The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-08-22

provided that these bills 'sshould
pass current" for so many pounds or
shillings. There was no provision
for their payment, but 1000 pounds
per annum was to be issued 'till the
public debt was satisfied" In 1915
a new law was passed ordering a.
900 pounds to be issued, and these
were to be a legal-tender for debts
payable in any of the rated COM
mcdities OF the country or for money.
If offered in satisfaction of the latter
they were to be estimated at one-half
the value of sterling.
In 1922 another law was passed
making a provision for the redemp-
ton OF those bills by the levy Of a poll
tax OF five shillings. This tax the
sheriff was to collect by a certain day
and if necessary to raise it by dis
tress. The sheriff was allowed in set
thing their accounts with the treas
urer to make their payments in these
bills, or in rated commodities of the
government, deliverable at certain
landing places on the navigable
streams in their respective precincts
But it was the law OF 1927 that has
been pronounced ''wise and good
one and quite adequate to furnish
the people with a safe and circulating
medium that would in general vary
but little from it's par value.
The basis OF this act was the Sc
curity by mortgage OF improved un-
incumbered real estate for the repay
ment to the government of loan
upon it. In fact the law established
a loan Office, the government being
the lender and the owner of the land
the borrower. Among other pro-
visions Of the act not pertinent to
this enquiry, it was provided that
the respective precinct treasurer
should issue the bills to such persons
as might desire them and in such
sums as they might wish, to an
amount equal to one-half the value
of the land. The loan was to be for
fifteen years, the interest 6A per cent,
payable annually, and one fifteenth
OF the principal
In case Of failure to pay this inter-
est for three years the treasurer was
authorized to make immediate dis
tress and sell first the personal effects
70 the defaulter, and if these were not
sufficient to satisfy what was due,
tEen the land.
Two Indifferent free-holders selected
by the treasurer were to appraise the
land under oath. These bills were is
sued in various amounts from one
shilling up to ten pounds, and it was
provided that they should be estima
ted at a fixed value-twenty shillings
OF the bills were to be held with fifteen
pennyweights OF silver as current in
Virginia-they were to be legal
tender, and the rated commodities
pitch, tar, pork, tallow, silver, gold,
Indian corn, turpentine, train oil,
wheat, tobacco, rice and hides-were
named in the act with their respective
values in the new currency.
The borrower might at any time
before it was due, pay his debt, but
if he did he was required to pay also
three per cent on the sum borrowed
for the unexpired period OF the fifteen
years. The plan worked SO well
where tried in Pennsylvania, North
and South Carolina that it was
recommended to the mother country
herself to open a loan office on this
plan for all the colonies.
Cannot our Representatives NEON
gress get a suggestion from this
scheme, devised by our ancestors 100
years ago to meet a similar demand
from an agricultural community for
an increase of the circulating me-
dunn? What a contrast between
the statesmen of those early times.
who gave to real estate it's true po-
sition in the world as basis OF
credit and the statesmen OF these later
days who by denying to the only
fiscal agencies we have, that is the T..
S. banks, the right to lend money on
real estate security, discredits such
security in the eyes Of the commercial
world, and denies to all landed prop
erty in this great country it's true
position as the most secure basis for
credit that can be suggested.
VIM. H. S. BURGWYN
The Great Excursion Line
OF the Northwest is, beyond all dis
pute, 1.-The Burlington" It's line
from Chicago and st. Louis to the
Twin Cities was completed about four
wears ago. Since that time it has