Year: 1870

fractions Of the currency which have caused
the monetary crises and commercial revul.
sions which have heretofore ~ freoDar,Iv
prostrated all legitimate enterprise and uro.
ductive industry, deranged commerce. iow.
cred the Standard OF commercial integrity,
and made US little less than . nation of
gamblers II viii likewise enable "a q
effect the equitable distribution Of the pro.
ducts Of industry and enterprise between
capital and labor, thus removing the neces-
sity for the excessive toll which i nov over
taxing the mental energies and physical
powers Of the producing Glasses, and afford
them the time and means requisite for SOC Al
enjoyment, intellectual culture, and moral
improvement.


It's effects in philanthropic point Of view
would be equally beneficial Pzisewerthy
as are the efforts Of tho beneyolsut individ-
uals and societies fOr tha relief OF The desti-
tute and suffering and he Improvement Of
the condition Of society, they can &C best
afford but partial relief and effect but TEN
porary Improvement These evils are too
general and widespread to be removed hy in-
dividual Of local society efforts. Justice 70
labor will do more to relieve the destitute,
prevent crime and paupernm, enlighten and
elevate the masses and improve the pubic
morals than all the Temperance and other
benevolent institutions ever established. II
will likewise confer greater benefit On tho
emancipated slave than all the freedmen
bureaus and aid societies ever instituted,
This subject has, then, paIAmOuut elainsOu,
and should command the eazeful attention
Of every true PhilanthrOpist and christian.
If We would save mems souls, We mnst frs
save their bodies -'@' '''


Finally, important as this system would
be in an economical and philanEhEoPiC point
Of view, it would not be less desirable as
political measure. Itwoud encourage and
quicken productive industry in all depart
ments Of useful labor, establish equitabIe
commercial relations between I'll paEas Of oHr
common country, develop and harmeslss
that mutuality Of interest which naturally
exists between the different sections Of our
extended domain, growing out Of varieties Of
climate and production, which b. unwise le-
gislstion has been mAde 20 appear adverse
and conflicting; il would iRtersat each
citizen pecuniariy in the preservation and
perpetuity Of the government, dispensing It's
blessings impartialIy to all il would make
rs homogeneous family Of States-cne Ia
interest, one in sympathy, Oas In purpose.
United BY these strong ties, our Union
would stand proof alike against the maChina
tiOns Of enemies within and the assaults Of
foes from without lIs


We will now present more FT,ci6cally
some Of the important advantages that
would result 30 the government and people
from the adoption Of this system.


1T WILL LIQurDArE THE NATIONAL DEBr
WITHOUT TAXES.


The first question to be considered IN
treating this branch Of the subject i the rate
Of interest the government bonds shonld
bear. In determining this question, 20
must not con6ne ourselves to is effects Ss
applicable 70 the national debt, apart from
its influence on the general business inter.
ests Of the country. The gOvernmon:
bonds being lieu on all the property in
the nation as well as the most convenient
form Of investment, the rate on them win ne
cessArily be somewhat below the average
rate on other investments; but when they
are convertible into lawful money, and the
money interchangeable for bonds at the plea
sure Of the holders, it will to a great extent
regulate the rate in all legitimate business
transactions BY the Law Of supply and de-
mand. 1t is therefore Of the highest imPOr-
lance that the rate Of interest established on
the bOnds be such as will effect the equitable
distribution of the products Of industry and
enterprise between capital and lMbor.


1t has been shown that the aggregate in
crease in the national wealth has not in the
past exceeded 81 per cent. per annum. IT.
then, labor is to have any part Of its surplus
earnings, the rate on the bonds Mnnot ex-
ceed 8 per cent. This is above the average
rate in Europe. We claim, and properly,
too. to be first class nation;
we have the natural resources,
intelligence. and enterprise among
the people to fairly entitIe us 10 a place in
the first rank Of the family Of States. We
can, then, conceive of no sound reason why
our government securities should not be a.
valuable in the estimation Of our citizens a.
those Of any other government are 20 their
subjects nor why money, which 10 the
standard, Of distribution to capital and labor,
should command higher rate Of interest
with us than in the most favored govern
ment of Europe; neither can we comprehend
why capital, where II cooper ties with labor,
should have power to swallow mp the Whole
surplus earning Of their joint production.


The next question presented for cOnsdera-
ton is the amount Of money requisite for
the transaction Of the business Of the country.
We are aware that there exists variety
of opinion on this point, and that there IL no
entirely reliable data on which to base an
estimate but we are not without sufficient
light to approximate the amount nearly
enough for all practical purposes We find,
by the best attainable authority, that the
circulation Of England is about SIS and that
of France $50 per capita. As our natural
resources and extent of territory are greater
than either of these countries, we should
have a larger circulation per capita than
either Of them. Besides, the reduction Of
the rate of interest would increase the
volume of the currency, for money will seek
employment where it will yield the largest
return. Under the operation Of this system,
the people would have just as much or a.
little money as they may deem necessary
for the transaction of their business, each
individual being left free to judge for himself
bow be shall employ bis means-whether 10
government bonds or business. We there
fore think it safe to estimate that, With the
rate of interest on the bonds at per cent,
the circulation would reach as much As $50
per capita


For the purpose Of illustration, 70 will
estimate the war debt at t2, 26O, ,00o, 900,
and the population at S9,S75,0oO which,
at S32 per capita, would give rs circulation