, 1877-01-31

10 pay: 1t would be on the part oil Eof-
would dcprc.s tho valuation of property 70 snch
all extent that It would be rutnpus to all bns!.
Ic*s relations In the country. When thfs debt u
thousands OF thn,isairfsnf millions was contra
ctf, IA rrncTrls verc slrib,ttctl u tie hundreds
nf tho.i.a,r's COMPOSING our army, u the mil.
tony q! iabnrcrs, mechanics, tnanutncthrcTe ht!
farmers of our country; all were made recipients
of IT. benefits; but gradually the evidence Of
nug kpec,,1ators, until the FRnlcrbilts mud
Stewards and their ,is IT this country, and the
rlusocrats Of Europe, ohsnfncl the larger nor
lion .! II, al1, ily It's HIcana, theY now seek to
yantngc.
Having scmonetl2cd silver, IN equally I'm
pnttnst ste2 Il, as far rs possible, to- prevent
further depreciation IN tile yalne II property,
so that existing debts snaY he ji9uiated without
rHu to the debtor. TO this end, TUG producing
classes must tind employment; capitalists must
use their tnunry in developing the resources nf
tho nation; economy and industry tnslrt sln
the road tn sucecss; rctrcnrhnent 'n al *
Pcnd!tuEes, national anil Individual, Should bc
rtgitily enforced. Int how oil these things arc
To TIC accomplished Is problem 80 difficult Of
IS 10 bc done. To abandon luxurious habits; to
be satIsictt with small profits; 10 turn irs';I'
altts NJ EntloiCnce to those Of Insuttry. from
official cnErlptioII-to official honckty,-afc mcee.-
mouth, or even year. Tic Americans, how
ihctntclyes to theft circumstances ,,,ore readily
than any utleTs, and. therefore, tlIcrt u en-
Lt,lragelnent 10 hnpe that. at no rc!nntH pc!1utl,
ws s.,a, see tho b,.sincss-intercsts VI tic eoun-
try rry,scs1, AMI Placed Oh permanently stlc-
ccsaful baas.
We lave climatic advantages. mineral and
nny other nation on the lace Of the @lnbc ~ti'l IL
like population. uNr reUnle possess @nettnn.
1cai skill, whirl!, when properly developed. will
place US IN the front rank ntnong the Inant'!ar'
a.. ~ I'll
POWER and unlimited rcrcal-1elds will forever
supply the 1lca,ls of cMtrying OH our nian.lfac-
turing Establishments win the utmost lacla attT
Our roltot, oil, cereal. and otl,cr productions,
ports from OTHER countries, aud probably 20 far
tos9Ards ltqlstlatiuy the Interest on our na-
tit,,,ni Indebtedness to thosc WHO. hol,I our
binds atrtatl. To these sItua,Is look mainly as
ludcd to. 70 develop orr resources NC must
layr mn adequate circu!ating-I -Inc'it,!m, Us far
from fluctuations in values as possible, n1'l this
we. now posscss, based ,upon our ability
Mscr M It equal In value to gold nnd silver.
1t IL necessity. For all bu*ncss-purposcs uIll
commercial transactions We have st, lonE 'cci'
acenstu,n d to itc use Of palcr MONEY as The
convenient that 1t Is nctErr desirable nor e1pc-
t!icnt to nba,l,lon Its nsc, provided IT. cAi, be
made Ea(c AMI secure against loss by the hold.
crs. That now In use Is perfectly secure. mud
other than triht,'y discount cqual to tue tx-
Tense uf transmission from one section to all
other; but IL ta mt at present srecfepnytnG yet
think can be tna,le ~ u silver ~ rc1nonettzeu
| i'll from twelve tu twcnty-luur months.
To this end, rs tile banks hare RECEIVED 90 per
cent on tln bonds which bonds arr actually y
wortl, In gold inurc than their par value. 1t ls
/ hnt Justice to tctn toissuetc uthcr 10 per cent
Let thts 10 ncr cent he puil them iii spccfe. Sup
,p,sng the banking Interest to amount tU &sUU :
J,-wl,I II think Is mere t'lahIt really is,-
| then IL per ecNt would lie but S'0'u0o,oM The
interest for eighteen months, say ut 514 I'cr
cent, which Is lCss tl.an It probably IL, on $iO0-
| tUU,uO0, woultl lie 577,550 0U1 which, nldea to
S7UMU,000, wl,o,ill make STR, ,1;5U, ,00; and -
rer cent, u1,ticr ordinary circumstances, IL all
lint Ii required for resumption ot si'eele-pAy,
utnl. Twenty PER cent on S700,Nn,Uuo wUul
lie $l4o, ,0K), ,UH{, ind the deficit would he only
S11!jO 600, ain the banks nlrcady po%sess vast-
ly n,orc than tnat alIionnt To onta!n tll!s so,
| 0O9,Uul, would suggest that tile Government
should Issue that amount or Lo1lls hearing 5!1
per cent tnturcst, with which to purchase the
colt, required, provided Il was founl necessary
tn do 81. This would not TIC any loss tn thc M
thu, for the honns owned by tlc banks would
| not uu rcIuclnablv withuut paying tic full par
value uf tllrm instead of til. 20 lcr ccnt which
they arc now required to return.
As auxiliary II, tic resumption OF specie'pay.
| ment, woulu suggest, that tl'c creenbacEs hc
all called IN, aid III tlislr atcad certificates bear
nr Interest ut the rAlc OF ,3.d5 tO0, payable IN
cplll, sl,uuIl he Issued to the aiOunt uf $780,
UoooO urn,lally, un,li the whole amount should
10 redeemed IN th!s manner: The people would
BE- cnnule tn lay Ey III Bilatl Sums Er.un1arks,
Ed that lheySouid nhtnin for tIlGM interest beus-
III. scrip payable In eol,, and the grceubAcks
would Immediately hceonle par In value. Tt!a
Understanding scrip might be male cpnvertt
lie Into bonds bearing the sans rate ut inter.
est, unl payable at pcriod beyond that III
which ull our prcsunt bol,tls mature, Or might
bc u,nlc tic hasia upon which luturc banks
might he established, as Tic possess"ss SHOULD
81, vi
tmatcly, divided into Tires rarts,-,bon,i'
held In this country, bllIsls held II
foreign countries, Anl Grcen'asks,--nth
altogether amounts to ovgr 100000
cat-payn.: EonIs, anu about MI cqua! amount u
then, irc owned In Ancr!sa and forrign nut Ions
Assuming our foreign Indebtedness to b. $75o,'
NUv,0sW the interest on this amount at III pei
wer. Inst year in The vicinity of 800, 900. nnt
The next yc,r It is but reasonable u antir!pat,
they Will reach $l00,'p1, ,UVo. Which would leay'
k:aI5.5, ,Oo to hc a.ldcd To the coin Of our com
try. provided the exports rtlua!rtl the imports
anil u our cotton uI. mid rrrtss are product
required by other naLfons, aiil II our pcup
Should abandon their extravaganza In dress nm
utl.er fashionable ioIltes, md usc American pr,
sluctfuns more generally, The balance u trlIu
would be largely III our flyur.
II lnls been objected by Rmc, that the rcmon
ct!ztng Of g!ycr would throw all that coin Int
tilis country, aud that, IN consequence, We 6hout
| VI ETEII sAIltatlo. AH 'iitlf''f IL "NA'N nay
exactly t!,r opposite tcm!enry. It wonld Ey'
Us u metallic t,ass up0n which to fund our eli
clilutiug nc.liutn. anl, heinE u lcgal-tGn,ltr ~
all t!rbts. wnll1 insure Us i currency solilpara
lively beyond lu.tuatinlI. and ttnls nll tnaierl
nlly In enabling tbs bllsness: operations o' III
country to tc conducted lrutlenlly a,,l safely
IIcstdcs, tile world requires silver as mulch a
sn!u. and It IL the currency OF nearly thirteen
Iuur,ceslths Of the wor.l's population, aud woul
naturally have y tendency to inrrrasr our con
J r,erciai relations with those nations that used
A. tic medium nt exchange; anI. nlUrtovc.
when mic u legat.trN.!cr IN payment of o..
bonded debt, &l.osc nations Receiving II wonf
bo ttcs!rous Ut making X As valuable as POSSIBLE
SO that the interest On their bonds would uc Q
more value IL Them.
II my views Oh these topics are correct, th
a1uus1nu u them would result In tpGclc pa,
mcnt IT no tcnotc period: III few years
would rrduce the Interest Oh al,r nnstonal net
10 tsrlU1 per cent per aAnun; II would u1t
maicY ttntl to inlnce ul,r uwn people to inycs
| IN that Indebtedness; II would operate to email
debtors tu pay tle!r obligations without sue
/ urcat ancrit]tn: l. Mulill lnrlSurublY kutpcud