The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-09-08

1850 eAS AAAcFtcau pcop1S AIC - sSRO - 1
decide financial as they are all kinds Of po- |
iitieal, governmental, religio Gus, social, le- |
gal, scientific and educational questions;
and that the present chaotic and uncer.
tain condition Of our financial Affairs,
while business is Frustrated and capital
locked up in bank vaults. IS just the time
70 investigate the financial question care
tully and settle it not by the hasty adop-
ton OF some temporary halfway policy,
but by the adoption of some definite
financial system which the people can de-
pend upon to last until they themselves
see ut to change or abolish it. This Is
what many taxpayers believe. and they
would be glad to have their views put
method of carrying them into actual op-
Grafton; and the only way to demonstrate
that such q method can be devised is to
write 1t out and present it, and If they
conclude that the method would be e1oc-
tive, they are solely to blame for not APP
plying it.
The following plan Of constitutional
financial system was written last year,
but has not before been published be-
cause the writer wished time to study
out the actual results of such u system in
view of all the circumstances of the case
so far as he could ascertain them. He
| admits that the plan is in direct violation
Of all orthodox financial sy stems and
authorities, and hiss no partizan influence
to recommend it. But he believes this is
free country, where every citizen has q
constitutional right to think, and speak,
and vote for himself on all public mat
tiers, and that it is time we all exercised
this inalienable privilege and duty IN re-
gard to the so-called 1neomprehensible
financial question. If the people, under
their present circumstances and future
prospects, were now going to settle the
financial question themselves and for
themselves, he believes they would very
probably vote fer the ADD ton of con-
stitutional amendment. providing sub
stantIalIy as follows: "'
l. Repeal the Resumption law, abol-
lsh National Bank currency after Jan.I,
1879, and prohibit further issue of any
currency except coin, and the Treas
ury notes commonly known as green
backs, and fractional currency.
2. Restore the silver dollar as the unit
of coin values as it was in 1872, main
tain free coinage in silver and gold,
and prohibit all laws requiring REDEEM
| ton of currency in coin or in coin in
terest or principal bonds, or the further
mourning of any national debt or OBJ
legations payable to any extent In coin
or exempt from taxation; PROVIDED,
That the present outstanding interest
bearing bonds of the United States
/ III ~. IL
| their own terms or by act or resolution
of Congress to be paid in coin, and Co
be exempt from taxation, shall be
paid in either silver or gold coin, as
may be most convenient fer the United
States, and may be refunded, similar
ly exempt from taxation, at lower
rates of interest, but that no inter
est or principal of the public debt
shall hereafter be contracted to be paid
outside the limits of the U. S.
3. Maintain the payment of Gus
tom duties in silver and gold coin,
and use such coin revenue to pay inte-
rest on said coin bonds of the U. s. as
it falls due, and the surplus to pay
the principal of said bonds at par val
ue, until such time as said coin bonds
have all been paid.
4. The legal tender currency of the
U. S. for all public and private debts
shall consist of outstanding greenbacks
and such additional greenbacks and
fractional currency as are provided for
by this article, and the coins of the Uni
| ted States-debtors to have the option
of paying in any of said legal tenders !;
Provided, That Congress may specify
the legal tender limit of fractional cur
rency and coins of less denominations
| than one dollar, and that coin only
shall be legal tender for the payment
of custom duties and coin bonds as
specified in this article.
| 8. Greenbacks of similar denomina-
lions to those now outstanding. with
| fractional currency included in the to-
tai amount, shall be first issued only by
way of loans to the respective States,
Territories, and District of Columbia,
in accordance with the provisions of
this article, and inn6 other way, and
all legal tender currency, bonds, real
estate, and property of any kind not
owned by the United States, except
outstanding U. S. bonds now legally
exempt from taxation, shall be subject
equally to taxation and be so taxed.
Said greenbacks to be always inter
convertible at the option of the hol-
ders of either without expense to
them at not less than 1000 convenient
places throughout the U. S., with u. s.
bonds IN sums Of $50 and multiples
thereof, bearing an interest of per
cent. per annum, payable semi-annu-
ally, in greenbacks, all interest accru-
ed at the end of each calendar month
upon such bonds owned by the U. S.
to belong to the U. s., and such bonds
to be subject when not owned by the
U. S. to taxation the same as real
estate.
6. States, Territories and the Dis
trict of Columbia, to be loaned green
backs in par exchange for their re-
spective bonds, bearing q greenback
interest of per cent. per annum,
payable semi-annually, with principal
payable at the rate of per cent. per
annum, and not to be sold or Cancelled
by the u. S. at less than par value and
accrued interest, and not subject to
taxation while owned by the U. S.
Provided, That any State, Territory,
or District of Columbia, which becomes
in arrears to the U. S. for interest or
principal upon any such bonds shall be
Immediately sued in the Supreme
Court of the q. S. to recover such ar
rears, and upon judgment being rem
dered by said Court in favor of the u.
S. such State, Territory or District of
Columbia shall be denied any further
loans from the u. S. and representation
in Congress, until such judgm ent,which
shall not be compromised or remitted,
be fully paid and satisfied.
z. The amount of greenbacks to be
loaned to each State, Territory and
D. of C. shall be such amount as they
may respectively request, not to ex-
coed five dollars for each acre Of land
in actual cultivation within their re-
spectIve limits, as ascertained by a O.
S. census to be taken every five years
/ and revised and corrected by Con-
gress, which shall revise such census
at its ensuing session, and shall define
land in actual cultivation to be land
which was plowed and planted to some
agricultural product during each oil
, the two successive years preceding the
J year of the census by which the ares
is determined.
8. Each State, Territory, and the
D. of G. shall be left free to make
: loans to its respective municipalities
| and each municipality he left free kn