New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-11-28
Greenbacks ut Par with Go,a
EDITOR REPUBLICAN,:

Greenbacks Mt Par with Gold.
EDITOR REPUBLICAN,:
In considering the financial issues n, 4.
day, the mistakes most people msks
the great bugbear which the Gold ~
change expend large sums to keen y. ~
stantiy before the eyes of the peop,. Wy
now to resume specie payment Ti5
the grandest fallacy Of the age. W.
not want greenbacks redeemed. hoy.
there are no more now in circulationN "
national bank issues being retired-aa1
the business Of the country requires. ~
is to be benefited by their redenpt,or
why 10 it necessary to redeem theml ,s1
retiring the national bank issues. the ny
ent volume should rather be increase j
Si0O,0O0,OO0 and kept at that anon. !
the present commerce of the natIon oas
well do with less. But no wise, pa,,.s]
financier in the present condition Of N
country will advocate the redemptio, /
treasury notes, commonly called y,s,v
oacks-a debt of the government which N
gladly bear without requiring ipters.,
unless some other substitute could be- too.
to replace their worth and value. ho.t
the people and the government, az ao,,
lating medium. Let US now, in ~
business like way, consider sure and ~.
tain plan to raise the treasury note tos
with gold. a'
The coin receipts for customs dues sin.
the commencement of the fiscal wear y
the first day of July last, up to, and jpcl,.
ing October ID, have been $50, 1896, 10 wpl
would approximate $200,000,0O for NJ
hscal year ending June 80, 1876. The
Inmates of the mOst careful business NV
place the receipts for this year, on sccsM
OF the centennial, at fully $3.50. OOc. 0NO n
| customs dues. But suppose we take N
| lowest possible amount as a basis fM n,
calculation, we then have 5000, 900 00 !
customs receipts for the fiscal wear NJ
coin on hand October 49, was $7O4;9I
| Deduct from this, coin certlte.s
Sl2,775,G GOO; and We have q balance
$57 ,6y6, 800 gold in the vaults of the t.s,
ury, with which to pay interest on the M,
lie debt. In view of these facts, INV nj,
10 raise the value CT the treasury note n
par with gold, is for the Secretary Of h
Treasury to advertise that, from and shs
the first day of next month 4
sales of gold shall stop, and redeups
OF unmatured bonds, or rather the purcbxl
OF such bonds or other evidences OF ndss
ture shall cease, and that from and an
that date the receivers OF customs will a
cept as customs dues one-half the anon
due on each invoice in United States trs.
ury notes and the other half in gold. Tbsy
Will then be just one-half the demand A
gold that there is to-day, and between N
date OF the notice and the day it gees M,
effect there will be a terrible unloading
the heavy carriers Of gold, and tressul
notes will spring instantly TO a OAR VI
coin. The gold sharks can not carry n
new addition of nearly 1914 0OO, 600, hi
consequently they can not maintain rs
MUM on gold alone while greenbacEs
It's equal in value; and the gold which
now bearded will come again into gepsu
circulation, gradually driving in the ID
tlonal bank currency, which is being RAPID
reduced already, and now only amounr
S36,Sl3,176.
When the sales of gold are stopped, a,
the premature payment of bonds 10 Iona
made, all the coin received can be apps
to the payment of interest, and less tn
one-half the receipts of customs will M
all our coin interest, which now amoulu
less than $95 ZOO, 900 per aunum.
We have on hand $57 100000 gold
start with, and the rema nder OF the f:o
year will bring in 81 $50 900 more. by ~
cepting only half the dues in com Ih
gives us surplus OF 500 $50, 900 gold wi.
which to start on the second year, BY wht
time gold will be drug on the ma,ks
When the treasury note is par with gOi
how many holders of bonds wi pretend
take their interest in greenbAcks, simp
because they cost less to transport, an
thus it becomes their interest TO 10 So
am subscriber to the national loan, and
should rather pay one-eighth or onefOuH
premium for greenbacks, il they vs
par with gold than to transport my gold
terest from New York or Washington
save money by 80 doing; it is cheaper,
it is and will be with thousands, and ial
one half of the next years interest will
preferably accepted in treasury notes Il
will give another surplus of gold, and
larger com sinking fund can be inaugura
than the one now in operation. Once Ii
gree backs par with coin, and no one Ii
wants gold in preference.
The Gold Exchange can not successiI
get up coin interest corner in New Vol
as her forty eight national banks only b.
&2i 100000 in United States bonds.
The interest due foreign bondholdenu
be paid with greenbacks through y
medium of exchanges the moment they
come par with gold. But should every
eign and domestic bOndholder require q
have it in tbs vaults of the national trd
ury, and do not use it for any other
pose.
In addition to this, let the next Colgr
authorize the Secretary of the Tresa
during the incoming year, to fund all ~
emit gold bearing interest bonds Offered
issuing in exchange new six per cent boz
having fifty years to run, interest and
cipal payable after twenty-five yesn
treasury notes or coin, at the option Of
government. This increase of time
make the new bond q great favonie
home investments, and most of the
twenties due in eight or ten years will
Immediately exchanged, and thus agall
duce the gold interest To the gold sba
this will be 'the unkindest cut ui all" l
will settle beyond bubble the COUNT
ability to meet the remainder of her
her customs dues in treasury notes, ana
repeated in year or two undoubtedly
whole gold bonded debt could be reps
by this new currency bond.
1t may be said that the Secretary
authorized to accept greenbacks for
toms dues. But suppose he is not ID
many words, is it not wiser and betIsi
do something not authorized which
benefit every man, woman and child
land, aid commerce, and revive the drop
business OF the country, than to do the n,
unauthorized little things which the Sd 4
tary allows to be done2 Is it not wiser \
better 10 stamp the nations faith upon
own promise to pay, than unsuthorllec
aid and shield individuals, cliques
ringsa It is the discredit which the St
tary of the Treasury continually thru b
upon the treasury note which keep
worth less than it's face value in gold.
1t looks queer that the Secretary can
stretch small point, and that, instesa y
requiring all gold from the importer, and
next moment selling that same goldbse. N
him again for greenbacks, that he sh' y.
needed in coin, in greenbacks. 1t is
tionable whether by slightly cutting ~
tape, and liberal construction Of nj
present law, the Secretary is not slr NJ
authorized to receive the surplus in N p
ury notes direct from the importer il,
least there is one way to accomplish
undar the nraaant 1aw