The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-06-01
Bonds. Silver and Greenbacks

To the Editor of the Los Angeles Herald:
The Los Angeles Express is torturing Its
readers with it's opinion as to the best
manner of protecting the interests Of the
men who are best able, financially, to bear
the expenses of the nation, the men who
are patriots for revenue only. The Ex-
press Of May 21st, under the heading,
Damaging Delay" says that to avoid tax
ing the future and making this generation
pay for the war is bad policy. 1t says
further that this generation is paying for
the civil war, and the next could well at
ford to pay for this war. Then-keep on
knitting--it would have us believe the third
generation since our civil war Is now ready
to defend our nation. So this, the third
generation, instead of the second, has got
two war debts on its shoulders, and the
sixth generation will not see the war debt
paid off with gold.
Dire disaster and destruction is to be the
lot of our nation if the seigniorage Is
coined or legal tender notes are issued,
while to issue $500 600 900 of interset-bearing
untaXable bonds would be the nations
only salvation. Then it says the difference
between bonds and greenbacks is more
imaginary than real. This is terrible, II
true.
Why did greenbacks depreciate? Now,
suppose that bonds of the same denomina-
tions as the greenbacks were issued, in
stead of said greenbacks and that the
stipulations as to their payments and
interests were the same-those of the
larger denominations for the money lend
ers, who had large sums of money to loan
on long time and with whom there was a
special understanding as to their terms be-
fore the bonds were issued;' those of the
smaller denominations for the soldiers and
the people, who knew nothing about their
terms until they received the bonds for
services and produce. Then they would
find, to their sorrow, that their bonds were
not legal tender and would not buy bread
from the baker nor clothing from the tall
or, who in turn needed money Immediately
with which to buy meat. Here we have one
class who cannot wait twenty years for
the money that will then be due on their
bonds, and another class who do not want
their money until it is due. Perpetual"
bonds would be preferred by them. Now,
the money lender has dictated to congress
the terms of both classes of bonds, as he
did the terms of the greenbacks, and he
of the peoples bonds shall be. Perhaps he
would give 25 cents on the dollar. Value
is legislated into money as well as bonds.
Let congress pass an act providing that
holders of silver coin may purchase bonds
of the denominations of IS and $40, draw
ing 5 per cent interest and untaxed, and
may receive 80 per cent of their face value
in circulating notes. Then silver coin will
go up 90 points or more, and so will the howl
of the money lenders. Silver will bear
more adverse legislation than gold.
Limit the payment of gold to IS. Then
all silver coins that are unlimited will go
to premium, which was not the case with
gold when silver dollars were so limited.
Even today small coins of silver, copper
and nickle are at par with gold, and l
know that bankers sometimes pay pre-
MUM on small coins, Notwithstanding the
fact that silver, copper and nickel are lin
tied in coinage and limited in their pay
ments. Neither Is nor ever was redeem
able in gold. H. H. WEST.
Rivera May 30, 1898.