The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1913-08-14

per cent bonds of the United States
which have by law the privilege of
being the basis of bank circulation,
into the per cent bonds of the Uni
ted States.
Clearly the outstanding 2 per cent
bonds of the United States to the
amount of about $73O,0O0,000 could
not have been sold at so low rate
OF interest as 2 per cent except to
or for the banks as a basis for their
circulating notes; and therefore it
would be bad faith to take away the
circulating privilege without paying
those bonds in full to their owners
Which would enable them in turn to
retire their outstanding issues of
circulating bank notes. But it is
equally ba0 faith to the American
people to be called on to fund 2
per cent bond into a 3 per cent
bond, entailing add tional burdens
to the extent Of probably $100,0OO,-
600, for the benefit of the owners of
such outstanding per cent bonds.
The real meaning of such PROPOSE
ton to fund United States rs into
United States 3's is to make a per-
manent bonded Indebtedness of this
government to the extent of practi-
cally three-fourths of a billion dol
lars. If this government must owe
bonded Indebtedness, it is not con-
ceiVed how it can procure $3.50, 000,-
600 for less rate of interest than
the per cent; and as the practical
ly corresponding amount of out
standing bank circulation pays 1
per cent annually to the government
for the permiss.On there is no in
jury involved in allowing the United
States rs to remain outstanding
and the bank circulation to be pre-
Cle7tad thereon, which is at all COM
mensurate with the evils and bur
dens upon the masses Of the people
which will be involved in funding
the same into per cen tbonds and
in providing an equal amount of
substitute currency. Therefore the
proposition to fund United States 2
per cent bonds into 3 per cent bonds
Is largely mere gratuity to the
National banks, and if effected,
would result in making permanent
about $3.50, 100000 of bonded in
debtedness. When it is considered
that the existing $730,0OO,OO of
outstanding United States per cent
bonds mature in 1880, it would
seem to be the part of wisdom to
provide at an early date means Of
Their payment and permanent retire
ment at maturity, saving in the
meantime any increased interest
charges against the people by de-
clining to fund them now into Uni
ted States 3 per cent bonds When
it is considered that the total
bonded Indebtedness of the United
States 2 per cent bonds bearing the
circulation privilege outstanding to
the amount Of about $3.50, 100000
constitute more than three-fourths
of the total bonded Indebtedness of
the United States. Therefore it is
cheat and fraud upon the tax
payers Of the Nation to fund the
United States rs into United States
3 per cent bonds.
Thirteenth: When it is consid-
cred that, in any by the terms and
by the philosophy and meaning of
the Glass bill, it is deliberately pro-
posed and attempted to consolidate
the entire twenty-five thousand
banking institutions of the country
under one uniform system, requiring
more than seven thousand thereof
and allowing about eighteen thous-
and thereof to become affiliated, IN
twelve regional divisions, into one
consolidated system, over all Of
which presides board with more