The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-02-17

notes if this would show better their
character) be secured by the whole property of the
country. but their payment would have been pro
vided for before they were issued. fear that with
out such monetary reform the Dominion govern
ment viii be swamped financially by the mighty
public works and extension OF settlement, on which
believe her whole future depends, as well as the
Empire This e see she eansot do if we go on in
creasing our debt to outsiders and do not get
patriotic system under which our public debt will
gradually come to be owned within ourselves, and
practically be great savings bank for our people.
sraSsn OF as at present OF perpetuay alb
s'racting inc NE blood OF the country"
Another gentleman said:-.'A true national cur
rency Is currency issued by the government, and
every dollar Will show its value in national wealth.
The country will in interest by issuing its own
money We pay bankers millions of dollars in inter-
est, besides large sums for currency. true cur
rehcy Is u producing currency--a value currency,
standard OF value-not a dollar OF which is paid out
until dollar in value is received 1t is currency
that is redeemed to the fu amount every time it is
used
At this meeting the opinion was general that the
national currency should be issued by the govern
ment for labor done on public work-should be in
reality labor certificates. legal tender for their face
value.
CAPTAIN WINES VIEWS
The promoter of the movement is Captain Reuben
Wynne, and at the meeting he spoke. though his
views were dismissed with few lines. owing to the
defective arrangements for reporting proceedings
am able to give the following extract of letter
from him The origin OF tho movement was in this
wisc:-"I haye long given the money of Canada and
the United States my study also that of the world
Many years ago talked and wrote on the great need
of Canada issuing 100000 900 of national currency
called beaverbacks to be legal tender for all debts
public and private but like all innovations on estab.
scheme, but few who would act
SHOULD DONE.
"My views are US follows The government should
issue all money and that legal tender paper money
payable for all debts public and private hold
that Canada now issues bonds and dsposes OF those
bonds below par and pays large interest. Now II
people will take bonds why not the country? for
mean only to Issue them for labor received by the
government. hold. for instance. that We now bor-
row money TO build public works and by the time
the works are completed we have paid all the money
received for interest; the result is that in debt
for the works. Labor creates wealth, and what bet
ter than to pay for improvements in legal tender,
for that represents wealth at once. While we
borrow there is no surety that the money
was borrowed claim that there is not gold enough
for circulation to carry on the commerce Of the
and going where it make the most, and always
fees from country in the hour of danger. You
ask in regard to international distrust would say
that would be as it has always been likely to take
place, and Is not found arising from the people Of
various countries, but principally from money
lenders. hold that rs man selling note will not
decry the maker OF it, so countries from whom
buy will seek to give value to the money they receive
in exchange for their goods. Again, the great evils
money and an interest money. This is the OF
distress. For instance, business NAH invests his
support government, while the man who may
DO so disposed lends his money to government
and gets interest on the same. Now, so long
as he cannot get larger amount of interest he
leaves it with government. but at withdraws it
again when opportunity offers for more return for
the loan, thereby weakening the government. Hero
is case In point. No person in Canada invests in
government bonds, or only to a small amount. You
will yourself that the United States. in it's first
Issue of greenbacks. did all that requisite and
they failed to fulfil their mission. for they
paid all that gold could do. would say the inten-
ton is to pay everything that Canada owes. This
could be done by government ct all times previous
to the debt falling due by purchasing produce to
carly to England. then to obtain that country's
money with that produce and hand the receipts over
to the parties to whom the debt is owed
Such is the nearest approach to an Ineligible &C
count of the birth of the new party at which can
arrive. 1t is premature to speculate upon its future,
but it may be said that more unlikely things have
happened than that it will be advocated in the
treme outposts of the protectionist camp 1t is inn
probable however that it will be championed by the
party press. as the inauguration of national policy
will for the next few years, be the debatabc ground
of grits and conservatives. The first national
emergency which will direct strong current Of
pubhc opinion upon the question of currency will
doubtless be the embarrassments which may ensus
upon too rapid construction of the Canada Pacific
Railway, contingency which may be precipitated by
reactionary confederation spirit in British Column
hia