The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-31
MR.. DE LA MATYR AT WORK.
A Few Minutes Talk About His Bill, His
Plans and His Opinions.
Washington Post.l

"What Is your bill, Mr. De la Matyr?" asked
a Post reporter yesterday OF the leader OF the
National party in the House.
sIt is O. BILL very brief In its provisions,
calling for the retirement of the national
bank currency, and prohibiting the giving OF
charters hereafter to any banks OF ISSUE
national or State 1t also provides that the
bonds held for the redemption of the national
bank currency shall be Cancelled as fast as
the notes are retired, and the issuance OF
full legal tender money in their stead"
"But how do you pay the new money out,
If the owners of the bonds will not take itf'
"The law proposed is directory one merely.
It requires the Secretary OF the Treasury to
prepare as much Of the legal tender money
as there are national bank notes drawn In
and bonds redeemed. This goes into the ma
tional treasury, and is paid out as currency
In the ordinary course OF business.
"How much OF this legal tender issue do
you authorize"
"Not less than the amount of national bank
C urrency now authorized by law"
"And how much is thatp
sAbOut 1860 millions"
"Then your aim Is to eventually retire all
the bonds of the government and substitute
non-interest-bearing currency. Now, how
will you get 1t all out?"
"Replacing the present bank-note currency
puts out at least $50 millions. Then, in the or
binary course of business, much more will go
out into the channels OF trade Then we pro-
pose that the secretary shall purchase with
it the coin he may need to buy to pay the In
terest on the outstanding bonds, as well as
the bullion which is coined at the mints. In
other words. believe that there will be de-
mand for the whole amount thus authorized,
in one form or another II the financial officers
of the government are constrained to assist
in its issue
sDo you believe in the plan of liberal inter-
nal improvements suggested by your asso-
ciates, Messrs. Weaver and Gillette?"
"For immediate relief, do, and have bill
prepared establishing a iudicious, system OF
internal improvements aided by the general
government, on the principle Of loaning to
corporations under the control Of the State. "
'fThiS includes, of course, the improvement
| of the Mississippi river"
eyes, and the construction of needed rail-
roads. 1t Is, in fact a system. / believe the
Mississippi ought to be levied as soon as the
| idle labor of the country can effect 1t. L also
| favor a judiciouS extension OF aid to new
| Pacific railroad on some agreed Southern
| line"
"Have you not observed that there is de-
| cided improvement in the business Of the
| country-that many manufactures, East and
| West, have been started up lately? ?"
| E'0nly few, and in an isolated way, to
supply some special wants. Letters to me
| from every part of the country, from Maine
to Oregon, declare that the depression is
increasing instead of decreasing. In my
| judgment, the enormous private and public
| Indebtedness now outstanding precludeS gen.
eral prosperity, with prices where they are.
A dollar pays no more interest or principal or
taxes than it did ten years ago, and you have
to give three times as much labor and three
| times as much produce to get it. The point
| make against the Republican party Is, that
| they have stopped the people from working,
when only by work can wealth be produced.
| In the meanwhile, interest is never idle, and
| our debts are constantly increasing.