National Republican. (Washington City (D.C.)) 1872-1888, 1875-10-07
AN ESSAY ON PAPER MONEY
tCorfinued from Frat Pase.)

inaugurated. the amount Of currency in cIrcula-
1 1OHna DSmSers about oTp SundSsd ana wsnty
hve million dollars. The business Of the country
will require that this amount shall be increased
to one thousand millions within two or three
years, and the question is now, how can that I'VE
hundred and seventy five million dollars increase
be put in circulation What can the Govern;
make the payment In currency? The bonded
debt Of the Government is the only and the pest
object for the transaction. The nope 81 Ssss
ing notes is certainly sat the FIRST blush" foriorn
and desperate, but a nearer view Of the relative
the problem Of difficulties which are, in fact,
more imaginary than real.
THE LANDS AND THE NOTES
rest upon the same basis-the faith. honor and
resources Of the country, and therefore in that
fact that one in the hands Of the holder is the
source of income to him without effort on his
part, and the other can only be made avSiisois
10 his profit by employing It In the Developments
Of the country, and without which his lands
The holders Of bonds will not, of course, ex-
change them for MISUNDERSTANDING notes at
par nor would 1t be Just or reasonable to require
them to do so, even If the Government had the
Change an adequate premium, one that will pay,
and the history o! capitalists In all preceding
times will not repeat itself If there shall not DO
found bondholders to absorb the whole amount
of the proposed Increase Of the currency In very
brief period.
Then, in order to reduce the problem to a simple
question, If Congress will authorize the Secretary
Of the Treasury to offer to public competition an
exchange Of currency to an amount not exceeding
six hundred million dollars for bonds, and award
to the best bidders at premium not exceeding
two hundred per cent, the problem OF the "con-
version of the currency will be solved In favor Of
the greenback in less than one year, and az
much lower premium for the bonds. But, assum-
ing two hundred per cent. per annum as the OASIS
OF the exchange, We shall find, In pursuing the
subject, that all the parties interested in the
transaction-the Government, the bondholder and
the people-will be mutually benefited. What!
eIelaims the "hard-monsy" advocate; expect
BILE In gold and bearing gold interest for that
which viii bear no interest and is not redeemable
10 loving tpf friend Of the dominant partyF Wien did
men ever refuse to make an exchange OF invest
ment when 1t would increase their capitalT a
few eccentric individuals may possibly do 50 n
The proposed exchange In securities but more than
enough Of the bondholders will be found ready
and aDxiou: to avail themselvesof the BONANZA
Take, for example, one Of the national bank as
sociations now in existence. 1t has capital, say,
by BANKING with the notes issued BY the Govern
ment to the association IA per cent? tncluding the
interest paid by the Government on the bonds:
per cent. will give It banking capital Of $500 900
TO work with, and which 1t could, as free bank,
lend at per cent, and make moro AZ tnat mod
crate but SUFFICIENT rate Of interest than IL now
makes out Of its capital invested in bonds, and
without
GRINDING THE FACE OF THE PEOPLE
by usurious interest for the loan OF money.
''What," exclaims Democratic veteran OF me
IImint-drop" school, task the Government OF the
United States to pay three hundred dollars to
cancel q debt Of one hundred?n Why, yes, thou
lineal political descendant OF "Old Bullion. IL
ton, why should It not do sof suppose the Gov
eminent pays six hundred million dollars in cur
Isnsy to redeem two hgaa 5 aH5r e
million dollars per annum In interest VIII pc
effected? and II you will take the trouble to make
the calculation you will find that the annual saw
ing, compounded ct six per cent, Will redeem the
whole six hundred million dollars In currency
Issued to effect the operation In less than twenty,
s saES and hE saTs I'D nG9
incarnation Of the demon Of usuryi "the hand;
writing is on the WALL" "your occupation is gone.
The sbaby" will cast off the rags" to which
your extortion has reduced its progenitors, and
will come forth in Its native strength, covered covered
hands and cheerful labor Of the country, to which
II will give new and resistless impulse In Its
Tpf Re TO NE dark
from which in an evil hour you were permitted to
emerge.
history, which the advocates for the contraction
of the currency are addressing to the people
throughout the country, cannot conceal the TACT
that ever since the organization OF the national
banks and the reduction Of the national cur
renew, the Industrial Interest of the country has
been embarrassed, compelled to narrow the circle
of ITS operations, and becoming moro and more
difficult each succeeding year to retain its vitality
IL is now in danger of total destruction. The
causes that have produced this sad result have
become so plain "that he who runs may read''
them.
MONEY, THE LIFE BLOOD OF INDUSTRY,
can be obtained, It is true, in the financial cen
tres' at two or three per cent. per annum on call
for stock rambling and other kindred vices, but
for mercantile, mechanical and manufacturing
operations, where loans cannot be returned on
call, but must run through o series Of months
and years. ten, fifteen and twenty per cent. is de-
manded. No legitimate Industrial pursuit can
bear so great q tax upon its productions, and, Of
WHY cannot money be obtained at living rates
for objects 80 vital TO the welfare Of the country?
Simply because its volume has been so reduced
and contracted by the manlpulations Of stock
kindred spirits that there is now but little more
than is required for the Sdrgrddo operations, to
which by the people, SO unfortunately placed in
the hands Of these classes, the people have SO
The people viii claim what after long suffering
they have discovered to be the remedy for the
paralysis Of trade, and the law makers Of the
land will be compelled to accept the truth Of the
system Of finance based upon the substantial
wealth Of the country. Give the great working
population Of the United States the means to
work with, and before the time fixed BY our
have been reached their labor will have "heaped
up" such an accumulation Of wealth that the
glittering dust will step down from the pinnacle
raised 1t and resume Its proper position of meas
urer, not representative Of value, as servant to-
and not master OF, human labor, skill and
from the humiliating necessity Of refusing its
own paper in payment Of imports Levied for Its
WASHINGTON, October S, 1875.