Year: 1875

rs tnc pfinclphi OF Wnlcn is, Dy th<
solemn pledge of the nation, payable
in gold. But under this proposed
scheme Of finances, the government ID
to be utterly cut off from all means oi
obtaining the gold TO pay oven the ac-
cruing interest of these bonds, as all
dues to the government are to be re,
ccivable in greenbacks.


How then will the government raise
the gold TO moet this interest (saying
nothing of the prinoipaDf Will the
inventors and advocates OF this new
scheme be kind enough to tell us p
Perhaps they (or those OF them who do
not openly advocate direct repudiation)
will answer, I "Let tho Government OBJ
tsin 1t by new loan and the issue OF
further bonds for such loan." But
il takes two parties to make a loan,
and capitalists who would plainly see
that the government was thus disa-
bled from obtaining means OF paying
the loan or its interest, would not,
conclude, be anxious TO part with their
capital without the remotest prospect
Of repayment.


No; the only loan the government
could make under such system would
be q forced loan; and even this, as il
must be levied OF their own citizens,
would bring the Government only its
own deprecated paper and dishonored
promises.


do not especially urge as an objec-
tion to the proposed scheme the issu-
ing Of bonds with a low or any particu-
lar rate OF interest at the option OF the
holder of the greenbacks, because il
issued as part of this imitation and ex-
elusive paper scheme, no one will ex-
pect the interest more than the princi-
pal to be paid, except by further prom
ises known TO be equally false and idle.
The interest and the principal being
alike payable in wind, both and all
would be equally deprecated and very
soon utterly valueless.


1 do not assert that it might not
have done better when the greenbacks
we're originally issued to have made
them or a certain amount Of them re-
deemable in bonds ut low rate of in
terest, and these again convertible into
gIeenbacks at the option Of the holder
Nor do mean to say that this inter-
convertible plan might not even now be
applied for portion Of our outstand-
ing greenbacks, SO far as it might be
done consistently with their gradual
withdrawal. and the diminution of
their amount by actual payment and
cancellation. But to adopt this inter-
convertible system in connection with,
and as a part OF, the plan of expansion,
and with the idea which necessarily
goes with it Of permanently dispensing
with specie payments, even OF interest
or "specie basis" of our circulation
thus making one promise OF the gov
ernment known TO be utterly baseless
when made redeemable only in another
promise of the same kind, with the ex-
pectation OF making the business Gem
munity place confidence in and receive
such paper currency for the money
without rapid depreciation to the point
Of utter worthlessness-this is simply
an attempt to make one falsehood ex-
actly balance another, with the expec-
tation of making the public trust in
both as true. IL is like the attempt TO
produce perpetual motion, and reminds
one OF the effort of very learned gen.
ticman once knew who owned a mill
site upon a small stream which, except
in extraordinary freshets, did not fur
nish water enough to run his mill. He
therefore, for the best reasons, went in
for imitation, and as Providence refused
to initiate the stream, except .on extra
ordinary occasions, which did not fur
| nlsn steauy powoi, no ueociuAheu W
nish self adjusting power by the aid
of an overshot wheel, which, after tho
water was used in turning the wheel,
should again take IL up by means OF
pump attached 10 the shaft and throw
1t back into the pond to run again over
the wheel, land SO on, ad infinitum.-
| But it is hardly necessary &c say he
failed, and found-though he never
understood the mystery-that action
and reaction were equals, land the fric-
tion was to be overcome besides. The
stream would not initiate.


knew alse highly educated clergy
man who, having observed the hard
ships to which teams have to submit
in drawing loaded wagons, and how
much easier they were drawn without
the weight OF the loads, and that their
weight rested upon the axle, in the
kindness Of his heart undertook to re-
lieve the teams, and at the same time
enable them to draw n much heavier
load, to the great profit of the owners.


His plan was to place upon each axle
q tight air box, filled with compressed
air. and fitted with piston-head, with
q piston rod extending upward, upon
which the wagon body with all its load,
would rest. The weight OF the load,
he reasoned, no longer rested upon the
axle, but only the air box, and the air
was tight and kept the weight OF the
load from the axle. Well, he construct
ed his wagon with the air boxes, and,
moro lucky than the mill owner, he
succeeded in the imitation OF his boxes
with affair, too, much more COM
pressed than that generally used by
the infationists OF our day, though it
did not make half the noise. But un-
fortunately, and much 10 the astonish-
ment OF the good clergyman, while his
air boxes would initiate, the road would
not, and in spite OF the air the whole
weight OF the load still insisted in
working in some mysterious way
through the air box down on tho axle,
and the load was found to bo heavier
by Just the weight OF the air boxes;
hence the poor teams have had to plod
along in the old way, drawing their
loads as best they could till the pres
ent day.


| tutbt Wtft iCtlutd iucu. lnt
clergyman especially, who was thor
oughly acquainted with the Greek,
Latin and Hebrew classics, and taught
mathematics, and was an accomplished
rhetorician. The theories were beau
tiful in the abstract, and would have
been highly successful in practice but
for one thing; the Almighty, in crea-
ting the world and fashioning mankind
had adopted quite different theory or
plan Of the laws by which linen and
things" can be governed. This was
the sole obstacle TO the success OF their
theories, and for this they were not
responsible. Both these men, il living
would undoubtedly have been leading
light in the imitation world; bat unfor-
tunately they are in their graves. Ii is
some consolation, however, TO know
they have left some worthy representa-
tives behind, and l am informed that
one or two Of them may be found even
in the good city Of Detroit.


Bvt for myself, believing the power
OF creating something or anything out
OF nothing is the prerogative OF the
Deity alone, whenever i see q man,
however talented he may he generally,
engaged in such an attempt, or in the
invention Of perpetual motion, I am
J compelled TO believe there is q screw
: loose somewhere, and that upon this
particular subject he is insane; and &C
} for the like reasons, am compelled "a
tI,.l ~ tl,,ao ,,l.fsA,..k. x~H. x..1~