Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-08-19
MEDICINE LODGE, KANSAS, WEDNESDAY, AUGUST 49, 1891

inspectors, under good and sufficient
bond to the United States, whose stor-
age receipt or certificate of grain de-
posit should be good security at any
United States bank for money at the
rate of two per cent per annum.
Since that time the Daily Gazette, of
Emporia, Kan, has published the fol-
lowing plan for United States none
tary system:
The legal tender currency of the United
states equally good for all debts and obliRa-
tions except as hereinafter mentioned shall
consist of greenbacks, coins and coin certifi-
Gates. and bank currency shall be prohibit
ed By coins Is meant gold and silver
without distinction. Coinage shall be free
and unlimited on its present ratio of I5I2
ounces of silver to one of gold.
with option of certificates. Green
BACK currency, in addition to present
currency, shall be issued to the respective
states and territories in par exchange for
their respective bonds. bearing interest of
one-hah cent per day on each 500, interest
and principal payable in any kind of legal
tender the payor prefers at time of payment
The aggregate outstanding issue of such
currency to a state or territory to not exceed
SO pr acre of land in cultivation and $50
per capita of population as shown by United
states census, such issue to a state or terri
tory to be made only In accordance with its
own law, approved by its su 1eme court az
constitutional providing how it shall re-
ceive such currency and put it into circula-
ton
All greenback CURRENCY of the limited
States shall be interconvertible at option of
holder into United States bonds bearing in
terest OF one-h half cent per day on each $780,
no interest payable On such bond outstand-
ing less than ninety days, If an alien
ownership, and the interest PAYABLE in coin
nrinPinal al In 10 w hu inf
VertiD1litV with greenback currency as
stated Coin to meet interest on such bonds
and to pay interest and principal of present
United States bonds shall be obtained by re-
qufring one half all tariff duties to be paid in
coin or coin certificates, and all issue of gov
ernment bonds with interest or principal
payable in coin, except coin interest on in
terconvertible bonds, as stated shall be here
after prohibited.
[NoTE-Tariff duties yield reliable gov
ernment revenue of $25O,OJO,O00 per annum,
of which $75 100000 per annum will pay
interest and principal of present govern
ment bonds. There were 49, ,O0), 900 acres of
land in cultivation AMI rs ,000, 900 population
by the United census of $780, Kansas under
this system could call for S75 00O, 600 cur
rency to be put into circulation in its own
way. Such currency would retain a reliable
monetary value, be ample in volume and
self-regulatng in supply, avoid the objec-
tions of loss OF money value perta lining to a
lueF6ly HAT currency. anu also aHOlQ the
evils of the promise to pay" expansion and
contraction, panic and bankruDtcy, specie
redt tmption system, under which the money
lending interest rules and ruins productive
industry.
1t will be noticed that the foregoing
plan relegates to the various states re-
spectively the duty, power and respon-
sibility of establishing, each for itself,
its own banking system, locating its
banks and enacting laws, rules and reg
ulations for the government of such
banks. l find, however, one objection
at least to the above plan, which is that
it must necessarily make the rate of
interest to borrowers more than two
per cent. l should like it better if it
provided that the United States should
pay only one per cent upon savings
bonds (deposits), and furnish money to
the states at one and one-half per cent
Then the states could loan to their re-
spective citizens at two per cent. and
have one-half of one per cent margin
with which to pay the expenses of their
respective banking systems.
"Come and let US reason together, :"
for lin multitude of council there is
safety" GEORGE C. WARD.