The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-05
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tuition OF coming money 10 the OniIeo
States.
&c coin money! includes the power to make
and issue Treasury notes-calied 9 green
backs. '@s-r.s.-.,t 'z t:, -. a..
q. That Treasury notes issued by the
sGoyernlnent OF the United States, and made
q legal tender for all dues, public ana phi
yate. would constitute currency supple
mented by subsidiary coin) without supe-
rior in the world for convenient portability,
transfer. or preservation, combined Win
at the will Of the holders, to
the full amount OF their representative value.
for nurchaseable property OF any descrlp-
ton. and with the power to absolutely
discharge. dollar for dollar, any debt for
which they would be rendered in payment,
executing cases of special contracts.
4. That the basis OF this currency, and
one that would be most ample, would De
the credit OF the Government OF the United
States representing the aggregate credlt OF
all the citizens of the United States. III the
Government, by the authority and consent
OF the people who maintain its existence,
agrees to receive, and does receive, its Urea
sury notes ut their representative value IN
payment of any and all dues, it becomes a
medium OF exchange and symbol OF Yaiue
recognized and authorized by the people,
and would therefore be received by them
also at their representative value 1or any
and all dues, excepting in cases Of special
contracts. Endowed with the legal-tender
quality, they could not be refused by any
one, This is a mistake. Legal-teucer
laws affect only debts already existing
Editor Dispatch] The prices OF pur-
chaseable articles bought with them would
be dependent upon the relative supply OF
and demand for any OF those articles. NO
provision for the redemption CT the notes
| in gold or bonds would be necessary, as
they would always be redeemable and re-
| deemed i'm labor, or the products OF labor, in
every mart of the United States-mcanWhile
flowing into and out OF the Treasury at
their full representative value.
5. That the alternative currency adyo-
Gated by portion OF the people-Yiz..
I" Treasury notes convertible at the will OF
the holders into gold "-is necessarily i'm
permanent, because the Government being
pow erless 10 bring gold back into the Trea-
sury at all times in amounts equal to the
disbursements OF gold from the Treasury,
it is liable TO a drain which may continue
until one OF two things must surely occur /:
First, the sale gilmore Government bonds for
gold, thereby increasing the public debt ;
second, the suspension OF gold-payments,
bringing with it another train OF panic and
disaster relieved only by the frecr circula-
| ton OF creenbacks.
6. That whilst currency OF Treasury
| notes would have as its basis the credit OF
the Government resting upon the combined
credit OF all the people, the public interest
would demand weEl-defned limit to the
use Of this credit: and to that end all au-
thority now vested in the Secretary OF the
Treasury to increase the public debt by the
| issue of bonds should be revoked, and he
should be instructed to redeem Dast-duc
| four-per- cent. bonds (based on the credit OF
the GOVERNMENT in Treasury notes to be
coined for the purpose until the aggregate
amount of all Treasury notes eNtant shall
! be not less than the minimum amount nor
more than the maximum amount that may
be prescribed by the representatives of the
people in Congress assembled, and approved
by the President, in accordance with the
provisions Of the Constitution OF the United
States.
7. That coupon bonds OF the denomna-
ton OF ten, twenty-five, and fifty dollars,
bearing interest at the rate OF two and a
half per cent. per annum, should be issued
by the Government, and sold at par for
Treasury notes, the proceeds to be applied
to the redemption Of any matured or matur-
ing bonds OF the Government bearing q
higher rate of interest. The new issue OF
bonds should be exempt from any taxa
tiou-Federal, State, or cipul-except
when held by any corporation. firm, or
person in a sum exceeding $500 at one
time, the primary object being to afford
to all the people the means OF converting
their surplus earnings into bonds easily
convertible, by sale, or hypolhecation, or
as collateral deposit, into legal-tender cur
rency, and thus to discourage the boarding
of Treasury notes. The secondary object
is to further reduce the annual interest on
the public debt. The coupons should be
payable in Treasury notes at any depositary
OF the United States, when presented in
sums of one dollar or multiples thereof, and
should be receivable in payment for inter
nal-revenue stamps when presented to any
collector OF internal revenue in sums less
than one dollar.