The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1878-04-11
". Q. wooDMAN's FINANCIAL SCHEME.
TEE LEADING PAPERS OF TIE NATIONAL Cap
ITAL AND OF THE GREAT Cries d.
GUSHING ITS MERITS.
Congressman, Senators and Politicians Assem-
bic in Washington to Learn Of
Western Banker.

Alter our 1ell0W-loWnsman uciiNer-
ed his address proposing radical
changes in the financial conduct of the
general government, our readers fol-
lowed him in his travels TO Kansas
City and ST. Joseph, where he received
endorsements from their respective
boards Of trade, thence to the capitals
of Nebraska and Iowa, then in the cit
les of Chicago, indianapolis and Gin
cinnati. then before the Pennsylvania
Legislature, and at last at Philadel-
phia. We published reports and in
terviews from all these points. After
leaving Philadelphia Mr.. w. proceed
ed directly to Washington where he
had interesting talks with the Secreta-
~ of the Treasury, Senators, Con-
gresmen and others, afterwards de-
livering his address at Odd Fellows
Hall to an audience composed largely
of congressman and local flnanciers.
The Washington Post, the Nation al
onion, the Inter Ocean, and Philadel
phia Pre-, s, all make favorable COM
ments which are in our possession,
but which are too long for publication
But uuder the head of "Niews of a
Western Banker and Merchant on a
New System of Popular Bonds" the
National Union the next day publish
es the following interview which we
think worthy of reproduction:
"You are western man, we learn,
No Woodman."
Eyes, sir; from bleeding Kansas"
"Your system proposes TO refund
the entire bonded debt, does it not p
Eyes, sir. 1t proposes TO cease in
definitely, the payment of the princi-
pal of the bonded debt, to secure it,
REIMBURSEMENT in four per cent. coupon
Donds-all at maturity PAYABLE in coin
the bonds shall be payable in quar-
terly pay meats, which payments being
iefnite and in coin at maturity, on
relative equivalents for coin for all
commercial purposes. AS the quar-
rerly principal is paid, it would BIZ
,sin borrowed in like amount, on ten
years time"
Inc payment then does not reduce
the principal of the debt I"
sNo, sir; not one cent"
"Then why will yol pay any but the
interest"
Now, my dear sir, there's where
ole of the greatest virtues of our sys-
,em lies, don't you see? These de-
TERED maturing bonds with the cou-
pons are the equivalents of coin, and
If redeemed in London as well as our
national treasures they will make the
cheapest and most reliable foreign ex
change TO draw against our exports
which have been paid for in Europe in
coin, and substantially brings us to
easy aud enduring specie payment"
But whence will lie derive the coin
at home to pay these maturities?"
From duty on imports. of course
they average $780, 10000 annually.
Our bonded Interest, at we really
know what the bonded debt is) would
not exceed, at four per cent. $50 ,000,-
900, then the quarterly payment OF this
much principal will properly distrib-
ate among all the people the accumu-
aiing coin of the treasury"
"But how about the balance of the
debt z"
I'VE should divide that into two
equal series of semi-annual coupon
bonds, one payable in twenty or thirty
years, the other in forty or fifty years.
At maturity each would be refunded
in duplicate series"
"What do you accomplish bv that q
awe would accom- fish plain. SIM
pie and enduring financial system that
would impart 10 capital, commerce
and industries a confidence in sub
,tantal future. This being sustained
by wise diplomatic legislation would
secure new and additional markets for
our productions, stimulate all our in
dustries, and is the only true basis of
a substantial national prosperity"
GLOW can you get the bonds to do
this 2"
alt is large undertaking. But YOU |
will remember the whole bonded debt |
was created on bad credit in about |
three years. This shows what can be |
one when il NUT be done. If we +
did that 20 save the lie OF the Nation |
can we not do this to save the lives OF
he people? Gaunt starvation is now |
rebellion is nothing compared to three |
quarters OF il in riot. Every bond |
THAT'S being made to-day should be |
made in consepaGce with this system
The Government is doing it everyday,
but does not systematic definite fu-
ture purpose. 1t is much easier TO
borrow money than it is to pay"
'I ou spoke of savings feature in
your new system of bonds z"
"Ycs, we would make the 10-vear se-
ries in bonds of $40 to 81 900. This
would not only help to place the loan
at home, but also furnish bonds tina,
our laboring people would gladly ham
die and receive their interest every
ninety days. They would gladly have
taken such bonds in 1868, which would
have spared them the loss of hundreds
of millions dollars in defunct savings
banks. 1t would cost the Nation moth
ing to do this, as it would all be done
through the treasury, and when the
system is fully established would be
accomplished at a great reduction of
expense to the department"
what do you think of resumption
In 1922
"This Nation can never assume
forced specie payment without the re-
tirement of her paper ejaculation.
There is no problem to any thinking
mind in this. If You owe eight dollars
and have but one topsy with, you can
10 it. If the treasury were to resume
tomorrow, with her fifty millions of
dollars, she would be drained of coin
IN a week, because the premium would
richly repay the manipulation. Being
ihus drained, she must buy of these
very spectators or suspend. If gold
IS worth l IA per cent. to-day, with {
he prospective purchase of many mil
ions by the Government Tomorrow,
would it not advance, and would ii
lot continue to advance with the daily
Enhanced demand, SO long as there was
in circulation with which TO ,
demand the gold from the treasury? ,
The people must awaken to these sim /;
lie truths if they will not have the
laeion either dishorored or run into /,
bankruptcy"
We hope to be able to publish Mr.. 1
Voodmau's address next week in the 8
,AGLE as we published his first adj
ress upon the subject of remoneti- ,