Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-11-16

resources has an almost Him /
table power OF meeting liabilities,
and lastly to pay the public creditor
in greenbacks at their present value
In the market would save very little.
If on the other hand q vast volume
of Government paper should he
issued for the purpose Of paying it,
the public creditor would be de
frauded and the nation ruined be-
sides, for if would be flooded with a
worthless currency not worth
twenty-five cents on the dollar. OF |
course, with such currency afioat,
would be out of the I
question.
Int. But if this currency were
made receivable for taxes would not
that keep up its value?
Ed. If the Government took in |
nothing but greenbacks it could pay
out nothing but greenbacks, and
thus its receivability for Govern
ment dues would leave it just where
it was, except that taxes would have
to be raised to four times their pres
ent amount to pay the Government
expenses in a debased currency.
That would not be much for the
peoples benefit.
Int. Well, you are getting fur
ther and further from good Demo-
cratic doctrine. What do you think
of the National Banks?
Ed. 1 think they are the most
expensive method yet devised for
establishing a national currency.
The nation pays interest three times
over for the use of it.
Int. Well, well, we have heard
ali that good many times now,
and know all about it. Are you
willing to substitute for the National
Banks, with Understanding bonds
for their reserves treasury notes
with the nations credit as their Sc
curlty, paying no interest and re-
ceivable for all dues, public and
private
Ed. am glad you are beginning
to lay down the law yourself, for it
enables me to ask few questions in
my turn. How long a time do you
propose to take to do all this?
Int. eff 'twere done 'twere well
'twere done quickly" Why not in
a single session of Congress wind up
the old banks and issue greenbacks
to take their place?
Ed Redeemable Orirredeemable?
Int. Irredeemable, of course.
You don't want another resumption
bill, do you?
Ed. Oh, no; / only wanted TO
understand your proposition. You
want, then, in d single year, to wind
up the banks whose notes furnish
two-thirds of the circulating medi-
um of the country. Did you ever
know one bank to be called upon
suddenly to wind up its affairs, real
ize its paper and retire from bust
ness without producing widespread
ruin all round? Imagine, then,
| thousands of banks whose circula-
ton amounts to thousands of mil
lions to have suddenly to cali in all
the money they have Outat interest,
to redeem their paper-neVer mind
in what currency-tO make all their
assets available and liquidate all
liabilities. If you are engaged in
business of any sort, / think you,
bold and reckless as you are in your
theories, would hesitate; and then
you are in some way or other to get
into circulation as many millions of
irredeemable greenbacks, which
would turn to waste paper in the
peoples hands. l have no hesita-
ton in answering you. All the
financial crises put together, with
their attendant panicS which have
ever brought ruin on this country,
would be as a flea-bite compared
with such a 60ulecerSeme17t in the
financial world. No; ! look upon
our National Bank system as "A very
clumsy and wasteful method of
establishing a currency, and hope
that some method may be devised
for gradually superseding them, but
/ don't want to see it rashly precip-
itated, nor do | wish the execution
of it to be carried out by stump ORA
tors, whose fiuency is generally in
proportion to their ignorance.
Int. You do not take stock in
the Ohio idea, then, which has been
so largely agitated by the Demo
cratic party?
Ed. The Ohio idea has cost the
Democratic party many thousands
of votes in Ohio and probably hum
dredS of thousands in the United
States, and, as an old Democrat, |
am not thankful to it.
Int. But do you think that the
opinions you have been expressing
are recOncilable with the principles
Of an old Democrat?
Ed. What do you think about it
yourself:
Int. l am doubtful about it.
Ed. Then you had better read
the history Of the United States;
that will give you someemplOyment
for a while. Meantime I've got
plenty on my own hands, and must
bid you goOd-morning.
Int. You are very polite. Good
morning.