Dodge City times., 1891-11-06
"THIRTY YEARS AGO.'

retary Of the treasury to Issue demand
treasury notes, and make them legal
tender in payment Of debts, or whether
it will put its six or seven per cent
bonds on the market, at ruinous rates
Of discount, and raise the money, at any
sacrifice the money-lender may require,
to meet the pressing demands upon the
treasury. In the one case the govern
ment will be able to pay its debts at fair
rates Of interest; in the other 1t must
20 into the streets shining for the
means, like an individual in failing cir
cumstances, and sure of being used mp
in the end by the avarice of those who
may exact unreasonable terms. The
government needs, and should have, in
her present peril, the aid aid protection
of all patriotic citizens.
But, sir, knowing the power of mon
ey, and the disposition there is among
mel to use it for acquisition of greater
gain, am unwilling that the govern
ment, with all its immense power and
resources, should be left in the hands
of any class of men, bankers or money
lenders, however respectable they may
he. The government is much stronger
than any of them. Its capital is much
greater. 1t has control of all the bank
ers' money, and all the brokers' money,
and all the property of the thirty mil
lions of people under its jurisdiction.
Why, then, should it 90 into Wall
street, Chestnut street, or any other
street. begging for money? Their mon
ey is not as secure as government mon
ey. All the gold they possess would
not carry on the government for ninety
days. They issue only promises to pay,
which if Congress does its duty, are not
half as secure as United States treasu-
ry notes. based on adequate taxation
upon all the property of the cou"try.
Why, then, so into the streets, at
all, to porrow money? l am opposed,
in our present extremity, to all shifts
Of this kind. I prefer to assert the
power and dignity of the government
by the issue Of its own notes, pledeing
The faith, the honor and property OF the
whole loyal people of the country to
maintain their circulation and provide
For their redemption.
1t is plainly within the scope of the
Constitution that the government
should maintain itself; that the army
should he supported; that the navy
should be maintained The ways and
means of doing this are left to Congress
% provide. Congress may do this en-
,irely by taxation. 1t may provide by
aw to levy and collect taxes enough
very year to pay the whole expenses of
he war during each current year, and
10 ''pay as We Co." 1t may issue six
Der cent. bonds and sell them on the
market for what they will bring-even
{ they will not sell for over fifty cent,
70 the dOllar-tO raise mouey to carry
n the war. 1t may Issue treasury
'otes payable on demand, and make /
hem legal-tender in payment OF debts.
either one or all of these modes of pay
ng the expenses of the government is
eft to the discretion Of Congresf.
either is CONSTITUTIONAL; and it is lefs to
he sound discretion of Congress to de
ide which mode it will adopt, or wheth-
r it will adopt part of each, as being
be best in the present crisis.
My own impression is, that it will be
est for US to adopt, in par,, all Of these
nodes for providing the n cans.
/. Raise by taxation the current
ear, over and above the amount re
eived from duties on imposts, the sum
f $3.50, 600, 900.
2. Issue 100000, 600 of demand
reasury notes in addition to the $50,
90, 900 authorized in July, making
hem legal tender in payment of debts.
nd exchangeable at any time for six
er cent. twenty years bonds; with
lrther issue of demand notes if Con
ress shall hereafter deem it necessary
3. Provide for the issue Of all the
Senty yeaIs six per cent bonds that
lsy be necessary to func the demand ,
'easury notes. and other treasury note. ,
rat may be issued, (say $500, 600. .OOG I,
x Per cent. twenty years coupon I
onds.) and pledye $50, 600, 900 of the
lhuai taxes to pay the interest hal.
earl, thereon. and pledge s25, 600, OOO
ore as a sinking fpni to redeem the
In twenty years.
l. This tax of $3.50, 900, GOO would
ford an ample basis on v hich to rest =.
's credit OF the governni mt, fer this :
rye issue of treasury nor and bonds.
I'd would insure the pun. uai payment /,
the interest 10 the CT italis.. yho !.
light hold them. /.
z. The demand notes ut in circu- ;
tion would meet the present exigen- =
. OF the government, in The discharge :,
its existing liabilities 10 the army.
w and contractors. for the supplies. :.
lterials and munitions of var. These :,
tes would find their wa, into all the ;,
annels of trade among Il people: end :. =
they accumulate in the ,ands of cap :,
lists. they would exchange them i.r -
SIX per cent. twenty years bonds. :
TTo BE cOSrINuEp 20,