The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-11-01
ELECTROMAGNETIC BONDS.

Hoe0 the SclsefDesaoostzd Work IN Pr0c-
tGce. 1t G0oNJd Enable Capital to
Control and EEGDnnd the Currency
at VII. 1t soeaGgd. Bind and Gag the
Treasury and Fling 1t at the Feet Of
the W03J Street. Gamblers 4 Clear
and Md8tsr&g Exposition Of the Sab
.3ect.
[From the Speech ex-senator Howe, at.Madison.l
Political economists of careful study,
practical businessmen Of large expe-E
rience have appeared as the advocates
of this scheme. L>have pondered upon
it much. My conclusion is that it'll
would be impossible TO devise a scheme
more ruinous to dishonest efforts than
this very one. doHot stop to remind
you that we have mo authority for
holding that Congress. can in time of
peace under our Constitution, make
anything but gold aa3 silver q legal
tender for debt. Wea can change our
Constitution, and we, would do so if
the public welfare demanded it. lido
dot stop to remind you that many Of
our bonds are by theil4Yery terms pay
able in coin; 7 do not sstop to remind
| you that q nation has no better moral
right to liquidate it's Interest bearing
obligations by issuing non interest
bearing notes, than any private citi-
zen has to do the sane I confront
you with no legal, and ne moral obi
Cation, I simply say to every business,
and to every laboriRg n2asn, that if he
| is not utterly reckless Of yhis own well
fare, he may not dare to try
THAT FEARFUL EsXPKE- MENT.
I / have read Of tile good woman who
complacentsy boosted that her hus-
/ band had embellishe9 hiss.town resi-
/ dence with the last invention of mod
ern architecture, "a mortgage. have
read Of that able fnag95ier mho lived
upon The interest Of what b. owed.
/ Who has not laughed at the self com
placency CT 1r. Micawber Wh0 when
The had liqulda5ed a store bill by giving
kllis I 0 i. broadly declaGad 4he could
1 1sonce more hold up his head samong
tEsshis feIloW-men" But the scheme to
] .Which we are invited, is n7e1'e TACTICAL
lthan any Of these Mr.. Micawber1only
Ichaated himself with the deaeksiondbhat
he had extinguish8d a debt Wha1 in
faG5, he had merely changed ITS f0-m.
I.RNt here is an alchemy by waGioh it is
propesed to transpose simple debt il15o
js0lid cash. The deed is sinaply iE2-
possible. Water was once turned into
Iwine, but He who wrought that mira
1 Gle iano longer among US, and if he
WeresI doubt if he weuld perforfn the
miracle proposed.
/ If there were no obstacles in the way,
raised by
TIE. CONSTITUTION Or ~ CONTRACT,
it would be easy to draft a bill making
Ibonds AND greenbacks anterconverti-
bic 1t would be easy to pass such a
hill through all the FORMS of legal en-
actment; bard what then where is the
Imam who has bends he would change
into greenbaQEs? There axe hundreds
and thousands who would gladly ex-
change greenbaeks for four ger cent.
bonds, if they could. Hitherto Con-
gress has not permitted the Treasury
to make such exchange except upon
conditions. Private parties wi15 not
make such exchange at all. The
country resounds with the cry that we
/ have not money enough. Not money
1enough? Show me the place where 4
per cent bonds can be lad for Treasu-
ny notes, and will show you where
lmillions Of Treasury notes can be had
NOT MONEY ENOUGH?
Twenty years ago, the whole bank note
circulation Of the country was but lit
| tie more than two hundred millions.
Not dollar Of it was legal tender
The whole coin reserve was less than
| a hundred millions. There was no cry
then Of want of money. Not money
enough 2Money was never so cheap be-
fore in this country since the Nag
F7otoer unloaded on Plymouth Rock.
Not money enough? Be not deceived.
1t is not the volume OF money which is
lshriyelled, but the volume Of business.
The volume Of currency but about
thirty millions less than it was in
l1870, 1871 and 1872. The volume of