, 1877-08-21
Visionary Scheme to Make Irre-
deer7abfe Notes Par
witt, Specie,
And 10 Turn tic National Debt into
Notes and Registered 2.per-
Cent Bonds.
Redeoming Promises Without Paying Them
-AMan Lifting Himself Over Pence
by tho Straps Of His Boots.

1uW ElFcnWlGhs pHtUEuL VI lNtltH OH ttll~
ports. Also, the "Intcrconycrtihlc bond nnd
meet With your npprobaton. submit for Gull
alteration tic following suggestiuns.
You statc that there Is but ono mole Of main
tafn[ng paper par with coin: That Is, 10 fIavo tho
paper at all times convertible tntD ruin. Whle
admit that paper convertible Into coin on dc.
malul, while in proximity 10 the agency TINT
pays coin for II, m long M II pays The nctunl
coin demand, will circulate ut par with such
coin, It Is nlso true that when such paper money
gets few miles awaY from tho rc,Iccrning
agency. 1t, without exception, becomes halt for
the shark, and Is compelled to submit to s'nyc,
Tic question ts pertinent, 10 inquire whether
some mode ran be- adopted that will causc
paper dollar to bc and remain par with odr coin
ut aIl timca aud In all places within tic unstod
States. II so such mode will dc superior to tho
cofn-rctlenFsson scfscnc.
Thispuint!s Of tho greatest Importance, for the
reason TINT *D99 out or cac1, s1,0oO Of business
that !s transacted snst be tfansaclcl with paper
Ia Aotne form. No matter wllnt scheme may bc
ntloptcd rs tho result OF the agitation now going
on, not 1-10 Of l pcr ccntum Of the business will
ever be transacted wifi, acttai coin. Tito coin,
In any cvcnt, is 10 be n mere spctk; the great
bulk and body Of our internal commerce must
be noatc.l with paper.
Is II true that making flrrcdccmable1 paper
dollar n jHU Icgal-tcndcr Will 1nnkc 1t t1oat In
tho Internal commerce Of nation OIL par with
the cuins ut that natton1 II this is true, then
yuur position that there is but one mode must
bc abandoned, for this mode Will le vastly
better than the cOtn-retlcmptlon scheme. l
believe AMI maintain that sitet faH ltrrcdecm-
able1 lcgal-tclcr wilt not ony be par with cs,in,
hut, as u rule, command premium \. Thu
following arc some of the rsaso1,s for this
faith.
Making the dcnand.notca Of 1901 receivable
Tor iupnrttllIsies had the effect Of making them
par with gold coin. alter tho Government
Un'icr the arts of july and August, 1sUi, there
had been lrsuctl $GU,Uo0 OG0 Of teillanl .lutcs.
These were outstanding at the ttH,e tie Govern
me'lt suspended s!;cvie !aylncnt' After sslspcn-
sion they were rs "1rtcdccnlaDc as the geecn-
backs arc now. They had precisely the saa,u
basis,-t!lc credit Of the Government, ,-au4 no
otl1cr:, Suspension by t9e Goyernsncnt, Der.
stlclna'nd-uotcs " that tic Government could
not pay them On detuund. Tle credit Of the
Government was not ka good tn 1861, Y, .. y,
mud u nj It lEl5 been sinec, for tho rrnaon that,
Government would survive It. Notwtt1istanl-
inc the weakened crcit. these "dcmn,lta-notes,'
being made receivable for "clsstun,-uuca " tund
tlrnrtl as fust as received. were Dar with golu
anil rose with 1t iii The New York market to
El.si, In July, 1861. It Is but reasonable to say
that, II TINT Iact [tllc burning Ut tho notes1 ht
tint time produced that result, that same fact
now will prhlnrc like result. when that same
trr,itt Is much stronger aud unques:foued,
THIS is but the stubborn logic IT faets, which
~ by Eur better tlan mere speculatons a.il
tllc0rizlng.
1t Ia ,n answer tn this to say, IA some have
said, TINT this result was protluecd by the fa=t
that tue sulu vi these nntes wis comparatively
sn!al', being but $G!l.Do1AfK. THIS docs not
uetount fur It. for the sufficient rcasol, that
lese nutes were lar with gold ut the time wl,p1l
there wns outstanding $3.50, 0o1,O1U OF what wc
now sal grecnhacks: a!to, SIT, ,n1, ,tE1 oi eo'n-
poan''lnt crest notcs; aso, o S:0oo, ,oo Q: frac-
bank notes,-all oi which, except tho national-
bark notcs, rcsicl directly upon thu credit Of
tic Sn.l"l. and tt!cEc bank-Ilotes.ndlrcctlY upon
the same thnp.
All of theue Government direct issues hal
every quality conferred upon them that tho
'lcmand-notcs' Ind. except tho oEc,-thnt of
reveisablllty fur. clstonlducs,-.ntl that alonc
rulc the lenlaua-n0tes separate themselves
from all tho oll,es Issues III tlie Mnrkct, aud taku
rauk with gold coin.
l'rl1ey lacket one other essential quality, viz:
they wero not cancelled md destroyed Al fast
MS they cnmc Into possession Of The Government,
rs was thu ease of the SV,000, 100 Ut treasury
notes aforesaid, which wcre not ressue.l, but
burned whcu received for dutfcs.-Ep.I
II tue En,O pnwer hUtl hcut, conferred by law
upon all uf II, thu Hanc result would have fOl-
Yqnr objection Tint tho importers. who now
ltli ErecnmeSs aEatnst tf'e'gola'bucs WHO plHy
the Euar On them, will thcn join lhe brars anh
keep tile Treasury corncretl on purchases Of
gold to l,ay tho heavy "totu" ntercst that has
been crtn''uasly contracted, Is but partially
It will not 10 for you TO ureue that comforting
additional power upon tho trrenback will Do
nrcclatc IT, for yoM arc arguing well ard truly
TINT eonfisrEiag ~! leg;".tenter power 9pon
sums thing, for ta eaisp rcaso1,. will appreciate
tic grccnbark. Tie only rcasolt that your
point rs tothc bcnrs corneving the Treasury taln
le partially true Is, tue Erechls1rk will not ytt
Ge }K lrgaaterIt!er w1le received l,y the GOy-
crnnent for rIstonl-tlacs,-ftl not mihR quail
Gcl to pay interest owed by the UuycrnIi,c,.t.
10 bc a .fnA ltgal-tenler, 1t must b. empowered
70 pay az ii sts ow!ng to nd BY te oySr
power Ia given. then tho OCCUPATION OF tire
Eodbug+ bears, aiH! bulls, IL gU1Ic, anil
the Government paper dollar MIL rank
With It's clu dollars anywhere within its juris-
dletlon. II yUu llaye paper dollar par with
your coin lii tho market, it becomes An rasy
'natter to get eon BY exchanging onu Tor tho
other ln tlo market, ~ vna can bank.notes ana
greenbasks to-day. You will say, It IL not right
to ass this papcr to pay Interest, where VIC lays
tpeclRrally contracted to pay coi. Ncts W.
You need not nav with Vt, ..vet' II you could;
tHt exchange II for nunry Ut another kind, and
Pay with That, Tbs contruct u then fuiIlal 10
the utmost,
There Is another mode, however, Of remedy
1DK Tue objection as 70 eon.tntrrest. That IL, to
1siand tlat so-cal!cd sacred debt. Pay ott the
present debt IN coin whcrv II calls fur coin, a,.l
put t!e debt into the hsnus 0f u,r own people.
, N shape They eau hold and use It. llIcss arc
saI'ous ways this may be accomplished a. to de-
tails. The following Is one mode:
!; Let the Government 1enstata the silver
uol!a5, a. You correctly instst It should.
Inc G0yeFnnlcnt buy tilyer bullion, aud
paf Tor It with full leEal-tenicr paper dollars;
n.o. saSe silver coin dollars IN exchange for such
q. Coin silver dollars from tho uncotned hull.