National Republican., 1876-03-24
RFDsNFTGoE OF eREEHBACKs.

The discussion Of the currency question
has reduced its proportions to the siEiPi'
proposition which we have been aaVo-
eating for the last two or three years
Most men now see that our weakness nes
in the non n-redeemability ofour greenpackS
at the same time that we make them the
redeemer of the national bank notes, when
are already secured by gold bearing Don'S
to some thirty per cent above their tace'
As a business man, who cannot pay his ac-
kpovledged Indebtedness in cash, is deemed
dishonorable if he refuses TO give his negotla-
BILE interest. bearing notes in settlement SO
we contend that the United States plays
disbonorable role while it refuses 10 re-
deem its non interest-bearing due-pllis
(oreenbacksl in Understanding bonds OF
rold. The greenback is promise 10 pay
the amount of It's face in coin. Inc carry
;cs,,ee were f1ndable in intercst-bearing
notes or bonds. While this Characteristic
continued they deprecated but signify
but as soon as it was omitted, anu the
Quantity or volume exceeded the amount
necessary to the exchanges OF labor they
BEGAN TO depreciate. As they were alegal
tender. they were coed to the extent oil
their requirement for effecting exchanges
Now. all we want in order to make the
creepback a gold note, worth par IN CON-
is TO redeem it in gold or its equivalent
In order TO accomplish this, and aid IL
bringing about resumption almost lmme
diately. is needed law TO the following
purrort: ~,
Re if s8sclsS, &C., That the Secretary oil tn'
| Treasury is hereby directed and required 10 clus
i to be prepared q new series OF long time' iOr
rate bonds Of the United States, to be knoNp- -
the redemption series, in denontnr Is ol nit.
dollars and the multiple thereof not to eHceeu
| the aggregate two hundred million ioliars' wa
| oornnns attached. bearing interest paSaol
quarterly in coIn the principle alsopayaole IN coi
| at maturity, said redemption bonds to pelssueo
| the ,edemption Of the nited States legal-tenue
| notes upon presentation in sums OF MY uoiiais
mu,tjnles thereof. at the option OF the SecfeIaE
| oTthe Treasury, and all notes so redeemed sna
not be again reIssued. but shall DO oestroyeu
prorissS That It shall be optional with the Sc
retsry OF the Treasury to redeem said legal-teaa'
notes upon such presentation In CON- IN "h'e
cose said notes shall not be destroyed, but ma
he again reIssued in the current transactions
the Goyerument. And nothing In this act sha
be construed TO Inc-ease the public debt OF Il
United States.
The probable effect of such an act wouI
be to restore the confidence OF the bus
ness community IN the permanent resum
, ton. The rate Of interest should be hlg
: enough when taken in connection VII
, the length of time which the bond W
d have TO run 10 make it equivalent TO gol
Probably four per cent. and fifty yea
would do that. Many think $50 wou
be sufficiently high for the purpose d
= the object should be to redeem l
y, promises of the Government. WheneT
> these bonds arc equivalent to gold, and
" - better, no one will want to exchange gree
y backs for them, except for permanent
y vestment, because the greenbacks will
- \ larrer interest on real estate security.