New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-02-13


Glove you ALL the day and tho night
All the dark and the sunshine bright.
All the candy in every sore,
And the dollsr.. and more ana more,
over the tops Of the mountains high,
All the w0rli way up to the sRy'
Thomas J. Durant and His System Of
National Currency.
We have previously published eome o
the letters of Thomas J. Durant, Esq, II
which he sets forth his peculiar views OF
the currency We are free to say that w
do not understand all the suggestions O
Mr. Durant, nor approve of several whlot
we do understand, but deem them OF sufh
Gent Importance to reproduce. The FOL
lowing letter was published in the Working
mans Adrocate in December
WASHINGTON, D. c., December, 1875.
To the Bdtor Of the workingmans Advocate;
DEAR S1R-The question is sometlmef
asked by those who desire to inform them
selves on the subject OF the proposed system
of national currency and national bonds
mutually interconvertible, how, should the
system be adopted, would the people pro
cure tho money.
An extended answer was given by you IN
YOUR paper of November q, 49, 5, in an arti
Gle headed "An Important Question
Answered. to which some additional views
might appropriately be given.
AZ preliminary observation, 1t may be
said that it i, could be proved that the in.
.erconvertibie currency would be obtained
only il ths same manner and under the
came difficulties that che existing currency
is obtained, no valid objection would
thereby be found to the new system, for
even then the people. II regard to the
mode of procuring money, would be no
worse off than now. The truth is however,
that the new system, by atfording a means
of constantly absorbing any excess of cur
rency over the wants of the nation, any
greater supply than cOrrespOnded to the
demand. and by furnishing q currency
which would be subject to no fluctuations,
and free from the possibility OF being mo-
nopolized by the bankers, would necessa-
rilv render lts acquisition more easy to the
prOdu cers of wealth.
The question, however, admits Of q wider
discussion, for 1t obviously suggests the ex-
istence of desire for some more certain
and rapid mode Of making money than is
afforded under existing relations. Two
great impedlments to money making now
exist:
l. The producer can not always ind work
to d. and sometimes, az in this country
since September, 1873, and now, hundreds
of thousands of producers are in q state
of forced idleness.
}. When the producer has created a
product hs can not exchange it an once for
the money he needs in order to obtain
other products, but must part with it to
merchants and traders who stand between
him and the consumer, adverse TO both.
1t must be clear that il these two impsdi-
meuts could be removed immense benefits
would accrue to the people. If every work
or could always have work, and the pro-
duce of his work could always command
an immediate price in money, it is certain
the amount of wealth produced would be
immsasurably increased, and the comfort
and happiness OF the people augmented in
a corresponding degree To effect these
desirable results we must add supplemental
machinery to the intercOnvertible bond and
currency system. Let there be a bureau of
the Treasury Department organized as .
bank of issue, whose duty 1t shall be-,
among other things, to issue money to all
producers who offer sufficient guarantees of
repayment.
These guarantees may be made perfect.
40 that no loss can possibly occur; and it
can be accomplished in this way. The pro-
ducers must organize themselves as tins
capitalists do.
A number of capitalists who now unite to
form bank are declared by law to be a
corporation, and are at once brought into
relation with the national t1eaku.y, and
become part of the financial system of
the country; so it should be with the pro
ducers. Any number previously deter
mined by law, forming Themselves into an
association, should become a corporation,
and brought thereby into relation with the
national treasury. A certain number of
such corporations should be allowed to
have a bank of their own, of which there
should be no stockholders, but simply an
office, as branch Of the banking bureau of
the treasury, with suitable body of otii
GERS, properly chosen, to carry on the bust
ness, and acting under control of commit
tee chosen By the corporations.
This bank should receive no deposits of
money, but only deposits of the products of
labor. previously determined upon by the
industrial corporations which called for the
bank, as proper objects OF deposit. Who
ever created such produo. should be allow.
ed to deposit it with the bank, and receive
at once it's full value in money. provided
the industrial CORPORATIONS to which he be-
loRged should have previously guaranteed
the bank against any loss in the sale of the
object deposited.
Advances should also be made on pro-
ducts not deposited, out certified to be
under the control Of the corporations, and
by them guaranteed, though remaining in
the shops of the producers.
The mere widely the system should be
extended, the more cafe and beneficial it
would become. As soon as proposed to the
people by an act of Congress, it would, by
the voluntary action of the producers, be
put into operation in every direction.
This is the way in which every body who
knows how to work may get the greer
backs. am yours truly,
THOMAS J. DCRANT.