Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-15
WHOLE NO. $3.50.
THE MONEY QUESTION.

10 par value with gold, nut the etiec
of these acts have really been to ad,
greater burdens TO the people aud en-
rich bankers and jobbers in gold an'
stocks.
The corruptions Of the present ad
ministration, beginning 10 the Whit,
House aud extending into every de
partment of government, have beer
too open and Oft repeated 70 enume
rate. They have for SO long time
oeen a part Of the current literature
of the day that every newspaper reader
has become familiar with crime in
high places.
Had the affairs of the government
been economically administered and
its resources honestly collected aud
properly applied, the interest bearing
portion of the debt would By this time
have been extinguished. Ii is claimed
that the national debt has been some
what reduced since the war. This
may or may not be so. Il is simply a
paper showing. A thorough investi-
cation of the books aud real count
of the cash in the Treasury may tell q
far different tale.
The masses Of the people do not
understand the intricate financial
problems proposed by the different in
terests of the country, but they do an
derstand that the government owes a
large bonded, interest bearing debt,
for the payment Of which they are
taxed on all they eat aud wear and
use and that their property IS pledged
to secure this bonded debt. They un.
derstand that the government has
two circulating mediums called money,
specie and greenbacks, aud that the
government, in aid OF gold gamblers.
discriminstes between them in favor
of gold. They understand that the
bonded, interest bearing debt Of the
nation has been so placed as TO creilte
q wealthy and a privileged class who
pay no taxes, State or Federal, upon
those bonds. They know too that the
interest on many of these bonds has
for years been paid in gold, obtained
by the government at ruinous pre-
MUM, Of which the principal and in
terest was contracted to be paid in
currency. They also know that the
circulation of the National Banks il
based upon deposit Of these interest
bearing bonds and that these banks
are receiving double interest upon
their capital aud from two sources nc
one and the same time one interest
upon the bonds pledged, aud one upon
their loans. They know too that
neither the administration nor Con-
gress has done anything in good faith
to equalize the value Of the paper and
specie money Of the country and know
ing these facts they demand a reform
and such honest, practical legislation
as will obtain il.
The last statement from the U. 5.
Treasurer places the National debt nc
about 81, LIS, 100000, of which sum
about 500, 100000 is greenbaoks aud
fractional currency, bearing no inter
est, and the balance, about 81 Us, ,500,-
900, is in interest bearing bonds.
Legislation is now demanded that
will secure the following results
First, the increase Of the circulating
money, to meet the wants Of
trade and commerce.
Second, the decrease Of the interest
bearing national debt TO the extent Of
the bonds pledged for the circulation
of the National Banks, aud such other
decrease as it is possible TO provide
for by reduction Of force and salaries
in the various departments ami the
general expenditures, aud
Third, to mako the government pa
per currency of the country a safe me-
dium of exchange and at par with
gold.
These results eau be attained with
out any violent shock TO the legitimate
trade of the country aud in the fol-
lowing manner Let Congress pass
an act instructing the Secretary Of the
Treasury to call in and cancel the
issue OF all the National Banks and
return to them the bonds pledged for
their circulation as is now the course
with banks suspended and in process
Of liquidation. Let notice be given
that after a certain time the bonds so
pledged, if not Withdrawn by surren-
der and canceling of notes based apon
such deposit, shall cease to bear in
terest and a penalty imposed for pass
ing National Bank currency. Then,
At the end Of each month or quarter
let the Secretary be empowered and
TO issue greenbacks 10 an
amount sufficient TO buy in the market,
4 like sum of government bonds and
cancel and retire the same.
The circulation Of the National
Banks is about $3.50, 600, 900, to secure
which there is deposited in the u. s.
Treasury, government bonds Of the
face value of about $500 900, ,000.--
These bonds are now worth a premi-
lm Of from 10 to 70 per cent. There
fore when all Of these bonds so pledged
shall have been retired and greenbacks
substituted, the volume Of paper cur
rency will have been increased about
sl00,000,0O0, m& King an aggregate pa
per circulation OF about $3.50 O0O,OO0,
Of which sum about $4),00O,O00 is in
fractional currency and will soon be
drawn in and silver 10 same amount
The return of the
National Bank notes into the Treasury
rs proposed, and an increased sum in
greenback substituted, will Of course
consume many months, aud the in
crease, while it will relieve the press
ing necessities Of the country will be
too gradual to unsettle trade. BY this
means nearly $400,000,O 600 of the inter-
est bearing debt will be wiped out.
The receipts Of gold from customs
amount to about $l6O, 900 per year.
The entire interest OH the National
debt is less than 100000, 900 per year,
and much of this sum is not legally
payable in gold. But rating il all az
gold bearing, we have an excess OF
more than 1900, 900 Of gold per year,
With which the Secl etary Of the Treas.
lry enters and bulls" the gold mar
<et. Now let Congress pass an act
declaring that from and after January
he 1st, 1877, % per cent Of the import
luties may be paid in greenbacks and
hat from aud after July LIST, 1877, 30
per cent OF these duties may be paid 10
aud that from and after
January the lst, 1878, Is per cent Of
hese may be paid ia greenbaeks. and
hat from aud after July lst, 1878 all
IMPORT duties may be paid in green
backs aud after said last named date
ct the government cease TO discrimi-
nate between its own paper and gold
n any transaction, and the gold now
boarded will find its way into the chan
lels of trade because its ficticiOus val
le will have been exposed and re-
moved. Before the day last named
lbove, the people will have done that
yhich no edict Of Congress can secure;
hey will have resumed specie pay
nent aud the paper money Of the
.o,ut,.,y mill hava riaon a. mar xyatua