The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-03-16

all deDts pubic and private with certain
specified exceptions. Now that the ne
cessity has ceased the government should
fulfil its promise. This Is resumption
and the people of the United States
through their representatives have sol
emnly promised to redeem in coin such
notes as may be presented or and after
Jan. 1879. The statement that there
will not be sufficien coin to redeem
then the government notes which may
be presented is simple assumption and
entirely erroneous. The speaker made
an estimate of the losses annually accru-
ing to farmers and laborers by receiving
for their labor and products deprecated
paper promises.
Mr.. Mills inresponse TO calls said he
had never read speech on the financial
question, had not thought much about it
and did not know much about it, and I
think no one Who listened to his grind
ing would care to dispute its truth. He
said his greatest trouble was he had not
been able to get what greenbacks he
needed and sat down amidst loud APP
plause.
Mr.. j. B. Jackson upon invitation
proceeded to enlarge upon the terrors of
the national banks and made calcuia-
ton of the enormous interest the people
were paying these money gourmands.
In the first place the government paid
them six per cent interest on their bonds
and then furnished them ninety per cent
Of the bonds In bark notes which they
loaned and on which they received ten
per cent interest making at least fifteen
per cent on their capital. Where is the
farmer who can make any such interest
as that out of his farm. Let us have
greenbacks in place of the national bank
notes and save this interest. IF money
was more plenty business would be live.
ly and times better. He had plenty of
work on his farm for two men but ne
could not afford to hire them for the rea-
son be could make no profit on their
labor.
On invitation your correspondent at
tempted some replies to the previous
speaker. If Mr.. Jackson desired to
enter upon the very profitable business
of issuing bank notes he would have TO
pay $1,000, for each $1,000 bond and
would thereby lose che interest on $200I
He neglected to state the national banks
paid a tax of two per cent per annum ON
their circulation and are compelled to
maintain q reserve of greenbacks on
which of course they could receive no
interest. These items should be taken |
into account in estimating the profits on |
bank circulation. IF the bank notes
should be retired and greenbacks substi-
tuted and Mr. jackson should need to
borrow Of the banks or of others he
would probably have to pay as much
interest as he would now; unless indeed |
the government should comply with
the petition presented by Mr.. Howe in
the Senate and was give US men, women
and children ten dollars es oh every Sat-
urday night. And in case the national
bank circulation should be retired the
bonds would draw no less interest after
wards than they do while on deposit
as security for the bill holders.
The secretary closed with brief |
speech. He doubtless had in mind the
wearsomeness of the last meeting In lis
teniDg to a continuous talk of nearly two
hours together with some tedious read
ing. He said be was glad to see some
new speakers present and hoped to see
more in the future. The questions we are
are important and it would
be interesting to have wider expression
Of news. Adjourned one week to same
place. r. f. ROBERTS.
Woodwork March IL, 1876