The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-15


OF the same species or currency or another kind OF
value than that already issued Then TO initiate u
not 10 issue currency OF the same value as tha
already issued. When applied TO credit imitation must
mean asking more credit upon equal or less security
lie holds that neither man government initiates
credit by putting his bearing notes ~
exchange Tor his own interest bearing notes or bonds,
changing his Indictment from bonds notes bear
ing high rate OF interest TO bonds notes bearing
low rate OF interest This he thinks more like con-
traction Again he desire the issuing OF more
nonntercst bearing notes currency than are now,
lately in circulation unless Il shall be demon.
strated experimentay by the imperative demands ol
trade or business hereafter that more are needed,
after the system he proposes has been tully
tried lie does not agree that there is much money
currency because 1t is aggregated in the
vaults OF the banks and cannot be loaned even at low
rate OF interest The why there is surplus OF
money in the banks Is that nobody wants IL for any
business enterprise; nobody not absolutely compelled
70 do will begin enterprises continue produc
ton In old ones depreciang values or falling mar
ket; money will be unemployed TIL better times shall
come. This is what the lecturer said no desires
HIS CURRENCY CREED
Firsf-A dollar that shall have ut all times certain
fixed aud stable value below which 1t cannot 90.
Second--I demand that that dollar shall be issued by
the government alone In the exercise OF its high pre-
shall not be delegated to any corporation individual
any than Charles H. ought 70 have delegated his
provocative OF stamping gold coin ut the instance OF his
paramours IA monopoly.
Third-I want that dollar stamped upon some conve-
nent and cheap material OF the least possible intrinsic
value so that neither its wear its destruction will be
any loss 10 the government issuing It,
Fourth also desire the dollar TO be made Of such
material for the purpose that shall be exported
or desirable to carry out OF the country. Framing
American system Of finance do propose to adapt
II TO the wants OF any other nation and especially tho
Chinese, who are nearly one-quarter OF the world.
FVth-I desire that the dollar issued shall
be redeemed see no more reason why the unit OF
measure OF value should be redeemed redeemable
than that the yardstick with which measure my cloth
or the quart with which measure my milk should DO
redeemed.
iSirtA-For convenience only | propose that tho
dollar so issued shall be quite equal TO- little better,
than the present value Of the average gold dollar of the
world, not 10 BIO changed or changeable If the gold
dollar grows lower in value or grows higher or to be
obliged TO conform itself in value in any regard tho
dollars OF any other nation OF the world keeping itself
always stable and liked that when all the property of
the country adjusts itself 10 OF value 1t
shall remain fixed standard forever But IL 1t is
changed II shall change equally and alike Tor the cred
0r and the debtor; not the dollar based upon sup
posed gold whose changes always have given tho cred
ltor the advantage
Tux GRsEsgAcK TO SPILL THE BILL
II the greenback Is given "hxed and intrinsic
value' II will I'LL the requirements. To have this it
must be undable at all times and in sufficient number
Of places TO make it convenient Tor the people, into
bond bearing annual interest OF IS per cent pay
able semi annually which bond should be reconvcrtble
the pleasure Of the holder by tho United States
again into greenback dollar, which ought to DO made
the legal tender of the United States for oil debts
or by the government or individuals.
General Buffers proposition adopts rate of in
tcrcst-a65 per cent-Decause OF these controlling
sons
Fiyst-In looking over the world 1t will be found that
the average investment of the gold dollar of the world
government security will bring to the holder thereof
only three per cent Therefore, the proposed green
back dollar being always undable at 65 per cent in
terest will be equal least the gold dollar OF the
world whenever that gold dollar the form OF accu
INFLATED capital tor investment and at the time
will pay every species OF debt with equal certainty
Other reasons, such convenience for calculation,
&C., cited high rate OF interest had been the
the country for the last ten years He
different whether this IS interest be paid in gold
currency. He found that the securities selling today
the highest price currency skies" This
all the filings and sneers with which the green
back Is literally bcsmeared by the buonists as ''de
prcciated currency s'iailed paper 'brokcn
PROMISES when they themselves buying bonds
payable principal and interest in this currency at
i've per cent higher rates than bonds OF the same gov
eminent payable principal and interest In gold at the
same rate, simply because the currency skies have
longer run while II the bullionsts honest
and and doubted the stability Of the govern
ment the value or worth Of its currency, the very
duration Of time would be the most formidable objec-
ton TO the investment
The lecturer then proceeded to explain more fully
the details OF his proposed system, ut the time
outlining the many advantages he claims for it. Then
he undertook to answer the objections to it, saving IL
was not wonderful the banker and money lender OPP
posed tho system, since It would tend to deprive them
of business, making the government the great bank
ing institution for the people. He claimed that 1t
would also have strong tendency to check specua-
ton and ovcrtradng
SPECULATION SUCCEEDS A PANIC
II remarkable that all and in all cases
Of depression that of overtrade and
speculation almost Immediately succeeds panic.
Seven years ago he wrought for himself the plan
now presented and he had motive in presenting 1t
but the public good. The question vital one,
seriously affecting the laborer than the capitalist;
for when times improved values increase, but tho
workmans lost opportunities never be regaincd.
The lecturer concluded ia the following words:-
Therefore at all risks and ut all hazards, stand here
before you giving my most convictions in favor
Of exportablc nconvertibc currency which shall
have no relation OF rcdcemabilty to gold silver
hero for American currency, such belongs
system OF government part OF our free institu
tons wnere each the equal OF every other man.
Finally take leave most emphatcaliy TO repeat my
words Of years ago:-"I stand here, therefore.
for nconvertlbe paper money, the greenback, which
has fought our battles and saved country;
which has boon held by just equivalent
Tor The blood OF soldiers the lives of sons,
the widowhood OF our daughters and the orphanage
OF their children. / stand here for currency by
which the business transactions OF forty millions of
people salcy and successfully DONE which, founded
the iath the wealth and property Of the nation Is
At the exempar and engine ofits industry and pow
er-that money which saved the country in war. ana
which has gwen prosperity and happiness in peace.
To II four million men owe their emancipation from
slavery labor Is indebted for elevation from that
thra Of degradation IN which has been envcloped for
ages stand for that money, therefore, which is by Tar
the better agent and instrument Of exchange of
Hghtened and free people than gold and silver, the
money alike OF the barbarian and dcspot