnd Is per cont o. lega-toat
din. uE colt for tytfy dollar Of tAotr liabllit!es
cnl- long "a nobody cared anything for lugAl.tend
cer- coin tho banks don't psctena 70 keeP-t
'oons, Aayu not beon asked to redeem thoir notes
he,, H., sosue tmonty yesFs sGo. 4aal
ad. hsa syatcm Of "Fsen AAat!px.' -
a!nst t4ing tt1n!ur TO the present 'has!ona!
lnl Thu bsokcrs Ut Cinclnnatl .Te1e always gethci
end. Up tho notes Ut :hesa baukB, aud deaiandlng
10 Df YI,ecae on lhstn. 4 bank had boen started
oHl- HA"Inil!.town in the northeru rart or tho ~
RAd lad put lta uotcs Mto ejaculation. W