The advocate., 1890-12-03


basis would not give us much more
money than Senator Ingallo eStlmaton We
have now, aud only half what the aena-
tor aaya ahould bo out among the people.
Therefore II may be claimed for the
above in the aNt place that IL Ia reason.
able In amount, and on the theory that IL
better 10 got a half loaf than none, Il
strikes me that we had better adopt q
plan or plans, which will gradually reach
tho goal we aim az than 10 advocate 700
large an Increase Of greenbacks at once.
To do 80 might frlghten the tlmid, and
those not posted on the financial Ques-
tlon, and might end In postpOning the
great victory which In time we will surely
achieve, A few objections may bS urged
TO this last plan which deserve notice.
Flrst--Will the bOndholdors accept the
treasury notesS Yes they will; for while
previous 10 the passage Of such an act
they will denOunce II az q Wild cat
scheme, 40 they denounce Ia fact all
methods we propose Of this character,
yet when the law has been passed no one
will accept the inevitable with better
grace than these Same bondholdsrs, and
no class OF men has keener eye for a
nice bargain, which they are sure OF get
ting out Of these bonds at any event.
The most Of these bonds are not due for
a few years, probably averaging six years,
and II they can be Cashed az their face
value, with a premium OF two or three
years added,s the holders will scarcely
hesitate to accept suoh q premium and
the government will save an equal
amount.
SeCond-In case the bondholders re-
fuse 10 surrender the bonds and accept
the greenbacks, we still have one parting
shot at them loft; tho government can
begin boarding silver and give notice
that when tho bonds are due they will
be paid In silver dollars, which will 20
far toward bringing the holders 10 time,
as they hate a silver dollar As much as
the devil Is said 70 hate holy water. Be-
sides am inclined TO think we can pay
the interest on these bonds as Il acorues
In silver, which would work q friendly
feeling in the surrendering disposition Of
our worthy bondholders, We will carry
out the law 10 the letter with these men,
and give them their pounds OF flesh In
the shape Of large premium, but when
they demand that the flesh shall come
out nearest the heart Of the people, and
deliberately stand In the way Of the peo-
pie getting relief from their burdens, we
shall soon deal out such justice TO them
as the law puts in our power, and until
these money kings cry out aS did che
Shylock Of old, "give me my principal
and let me 60" IL seems TO me that this
last plan is the best and proper one, as IL
does not increase the obligations Of the
government one dollar, and simply con-
verts an interest bearing debt into treas
ury notes which will always be intended
10 circulate among the people as money.
In other words we have wiped out oil
Over-intereSt bearing debt, and given IL
to the people TO use In developing our In
dustEies, instead Of holding che same as
investment, and to continually draw sub
stance from the people, BY this means
we have succeeded in getting tho money
out Of the treasury into the hands Of the
bondholders, who will seek means TO put
the same out into circulation and derive