The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-09-26

the notes Of the bank unless 1t IS Tor
his interest to do so. Tho ability OF
the bank to lend is a convenience to
the borrower as we'll as the lender.
The Government cannot engage in this
business Of loaning money. 1t would
he y sorry time for the people other
tban Dolitical strikers if the Govern
mcnt loaned money. This is purely a
private, personal employment that
should be as free as hlacksmithing.
Tle right to issue notes is free to all
on the same terms, and, when SO
Guarded as to prevent loss to the note
holder, is the best possible means Of
increasing the amount of circulating
notes
IF GREEFBACKS WERE SUBSTITUTED
FOR NATIONAL BANK NOTES.
He says that the Government ought
to issue these notes. The answer is,
that if the Government issue them it
must undertake to maintain them at
par with coin, or else the people must
suffer from the evils Of an irredeema-
bic currency The cost Of this rcdemp-
ton by the banks is already SO great
(but specie payments have actually
Gomez that this so-called special priyi-
lege is getting to be special burden
and more banks are surrendermg their
Gil oulati0n than are taking circula-
ton. 1t is special privilege that
more seek to avoid than to acquire.
Judge Thurman computes how much
the United states would save il it is
sued $322,000,O00 more Of greenbacks
I,,+ nf hn06c
Go not stop to examine the computa-
ton, but / only wonder why he stop
ped at 322,000000. Why not save the
entire interest of the public debt by IS
suing greenbaCks for The whole OF 1t?
Why not repudiate it at once? That
would. according to his computation,
save the entire interest Of the public
debt, or 100000 900, with no
other loss than the loss of national
TIMELY QUESTIONS THAT THURMAN
SHOULD ANSWER.
What assurance has he that 1922 ,000,-
600 will satisfy the more advanced
LIGHTS Of Reputation? How will he
pay out the S322,000,000? Will he
claim the right TO pay the bonds at par
with them? Does he deny the moral
and legal obligation by which they are
to be paid in com? Does he propose
to repudiate the act Of 1860? The i'm
mediate effect Of the commencement OF
such an issue would depreciate the
notes lower and lower, would widen
more and more the gap between the
notes and coin, would revive again the
distinction between the OOnd-hOlder
and the n0te-hoideT-gOld for the bond
holder and deprecated paper money
for the people. 1t would at once stop
the funding operations under which
we save One-third OF the interest OF the
national debt. No man would buy
either q 4 or q 5 CT q 10 per Cent.b0nd in
The face Of an act of Reputation
Again, as the notes. depreciate, it be-
comes more difficult TO provide coin
for the payment Of the interest, or
would he repudi&te the obligation to
pay the interest in coin? He says he
is IN favor OF receiving greenback8 for
custom duties. Win he then, buy coin ?
IF 50, his policy will already have adj
Vanced the value OF coin.
These arc questions that so aStute q
re&S0ner as Judge Thurman ought
fairly TO answer before he perSuades
the people TO embark in his scheme.
WHAT JUDGE THURMAN PROPOSES.
He proposes to issue more notes
without any prov isiOn for their pay
mGnt, when our revenues are ample to
meet our expenditure, in time of pro
found peace, where there is no motive
of patriotism, or duty, or safety to i'm
pei such a course, and this merely to
save the interest OF per cent. on 1922, :
100000. But this very act, if adopted
would prevent our selling a thousand
million of per cent. bonds with which
to pay an equal amount of per cent
bonds, and in this work an annual loss
to the Government OF $20,O0C0O0, Oh
$8,000,0O0 year more than the entire
pretended saving by his proposed pol
icy.
Again, what moral right has the
Government OF the United States tC
require it's citizens to take it notes as
money and a standard of value mercy
for the purpose Of saving the interest
on those bonds? In time of war we
may concede this; in time of peace
there is no legal Or moral foundation
for such d claim unless the notes are
maintained at par and redeemed al
par. Is not the United States able tC
pay the interest of it's notes?
THERE HAS BEEN CONTRACTION OF TIL
CURRENCY.
Judge Thurman says there has beer
contraction Of the currency. No one
disputes that there has been contrac
ton of the currency. The amount 0.
United States notes retired since thu
passage Of the Resumption act is. 8,
he states it, $35, 328,9S4. But Their,
was issued to national banks in plac,
of this $44,161,2 30 of circulating notes
1t is true that national bank notes hav,
been retired, but this has been done
not under the Resumption act, but b,
the voluntary action OF the banks
They are free to issue and retir,
their notes, and they have done SO.
Ii the special privilege about which
he has discussed co 91o1,oI, .