"^3 291 HG 604.P29"'""""^""'"-"'"''' Pas', present and future of greenbacks. 3 1924 013 815 422 Hatt (S[aUt^i of J^gttcultuce At djoi-nell Itninetatty 3tl|aca, TSl. % BItbratg r A S T , Pr^ESENT AND FUTUi^E l)F G^REE ^IJAC KIS, INCLUDING THE NATIONAL CURRENCY LAW. B Y A 11 E P U B L I ( ; A N F A R M E B . PRICE, •mTIt'r^^■ cektts. llANr.dX .1 l!l I II A Itll.SON. HOOK AM( .lOH l> 1! V N T K li .'^ Xo. I Siiriiiif.'rMi'i'f. M_ih\uiiki2;. 1 868. The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013815422 PA.ST PI^ESENT AND FUTUI\E OB GmEENB^OKIS INCLUDING THE NATIONAL CURRENCY LAW. BY A REPUBLICAN FARMER, 4»** HANLON * RICHARDSON, BOOK AND JOB PRINTERS, Ho. 1 Spring Street, Uilwaukee. 1868. 5 ^^-ag^s-?" sintered according to the Act of Congress, in the year 1868, by CLARK ALVOBD, in the Clerk's office of the District Court of Wisconsin. PREFACE. The writer hereof has been a voter for thirty-two years. Hurrahed for Jackson as a boy, voted with the Democratic party as a man, until the split at the three day's convention at Syracuse, since which time he has voted against that party on account of its pro-slavery principles. Has voted with the Republican party since its organization. Never held an office in his life. Was never a candidate for an office. Never was a delegate to a convention or candidate for such place, therefore he has no political grievances to avenge. But, having become satisfied of the hypocracy and villainy of those who now control the Republican party, he leaves. Thus much ^s to motive. The leaders of the Republican party advocate but one good measure, while they advocate several bad ones. They expect the one good to carry the several bad. To so reconstruct as to secure the ballot to the colored man is ihe good one. The opposition of the Democrats to this measure is all that keeps the Republican party together at all — to abandon such op- position would be the greatest calamity that could happen to the now controllers of the Republican party. No man if he will con- sider the situation, can doubt as to the ultimate success of this measure. The nation cannot exist in peace without it. The white race at the South, both by nature and habit, are rampant. The black, both by nature and habit, are crouchant. If the ballot is given the colored man at the South, there is no fear of lis domineering over the white man, as to do so would be con- trary to his nature and habit — while the white man would be in- duced to treat him kindly in order to be able to influence him in relation to his use of such ballot-whence there would be no quarrel between them. Bat deprive the colored man of his right to vote, and the white man both from nature and habit would be likely to op- press the colored man until he would resort to physical force and a war of races would follow. In such a war the Northern people will take sides and interfere, not only sympathetically, / if T)ut forceably, and actual war will exist amongus. This, the peo- ple do not want and will not tolerate. If the Democratic party will abandon their opposition to the extenion of suffrage to the blacks in the Southern States, and erect a platform pledging support to such measure, and put in nomination, men whose char- acters will be a guarantee of good faith, there can be no ques- tion as to the result of the coming election. But, if they will not, the only course left to the people is to organize a new party. But, say some, the people have no leaders in that di- rection. This, if so, is very fortunate for the people ; political leaders are just what the people do not want. Our late war was the result of following political leaders. Let the people, keeping in view integrity and capability, elevate whom they choose ; and let it be understood that whomsoever they set up, they can as easily pull down, and, that man worship is a species of idolatry, degrading to a free, civilized and intelligent people like the people of this nation. CoUKTLAND, Columbia Co., Wis., April 6, 1868. GREENBACKS. HaTing conversed with many republicans upon the subject of tising Greenbacks, to the exclusion of all other paper money, I am satisfied that nine-tenths of the republican party, aside from those ■who assume to lead, and camp followers, a class pen- dant to all parties, are in favor of so doing. But upon looking into the republican papers, I fail to find any recognition of such fact. But on the contrary, and more es- pecially in those claiming to be the big guns of the party, such as the New York Tribune, and Chicago Tribune, I find a dis- position manifested to commit Republicans to, and drive them into the support of an opposing policy. It has been claimed by those papers, that the voters in the republican party are more intelligent, than the voters in the opposing party. But this is entirely overlooked at this time, by both of these papers, as is evidenced in the case of the New York Tribune. By the lan- ^age of the Weekly of the 11th of March, 1868, Greenbacks are called dishonored promises to pay, and it is substantially ^Hedged that whoever pretends to pay a debt with them is a ■"cowardly villain." In commenting upon remarks made in Congress by Mr. Clark of Kansas, in relation to the payment •of 6-20s in Greenbacks, it says : "If the national credit is to be used to enhance the value of western lands, it will have to be vindicatad from Western villainy." Under the caption " For Sheepish Repudiators," are arranged seven interrogato- ries, insulting in manner, and, to all who believe in the intrin- sic value of Greenbacks. If this paper does not have a less circulation among Western Republicans twelve months hence, the editors will be warranted in believing them as pusillanimous -as they have presumed them to be. Now, when an able advo- cate calls hard names and makes up faces to sustain his cause, it is reasonable to conclude that such are the best arguments that can be adduced in support of the premises. To prove that the Chicago Tribune has an equally low esti- mation of the intelligence of its readers, and that the editors lack both intelligence and integrity, I quote from the daily of the 18th, 19th and 20th of March: If we had a free banking system, there would be a demand in Chi- cago for twenty millions more banking capital than we now have. What we need most in Chicago is more banking capital, in order to accommodate enterprise, and put down the rate of interest to say six or -seven per cent. Manufacturing and building would double in this city if banks were able to loan what money is needed to establish new enter- prises and enlarge old ones, which would afford employment to tens of thousands of additional mechanics and laborers. Instead, therefore, of seeking to destroy what banks we have, if the Copperhead demagogues were not knavish fools they would use their influence to secure to the country the benefits of a free banking system. On the 19th, speaking in relation to issuing more Green-^ backs, the editors say: While its suspended paper (greenbacks) is worth but seventy per cent., to add $300,000,000 more of the same kind of " promises to pay'' to the volume, would be reckless and destructive financering. It will be soon enough to talk about doubling its outstanding depreciated due-bills when the government i: prepared to redeem those now in the hands of the public. On the next day they say: Greenbacks are due-bills of the government — " promises to pay the bearer on presentation at the Treasury" as many " dollars" as are spec- ified on their face; and a dollar is 23 j grains of pure gold. But the government unfortunately does not keep its promise. The greenbacks are not redeemed in gold or in anything else. The government don't even give the holders interest-bearing bonds for them. The conse- quence of this failure to redeem is manifested in the fact that green- backs only pass for seven-tenths of their face value. The depreciation of three-tenths represents the discredit of the maker of those broken " promises to pay." The present worth of the government's credit is but 70 per cent. The discount indicates the time when the public be- lieve the greenbacks will be redeemed in gold. A dollars drawing no interest and payable three and a half years hence, is worth just about what a greenback will sell for — seventy cents ; indicating that the pob- lic believe it will be three to four years hence before the government will be prepared to announce specie redemption. If the government would agree to redeem greenbacks one year hence, they would instantly rise to the value of 93 or 94 cents in gold. If the public were certain they would be redeemed in two years, they would appreciate to about 86 cents. But the doubt is so great and the time so indefinite that they only possess seven-tenths their nominal purchasing power. If the government had in its treasury $360,000,000 of surplus gold, it could proceed at once to redeem its greenbacks ; or if the amount out- standing was reduced one-half, then it could redeem with $180,000,000 of gold in the Treasury. But on the other hand, if the volume of " broken promises" shall be increased to $700,000,000, as proposed by the Times, the day of redemption of put farther off — almost hopelessly distant — and the value of greenbacks must inevitably sink deeper down. Swell the greenbacks to $700,000^000, and who can name a time when the government will have that amount of gold on hand wherewith to redeem them ? In the calculation of the time of probable redemption of the present volume of greenbacks, the public have fixed their present worth at sev- enty cents. But suppose they were increased to the sum of $700,000,- 000, what then would be the present worth ? Somewhere between forty and fifty cents, say forty-five cents, as the public would believe that six or seven years must intervene before redemption could be possi- ble, and the present worth of such a due-bill is but forty or fifty cents- The present purchasing power of all the currency is equal to S462,- 000,000 of gold. But destroy the banks and increase the irredeemable: greenbacks eighty per cent., and they will depreciate twenty-five cents on the dollar, and the whole currency will be worth but $297,000,000 in gold. By abolishing the National Banks in the expectation of saving $16,000,000 a year on their bonds, the people will lose 8i6j,ooo,ooq> on the present worth of their currency. The only way to prevent this depreciation would be to make the: greenbacks convertible into bonds, which would keep them up to the level of the bonds ; but on the other hand two-thirds perhaps of the whole volume of greenbacks would be changed into bonds for the sake of the interest, and the greenback circulation would be considerably less than at present, so that nothing would be saved to the Treasury in. the way of interest on the bonds. The value of a bank note redeemable in greenbacks is of course the- same as the legal tenders. Thus, on the 18th, the Chicago Tribune editors advocate ex- pansion in the form of National Bank Notes; on the 19th op- pose expansion in the form of Greenbacks because they are- "depreciated due-bills," and on the 20th admit that the bank notes are no better than the " depreciated due-bills." The- truth, is, the Tribunes are opposed to the circulation of Grreen- backs at all, but in favor of the circulation of National Bank Notes, which are not legal tender. It seems a mystery to many that there was no great monetary panic and sudden fall of prices at the close of the war, but to me it seems quite plain,, that it was owing to the fact that a large amount of the currency then in circulation was legal tender. The amount was too large- to be controlled by those persons who when able to control the money market, do so to make themselves rich and their fellow- citizens poor. What is a Greenback ? One Tribune says it is a " dishonored promise to pay." The other Tribune says it is a " depreciated, due-bill," and the Milwaukee Sentinel says it is " dead horse." (See Daily Sentinel, March 21, 1868.) Now I suppose it is an undisputed fact, that the Tribunes pay their laborers in " dis- honored promises to pay," and " depreciated due-bills," and the Sentinel theirs in "dead horse." The ahsurd logic of these villifiers of the Greenback results, from the fact, that, in discussing the question they assume that the Government is one thing and the People another; which is false, both in theory and in fact. The Crovernment and People of this nation are identical, one and the same thing, and pos- sessing all the powers and privileges necessary and convenient to the business of banking, they have organized and put in ope- ration a bank in which all the people are stockholders, truly a People's Bank, the directors of which is Congress; the Bank- ing House is the United States Treasury located in the city of WasMngton; the United States Treasurer, President and Cash- ier. By this Great People's Bank in which each and every citizen is a stockholder, has been issued notes called Green- backs, promising to pay. By whom and to whom is this pro- mise made ? By each citizen to all other citizens, and by all the citizens to each citizen, thus creating a community of inter- est, and bond of union, strong in proportion as the people are civilized and intelligent. It is alleged by the villifiers of Green- backs that these promises are not redeemed. Such is not the fact. They are redeemed each and every day, and many times a day by stockholders, who are always glad of an opportunity to do so, as in the case of the farmer, by giving his grain, his stock, his farm. It is a lamentable fact that some of the stock- holders in this great People's Bank are endeavoring to discredit its issues. But it is not, however, very surprising that among so great a number of stockholders, some unprincipled villains might be found, as such was often the case among the lilliputian banking institutions that existed in the country before this great People's Bank was organized. It was not unusual for stock- holders in those institutions to degrade their own issues for the purpose of defrauding their fellow citizens. It was looked upon then by all honorable men as a very low and mean practice, and, soon after the great People's Bank was organized it was con- sidered a badge of treason to attempt to discredit its issues. Should it not bo so looked upon now ? Prior to and at the time of the organization of this great People's Bank, there ex- isted associations claiming to be banks, but often called shaving shops and "wild cat institutions," but as the people at that time, not having any People's Bank, could do no better they often dealt with them. Sometimes they were only shaved, at other times destroyed by them after the manner of wild cats. Hence the name. Those existing at the time of the organization of the great People's Bank were owned and controlled by men of wealth, and, of course, high social standing, and in their own estimation of lofty attainments, as they often attempted to instruct the people and impress upon their minds the great ben- efits they were deriving from the existence of their banking in- stitutions among them. In short they felt that they were a pow- er in the land, and showed a disposition to resist the overshad- owing power of the great People's Bank. But after deliberat- ing awhile upon the subject, thinking discretion the better part of valor, concluded to yield. Thereupon the directors of the great People's Bank, being of a generous nature, allowed them to organize under the name of National Banks, the length of their existence being optional with the people. They have or- ganized to the the number of more than sixteen hundred. These institutions have no credit of their own, but are doing business entirely upon the credit of the stockholders in the great People's Bank, and the only condition upon which they can ex- ist at all, is that they keep in their possession a large amount of Greenbacks, issued by the great People's Bank. Notwith- standing all this, and that their existence is optional with the people, they are a power in the land that needs watching, as it is evident that they have already enlisted in their service the two Tribunes heretofore mentioned. For the privilege of using their own credit indirectly through these National Banks, the people have to pay dearly. They not only have to pay six per cent, interest annually on the credit they furnish these National Banks as a basis upon which to do business, but in order to satisfy their Paganish proclivities, they must pay in gold, however inconvenient. But this large sum amounting to some $20,000,000 annually is not all this National Bank currency costs. More than 1,600 banking houses have to be provided and furnished, and that, too, in a style to satisfy the elevated tastes of those who manage the National Banks, and it is well known that they are a tasty and high liv- ing class of citizens. True, these citizens are stockholders in the great People's Bank, but they are not the only stockholders, and, therefore, not the exclusive managers, hence their unpleas- antness toward this great People's Bank. Yet this is not all the expense. The salaries of more than 1,600 bank presidents, and more than 1,600 cashiers, with an army of clerks, porters, and watchmen subject to the control of these presidents and cashiers, have to be paid annually, amounting to many millions of dollars, and besides, it is not to be presumed, that the direc- tors of these more than 1,600 National Banks work for nothing. These National Banks are a very expensive incumberance to the people. Just look at the two systems of banking in point of economy and security. The National system costs the peo- ple, it is safe to say, $30,000,000 annually in the items hereto- fore mentioned, while the Great People's Bank Directors, being ao by virtue of their oflSce as Congressmen, cost the people nothing. The President and Cashier being so by virtue of his office as United States Treasurer, costs the people nothing ! The banking house being the United States Treasury building at the city of Washington, necessarily existing and furnished, «osts the people nothing more when being used as a banking house. Thus you see that in point of economy the National Banking System is an extravagant and ruinous system so far as the people are concerned, and as regards security, they are entirely de- pendent upon the People's credit, and cannot even exist, with- out possessing a large amount of Greenbacks issued by the Great People's Bank. Banks were first established from ne- cessity, as the people among whom this gold and silver currency circulated, were in the habit of stealing in detail by clipping. To prevent this, it was deposited in a common Treasury called a bank, each owner upon depositing his coin received credit for its value, which was determined by weighing. When a deposi- 10 tor wished to make a payment, he appeared at the bank and or- dered himself charged with the amount, and the person to whom the payment was made was credited with the same. This was done in the presence of a disinterested person as witness, called a notary. Such was the origin of the banks of Venice, Genoa and Amsterdam, about which so much has been said and writ- ten. These banks existed hundreds of years, but did not con- tinue to do business upon the plan first adopted. After a time they received deposits and gave receipts or certificates of de- posit. These were circulated as currency, by being endorsed from one to another. As they became worn the bank would re- new them upon presentation and surrender. These banks would give certificates for any amount required by the depositor amounting in the aggregate to the whole deposit. The people having confidence in the management of the bank, the coin wag not often called for. This was the beginning of banking upon a specie basis. It was understood that there were as many dol- lars in the bank as the certificates represented. But after a time the managers of the Bank of Amsterdam drew out and loan- ed alarge amount of deposits; still the certificates continued to circulate as before. This continued for near forty years, when upon being discovered the bank was discredited, sunk and was never revived. The public will never know all the malpractices of the managers of these banks, as they were conducted with the utmost secrecy, the managers being bound to secrecy by oath piled upon oath. It is a matter of history, that during the existence of the Bank of Genoa, the Pope was called in to re- lieve the consciences of some of the more consciencious mana- gers, once Pope Calixtus III., and again as appears from a Bullof SixtusIV, inl479. It having been demonsrtated by the managers of the Bank of Amsterdam, that a specie basis bank would do equally as good a business without the basis as with it, as long as the fact was not known, many enterprising individuals engaged in the bank- ing business in this country upon the specie basis principle; some with pretended basis and some with basis in fact, and the experience of the people of this nation has been, that soon after they got their pictures into the hands of the people, things seemingly quite unimportant in themselves would destroy the confidence of the holders and they would seek for the basis. It would then be discovered that the basis of many of the institu- tions had been stolen by the managers, they having allowed themselves to be controlled by the precedent established by the managers of the Bank of Amsterdam; these managers being se- cured from punishment in consequence of the special privi- leges, granted to them by the banking law, reclined at their ease and let the unfortunate holders of their pictorial notes suffer. If it so happened that any of these banking institutions had 11 any basis left they turned the key upon it, and set their friends to buying up their notes at the lowest figure possible. In jus- tification of such conduct they claimed it was all for the public good; that if they allowed their basis to be taken they would not be able to assist the business men of the place in which they were located. In order to overcome the propensity of the man- agers to steal the basis, resort was had to real estate as basis, an article which the law presumes cannot be stolen, but a call being made for the basis it was discovered that to divide it was impos- sible; besides it was not legal tender, and therefore not money. Now in view of this experience, and with a knowledge of its disastrous results, I submit if it is not the extreme of impudence on the part of the Chicago Tribune to propose and advocate a free or any other banking law. What is a banking law ? It is a law legalizing the practice of obtaining property by false pretence. It has been said that the rich are made richer and the poor are made poorer thereby. This, I think, is not the exact truth. I think to say, many rich are made poor and most poor are made poorer, would be more exact. Asking for a banking law can only be paralelled by the sneak thief asking for a licence. Know this, that banking law always means spe- cial privilege, and that a privilege of the few to plunder the many. To be satisfied of the truth of this you have only ta call to mind the past history of banks of issue, both in this and other countries. These special privileges have always been highly prized by a certain class of people. High prices have been paid for them, as in the case of the Bank of England. They are most prized by men who desire to possess themselves of other men's property, but lackingthe courage of the highwaymen, ask for a banking law to secure them from punishment and ren- der the business respectable. They always declare that it is the public they desire to benefit. But remember this, that it is but the language of the spider to the fly. It has been said that slavery is the sum of all villainies. Can less be said of the Banking System heretofore existing and continued in this country ? Why is slavery the sum of all vil- lainies ? Because it enables one class of men to degrade, weak- en, and make miserable another class of men by depriving them of the results of their own labor, and against their will and with- out their consent. This is exactly what the system of banks of issue does. The only difference in these two institutions is, that the black man has been the direct sufferer from the exist- ence of slavery, while the white man has been the victim of the banking system. Our late internal war, unlike most wars, in my opinion, has been a blessing rather than a curse; a fact that time will make patent to all. Why a blessing ? Because its necessities abolished slavery, and though failing to entirely de- stroy the banking system, it numbered the days it may live. These two systems still have their friends among the people, each 12 class equally desirous to restore, bring to life,and perpetuate their pet institution, and the questions now agitating the public mind, and destined to agitate it in the future, is, shall these two pet institutions both or either be restored and continue to exist in this nation. With all the discredit brought upon paper money, in conse- quence of the failure of basis, and the rascality of those who hare attempted to use it with out, its advantages are such that its use cannot be dispensed with among a civilized, enlightened- and trading people, such as the people of this nation. Therefore, whether we shall have paper money or metalic money is not an open question. But the question presented to the people by the attitude of the two Tribuues, Secretary McCulloch, and all who are decrying Greenbacks like Jay Cooke, is, who shall is- sue this money and enjoy the benefits resulting therefrom. Whether it shall be issued by banks, owned and controled by a small portion of the people, or by the Great People's Bank in which all the people are stockholders, and by whom the Bank is controlled. All this noise about paying five-twenties in gold is not because these villifiers of Greenbacks have any fears that the bonds will not be paid, but it is for the purpose of driving out and keeping out of circulation Greenbacks, the issues of the Great People's Bank, to make room for more NationaL Banks so-called, because they do business entirely on the People's credit. This is no new purpose. They have had the thing in view for nearly five years. Hugh McCulloch, now Secretary of the Treasury, is one of the prime movers, and so long ago as July 14, 1863, while Controller of the Currency, issued a letter not designed to circulate among the People,but among bankers and the enemies of Greenbacks, in which it is directly stated that the National Bank Notes were intended to take the place of Greenbacks. His language is as follows: "The National Bank Note circulation is intended gradually to take the place of the direct issue of the Government." Mark you, he says gradual- ly. And thus gradually not with the boldness of the lion, neither with the wisdom of the serpent, but with all his wrig- gling and crawling movements, has he and his coadjutors been approaching their object. We all well remember the per- tinacious efforts of this Hugh McCulloch to take out of circula- tion Greenbacks, continued for nearly two years, filling the whole country with fear and trembling, and paralyzing the en- tire business of the community. No despot's movements were ever more anxiously watched, being clothed with " discretion- ary" power to contract the currency of the country to the ex- tent of $48,000,000 a year by taking out of circulation that amount of Greenbacks, and retire and cancel them to make room for the circulation of National Bank Notes, in accordance with the plan predetermined upon, as appears from his official 13 letter heretofore referred to. Whence came this " discretion- ary" power? The following enactment will answer the ques- tion. An Act to amend an Act entitled " An act to Provide Ways and Means to Support the Goverment, " approved March 3, 1865 : Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemhkd. That the Act entitled an Act to provide ways and means to support the Goverment, approved March 3, 1865, shall be extended and construed to authorize the Secretary of the Treasury at his discretion to receive any Treasury notes or other obliga- tions issued under any act of Congress, whether bearing interest or not in exchange for any description of bonds authorized by the act to which this is an amendment, and also to dispose of any description of bonds authorized by this act, either in the United States or elsewhere to such an amount, in such a manner, and at such rates as he may think advisable for lawful money of the United States, or for any Treasury notes, certificates of indebtedness or certificates of deposit, or.other representatives of value which may have been issued under any act of Congress, the proceeds thereof to be used only for retiring Treasury notes, or other obligations issued under any act of Congress. But nothing herein contained shall be construed to authorize any in- crease of the public debt; provided that of United States notes not more than ten million of dollars may be retired and candied within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month. And provided further that the act to which this is an amendment, shall continue in force in all its pro- visions, except as modified by this act. Upon reading this act with a knowledge of the surrounding circumstances, many questions are suggested; among which are the following: How many members of Congress who voted for this law were aware of the intention to substitute National Bank Notes for canceled Greenbacks ? How many mem- bers of the present Congress are inside the ring, and know that is the intention of the now villifiers of Greenbacks ? And how many such there are among the Republican members now shiv- ering over the question ofpaying the 5-20s with Greenbacks,being partially paralyzed by the magnitude of the question before them ? The Constitution being but a compact among the Peo- ple is a Zawto Congress; whence then is derived the power of Con- gress to confer discretionary power upon one man in a matter of the magnitude of contracting or expending the currency of this nation ? They, Congress, being agents of the People, possessing dis- cretionary powers, upon what principle of the law of agency can they clothe any other number of persons or any one person with that power ? The following is McOulloch's letter heretofore referred to. Bjead it, and re-read it, and reflect upon it. It is as interest- ing and instructive as the private record of a band of thieves : 14 Treasury Department, Office of Controller of the Currency, Washington, July 14, 1863. Most of the questions presented to the Controller, in regard to the National Currency Act, have been answered in the forms and instruc- tions which have been sent from this office, and by letters to the interrogators. There are a few, however, that can be more convenient- ly and satisfactorily answered in this form than any other. \st Question. Is there any " reasonable doubt " of the constitutional- ity of this Act ? Answer. The constitutionality of the Act of Congress establishing in time of peace, a United States Bank, with power to locate in the States branches thereof, having been affirmatively decided by the Su- preme Court of the United States, the constitutionality of the National Currency Act is not considered to be an open question. In ordinary times the constitutionality of this Act would hardly be questioned ; but in the existing emergency of the Government, engaged as it is, in a war of gigantic proportions — with specie no longer a cir- culating medium — with a large internal revenue to be collected in the States and Territories, such a currency as is provided for in this Act, is an absolute necessity. To deny to the Govenrment, through such agen- cies as Congress might create, the power to provide a currency based upon its own resources, would be not only to deny its sovereignty, but its authority to perform properly and safely its acknowledged fiinc- tions. znd Question. What are stockholders of State Banks to gain by dis- continuing their present organizations, and organizing under the na- tional law ? Answer. The chief gain will be in a circulation of notes, which cannot long be secured through the agency of State Institutions. Legal tender notes have created a taste and prepared the way for a national bank note cir- culation. These notes, in all sections of the country, have a better credit and are in greater demand than notes of the strongest banks. Country bankers, notwithstanding the largeness of the issue, find it difficult to supply them, and are frequently under the neccessity of ordering them at considerable expense, from commercial points, to meet the demand that will not be satisfied with anything else. The preference for these notes is not chiefiy to be attributed to the fact that they are legal tender but to the fact that they are Government money, and must be good if the Government is good. I do not say that their general credit is not in a measure, owing to the fact that they are declared to be "lawful money," or that it was not necessary to make them so, to place them beyond the influences that might at the time, have been combined to depreciate them ; but I do say, that the people who control the currency, as they do the legislation of the country, prefer legal tenders to bank notes, be- cause they are Government issues, are receivable for Government dues, and must every dollar of them, be redeemed, if the Government is main- tained. The National Bank Note circulation is intended gradually to take the place of direct issues of the Government. It is not expected that it will at once, have the credit that has been attained by the " legal ten- 15 ders, " nor that the notes of the National Associations, scattered from Maine to California, will be of absolutely uniform value throughout the Union ; but it is expected that these notes, sustained by the credit and secured by the resources of the nation, receivable for all public dues, except duties upon imports, and in payment of all claims against the Government, and, in case of the failure of the banks to be redeemed at the Treasury of the United States, will challange to a greater degree, the public confidence, and possess more uniformity of value than can be attained by the issues of the best managed State institutions. I will go fur- ther than this : through the instrumentality, of Clearing-Houses, or Re- deeming-Agencies, which in due time, may become a necessary feature of the system, the notes of the National Banks, wherever situated, will be as nearly of uniform value throughout the Union as the commercial interests of the country will require. There will not be, in my judgement, for any considerable time, two systems of corporate banking (one State and the other National) in the United States ; not that there is a necessary antagonism between the two systems, but because both will not be equally acceptable to the people and equally profitable to the banker. One or the other will fully occupy the field ; and aside from the manner in which the National system is being regarded by the people, and the rapidity with which National Associations are being formed, it requires no spirit of prophe- cy to predict which of the two is destined to give way. The losses which the people have sustained by bank failures ; the inadequate pro- tection which State legislation, with rare exceptions, has given to the billholders ; the fact that the good credit of the issue of the strongest and best conduted State Banks, outside of the States or the section where they exist is not the result of public confidence in their solvency, but of the influence of bankers and money dealers, who can as easily depress that cred- it as they can sustain it, and who do not unfrequently depress or sustain it, as suits their own interests or convenience alone ; that all the credit that State Banks have at a distance from home is artificial and unreliable: all these things have given rise to a wide-spread dissatisfaction with the existing bank note circulation, and created a popular desire tor a circu- lation, of whose solvency there can be no question, and whose credit will not be at the mercy of bank note brokers. The Government of the United States is not to be overthrown by the attempted secession of the Southern States, and the war in which it is engaged. On the contrary, it will be vastly strengthened by the severe ordeal to which it is being subjected — strengthene d by the evidence, which is every day being exhibited, of its inherent power, and the conviction that is constantly spreading and deepening in the minds of the people, that their personal destinies are identified with it — strengthen- ed by the very debt it is contracting, and the evidence of value that are to based upon this debt. Banks whose issues are secured by the Government, and which are to become the financial agents of the Government, will, in my opinion ere long, be the only ones that will be tolerated by the people ; and if the banks of the older and richer States, continue, as they have done, and are now to a large extent doing, to furnish the newer and less wealthy States with a bank note circulation, they will have to do it through the agency of National Banks. In availing themselves of the National 16 Currency Act, for loaning their capital and credit to the people of the new States, they will have the satisfaction of knowing that while add- ing to their own wealth, they are strengthening the Government, and. creating a powerful influence against repudiation, by aiding in furnish- ing to the people a circulation secured by the stocks, and representing^ the unity of the nation. Aside from the matter of circulation, the National Currency Act is as favorable to bankers as the banking laws of most of the States. Should it prove to be too stringent, it is safe to expect that such amend- ments will be made to it, as will accommodate it to the reasonable re- quirements of capitalists, and the want of a great and growing na- tion. Question. Will State Banks be furnished with the national circula- tion, according to the provisions of the 63d section of the Act ? Answer. This section is a part of the law, and must be obeyed. I have hoped, however, that very few banks would claim the advantages, of it. The engrafting upon a national system of banking of a provis- ion that, to some extent, denationalizes it, was, in my opinion, a great mistake. Nor can I understand how State Banks, without the aid of State Legislation, can avail themselves of the provisions of this section, without violating their charters, or the laws under which they are in- corporated. But if enabling acts, authorizing State Banks to circulate the National Currency, have been or should be passed by the Legisla- tures of the proper States, I should still regret being compelled ta furnish this currency to institutions, over which the Government can- exercise no supervision or control. I trust that few Banks will deposit, bonds and claim circulation, under the 62nd section, but that the stock- holders of solvent banks, who desire to connect themselves with the system, will do so, by availing themselves of the privileges of the 6 1st section, or what will bebetterstill.by windingup their present State insti- tutions, and organizing new associations, independent of the old ones.. The intention of the law was to provide a national circulation through the agency of National Banks, which should be subject to Government supervision and control. Nothing would be more sure to destroy the symmetry of the system, or be more likely to bring it into disrepute, than a distribution among the banking institutions of the States, (" good bad and indifferent,")of the national currency. I must, however, obey the law, and unless prevented from doing so, by a judicial decision or an. authoritative opinion, I shall furnish circulation under the section refer- red to as soon as it can be provided. As notes will be first supplied tO' Associations, organized under the Act, it is not likely that State Banks can be supplied, to any considerable extent, before the early part of the next year. Question. Is it expected that State Banks that may become National Associations under the 6ist section of the Act will give up their pre- sent corporate names ? Answer. Before I entered upon the discharge of my duties as Con- troller of the Currency, the Secretary of the Treasury, after much consideration, had come to the conclusion, as a National Currency wa» to be provided through the instrumentality of National Banking Asso- ciations, that all such associations should have a common name. Per- sons forming associations under the act have, therefor?, been advised 17 to take the names of First, Second, Third, &c.. National Banks of the places in which they are established, according to the order of organi- zation. This rule is expected to be observed by State Banks that may be converted into National Banks, under the 6ist section of the Act, as well as by original associations. If, in their new organizations, they desire to retain in some way their former corporate names, it must be done in such manner as w's'l not interfere with the symmetry of the circulation which is to be fur- nished to them, nor render illegal their acts as National Associations. All who connect themselves with this system have a common interest in making it symmetrical and harmonious, as well as national. The reten- tion by State Banks of their present corporate names, some of them long, and differing from others only in locality, would prevent this, and interfere with the uniformity which it is desirable to maintain in the national circulation. I know with what tenacity and pride the managers of old and well- conducted banks cling to the names which their ability and integrity have done so much to make honorable; but I would suggest to them' that it will be an easy matter for them to transfer to National Institu- tions the credit which they and their predecessors have given to State Institutions : that it is not the name of a Bank, but the character of the men who conduct its affairs, and the character of its securities that give to it the confidence of the public. The Merchants Bank of Boston will not lose a particle of credit by becoming the First National Bank of Boston ; on the contrary, its cre- dit will be improved by it. Nor would the stock of the Chemical Bank ot New York be a whit the less valuable, nor would its reputation be in the slightest degree lessened, by its becoming the tenth or the fiftieth National Bank of New York. H. Mc CuLLocH, Controller. Take notice, tlils man McCuUoch, chief conspirator against Greenbacks, after saying that most questions relating to this business had been publicly answered, says: " There are a few, however, that can be more conveniently and satisfactorily an- swered in this form than in any other." Why " more conve- niently and satisfactorily?" Because it could be circulated among bankers and those opposed to Greenbacks privately. It (vas, in fact, a private circular and so designed. To the answer what stockholders in the State Banks were to gain by abandoning their organizations and organizing under the National law, he says: "The chief gain will be in a circula- tion of notes, which cannot long be secured through the agency of State institutions." "Legal tender notes (meaning Green- backs) have created a taste and prepared the way for a National Bank circulation." Very much like the reasoning of a rascally trader, who by selling a genuine article gets a run of business, and then puts a spurious one into the market. Again he says: " The preference for these notes (meaning Greenbacks) is not ehiefly to be attributed to the fact that they are ' legal tenders,' but to the fact that they are Government money, and must be 18 good if the Government is good," This being so, as it is in fact — all the defamers of Greenbacks are defaming the Gov- ernment, and therefore are enemies of their country. And again he says: " I do say, that tlie people who control the cur- rency, as they do the legislation of the country, prefer legal tenders to bank notes, because they are government issues, and are receivable for Government dues, and must, every dollar of them, be redeemed, if the Government is maintained." "The National Bank Note circulation is intended gradually to take the place of the direct issues of the Government." Thus he ad- mits the National Bank Note to be an indirect use of the Peo- ple's credit, and that Greenbacks is a direct use of the People's credit. Indirections in any kind of business are never tolerat- ed unless absolutely necessary, much less tolerable are they in the conducting of Governments. Mark the word gradually. Why gradually ? Because he knows, as he has admitted, that the People prefer Greenbacks to any and all other paper money, and to displace them it must be done moderately, gradually, and slyly, lest the People be aroused, whose power he seems to be conscious of and fears, gradually take the place of the direct issues of the Govern- ment, thus admitting an intention to cheat the People. He acknowledges the losses of the People by bank failures, and ad- mits the rascality of bankers. Again he says: "Aside from the matter of circulation (he having told the advantage to result from this) the National Currency Act is as favorable to bankers as the banking laws of most of the States. Should it prove to be too stringent, it is safe to expect that such amendments will be made to it as will accommodate it to the reasonable require- ments of capitalists and the wants of a great nation." This is equivalent to a declaration by a man (who from his connection with the Government would be likely to know) that Congress, the People's agents, will readily respond to the requirements of capitalists, and only to the necessities of the People. This should arouse the People to watchfulness, and a more rigid scru- tiny of the action of members of Congress, that they may know when and under what circumstances Congress responds to the requirements of capitalists, and only to the necessities of the People, whose agents they are. In pursuance of the plan predetermined upon, we find this man McCulloch in his report of 1866, using this language: " Second. That the Secretary be authorized, in his discretion, to sell bonds of the United State, bearing interest at a rate not exceeding six per cent., and redeemable and payable at such periods as may be conducive to the interests of the Govern- ment, for the purpose of retiring not only compound interest notes, but the United States notes" (meaning Greenb,acks.) It was in response to this request that Congress, the People's agents, conferred upon this man McCulloch the discretionary 19 powers embodied in the act heretofore referred to. Again; in his Report, of 1867, under the head of necessary measures, he uses this language : " The funding or payment of the balance of inter- >est bearing notes, and continued contraction of thepaper eurren- •cy," (meaning Greenbacks) ; still pursuing the plan of canceling the Greenbacks to make room for National Bank Notes. During this time McCulloch's co-adjutor, J. Cook, has been spewing upon the People his letters. Now I never saw this man Cook. In point of stature he may be a model, both as to size and beauty ; in dress a perfect Brumel ; and in the small talk of social gatherings a shining light. But in treating upon so im- portant a subject as the finances of this great nation, judging from his letters, he is a perfect gasbag. Take, for instance, his letter to Senator Sherman, armed with nine becauses, and when analyzed there is not a single because left. Another letter, ad- dressed to National Bank officers in Ohio, in which he argues that the National Banking law is a Bank charter, and all the organized National Banks have vested rights that the People cannot interfere with, thus showing that he knows nothing about the National Banking act. The sixty-fourth section, the last in the act, reads as follows : " Sec. 64. And be it further en- acted, That Congress may at any time amend, alter or repeal this act." Paper money is no modern invention. History in- forms us that the Chinese used it some two thousand years ago, and that it continued more or less in use for sixteen hundred years, or until 1455, since which time it is said not to have been in use, Paganism being too much for it. It arose in Europe, as heretofore stated, and has continued to be abused and cursed, all the while looking for a basis ; which it has at last found in the mutual confidence of the people of this, great Nation. If anybody doubts, let them remember that the Green- back came among us as a child born of necessity, with those attending at its birth fearing and doubting whether or not it was not their duty to strangle it at that time. Having early been adopted by the people, it grew apace — and has withstood all the assaults, and continues to flourish notwithstanding the hypo- critical and villainous attacks of its enemies ; and, to-day has nothing to fear, being enshielded by the confidence of a great, free, and united People. It is said by its enemies that foreign nations will not receive it. Neither will they receive our government. But is it any the less valuable for that ? They say it has always failed. Very likely. But it never had any such basis before. It always failed because it lacked the confidence of the People in its basis, which the Greenback now has to a degree that places it far be- yond the reach of the McCulloch's, J. Cook's, Tribunes, or any of the curs that are yelping in their train from mere sym- pathy. But say the villifiers : The Greenback is a " dishonored 20 promise to pay" a "depreciated duebill." Now, suppose I write a note promising to pay myself fifty dollars, or any other sum, all in due form, and sign it. Would it not be nonsense to say I thereby contracted a debt. Is it possible for a debt to exist when the payor and the payee are one and the same per- son? This is precisely the case of the Greenback. The People and Government being identical, one and the same. And who- ever says, insists, or argues that the Greenback is a debt, de- nies the fundamental principles, upon which our government is founded as much as Judas Iscariot denied his God, and, for a like reason, judging from their constant clamour for gold, to- wit : Their innate love of the precious. The government makes it legal tender, and, thereby makes it a dollar in the hands of any person within its jurisdiction, and that is all that can be said of a gold dollar. The Greenback is symbolic of the con- fidence of man in his fellow man, while the mere presence of gold causes man to distrust his fellow. Witness the case of the coining department of the Bank of England. Men before pass- ing in are unsuspected, but no sooner in than suspicion is ex- cited against them and they are vigilantly watched and suspect- ed and not allowed to depart without first submitting to a most rigid search. A commodity that thus destroys man's confi- dence in his fellow man, must necessarily, if present, have a contaminating influence upon society. How does the present mania on the subject of gold now existing in this country differ from the Tulip mania, excepting that one has a metallic basis, and the other had a vegitable one. The slightest variation in the price of gold is telegraphed through the country daily and sometimes many times a day. And the very first thing that meets the eye upon taking up a newspaper is the word gold and its price. Would it not be profitable for the People of this nation to cease to float upon and be carried forward by the excitement now existing in this country in relation to gold, and look back upon their experience for the last six years, and learn therefrom how perfectly unnecessary is a gold and silver currency in this nation ? But few have seen a coin during that time, yet they have prospered, and are still prospering. The writer hereof has not seen a gold coin within that time, and never desires to see another. The only necessity that now exists for coin in this nation re- sults from the legislation of Congress contracting a debt, prom- ising to pay coin for interest upon some of such debt. Aside from the demand thus created, this people have no necessity for gold coin. Let the contract be fulfilled to the letter, — nothing more. Ask yourself the question, and endeavor to think, if you can, of any thing, dugfrom the bowels of the earth, or fished from the depths of the sea, or manufactured upon the face of the earth, and which is thought to be necessary to the comfort 21 or well being of man, with the use of which, the People of this nation, can dispense with less inconvenience than with gold and silver coin, (except the necessity created by the legislation of Congress, heretofore referred to.) Then stand by the Green- back, and^ by so doing prove to the world your confidence in the stability of your government and in each other. Purify your currency by refusing to receive for your products any other currency than Greenbacks, and scrutinize the movements of your representatives in Congress, and see who and which of them, respond to the " request'^ of capitalists and only to the '''■necessities^' of the people. By capitalists, 1 do not mean all men of wealth. These men engaged in the conspiracy to fasten this National Banking sys- tem upon the country do not possess the wealth of the country in their own right, but control their own and a large amount be- longing to others, and desire to control the entire wealth of the country. This National Banking system is one of the contriv- ances by which they seek to do it. There has been no monop- oly ever attempted in this country that could compare with it in power, and the mischief it will do if successfully established among us. Look at the more than 1600 National Banks now organized and scattered throughout the country having a com- mon interest. (One of the reasons urged by McCuIloch in his letters heretofore inserted as a reason that all banks should or- ganize under this law,) and controlling not only their own capital but large amounts belonging to others. They are now controlling the action of Congress on the subject of paying 5-20*3 in coin, (not because they want them paid, but because they do not want them paid) by bringing to bear upon the peo- ple's agents the power of capital in a way highly detrimental to their interests. No class of men should allow themselves to be prejudiced against the wealthy men of the country merely be- cause they are wealthy ; but judge of them by the means used to acquire it, and the use they make of it. There are many men among us who have no wealth of their own, who are the tools with which the wealthy villains work. It is creditable to a man to acquire wealth by his industry and perseverance, when he does so without encroaching upon the rights of his fel- low man, or profiting by his weakness. Why is a gold dollar a dollar ? Is it because it weighs a .cer- tain number of grains ? Certainly not. Is it because it is gold, and weighs a certain number of grains ? No one will pretend this. Is it because it is stamped ? Certainly not. Gold bars are often weighed and stamped at the mint for customers, yet they are nothing but a commodity, like wheat or corn, sell for what they will bring in the market. If being gold, weighed and stamped does not make it a dollar. Why is it a dollar ? Because the People, through their Representatives in Congress have declared by statute, that it shall be a dollar and legal ten- 22 der. Now, have not the people, through their Representatives in Congress, declared by statute that a Greenback dollar shall be a dollar and legal tender ? Thus you see that the gold dollar and the Greenback dollar are both dollars and legal tenders — because they are declared so by act of Congress, and for no other reason. Thus they are both creatures of the law, and equal before the law. Uniformity and stability in the currency- is what is most needed and desired by the great majority of the People. It is for their interest to have it so. This is what the- bank men pretend they want. Still they talk learnedly in ad- vocacy of an elastic currency, one, as they allege, that can be contracted at seasons of the year, when not much money is. needed ; and, expanded say in the fall to move the crops. Now if this elasticity was only used for the purpose set forth, it would do but little harm. But these fellows are no more to be trusted to handle an elastic currency, than to handle the basis, of a specie basis bank. Hence an elastic currency or one tha can be contracted and expanded with facility is just what the- People do not want. The specie basis banks suited these bank men exactly. As by locking up one dollar of the basis, they virtually and in fact contracted the currency from five to ten dollars, as during a panic no one would take the bills. They not being legal tender, no one could be compelled to do so. They were not money in the eye of the law. Such a currency is not uniform, it is a mixed currency, not because part is me- tallic and part paper, but because the law does not make but part legal tender. This difference exists between Greenbacks and National Bank notes, the notes not being legal tender. You may have your pocket full of them and unless your cred- itor is willing to receive them you must get them changed into Greenbacks before you can pay your debt. A currency all of" Greenback is a currency uniform in quality. But uniformity in quantity is equally important and to have which the currency must be uniform in quality. For instance, if two currencies are in use among the people, one legal tender and the other not, we have seen with what facility the currency can be contracted. But if uniform in quality, that is, all legal tender, by locking up one dollar the currency can be contracted but one dollar. While thus locked up the owner is losing the interest and will not be likely to keep it imprisoned long. But say the villifiers of Greenbacks we oppose Greenbacks for fear of an undue expansion of the currency. There being two parties in the country the candidates when running for of- fice who will promise the People to vote to issue most Green- backs will be elected, and the consequence will be that, so many of them will be issued that they will become worthless. This sounds badly when coming from the mouths of men who profess to recognize the fact that the People are the rulers of this nation. It is a declaration of distrust of the competency 23 of the People to govern themselves. It is an unwarranted dis- trust, and a libel upon the People, and manifests a very great ignorance of the condition of things, as they have existed since the formation of this government, and still exist. We have seen that a dollar is a dollar, not because it is made of any particular substance, neither because it contains any particular amount of such substance or is of any particular color, but because the People, through their Representatives in Congress, declare it to be a dollar and make it so in the hands of any person within their jurisdiction by declaring it to be legal tender and lawful money. The Chicago Tribune says that a dollar is 23 1-4 grains of gold. Now, suppose the People to be as big fools as they rep- resent them to be, what is to hinder them, and what has there ever been since the formation of the government to hinder them from saying that we will vote for the man who will make the most dollars out of one by recoining the gold and silver cur- rency, say make ten of one, or twenty-three and a quarter of one, for the government has the power to declare one grain a dollar as much as the power to declare 23 1-4 grains a dollar. Hence we see the People have always had the power to expand the currency in the manner these villifiers of the Greenback say they will if allowed to issue Greenbacks. Have they abused it ? No one pretends they have done so, and whoever uses such argument, while pretending to respect the fundamen- tal principle upon which this government is founded and profes- sing to recognize the People as the government, proves himself either hypocritical or ignoi'ant. This power to expand or con- tract the currency exists and must be exercised by all the Peo- ple or by some portion of the People. Now is it less likely to be abused when in the hands of a few men, or in the hands of one man, (as in the case of McCulloch while trying to haul in the Greenbacks to make room for National Bank notes,} than in the hands of the whole People ? The exact truth is that these villifiers of the Greenbacks and distrusters of the People, de- sire to possess the power of contracting and expanding the cur- rency themselves. And the time is coming, and now is, that the People will tolerate no more halting and doubting by their Representatives in Congress upon this subject, making objec- tions based upon the presumed incompetency of the People to govern themselves. Stand by the Greenback. It is an issue of the Great People's Bank, in which all the people are stock- holders and have an equal voice in its control. No man, how- ever wealthy, can have but one vote, and the poorest man can have as much. But, say these vilifiers of the Greenback, gold and silver were considered wealth and used as money at an early day, and have continued to be so considered. Well, what of it? So was slavery a patriarchal institution. We are informed that men 24 Avere bought for money and that when Abram was sent out of Egypt under a cloud for telling that Sarai was his sister, which was true, but suppressing the fact that she was his wife, also, from sheer cowardice that he was "very rich in cattle, in silver and in gold." The love of gold and its use as money continued, as also did the love and practice of slavery. History informs us that Jeroboam being of low estate was elevated to be ruler over a large portion of the children of Israel, and that in order to se- duce them from the worship of the true God, erected molten images and taking advantage of the inordinate love of gold that existed among the children of Israel and which still continues among them, "he made the images of gold, calling them gold- en calves," he set the one in Bethel and the other put he in Dan, and thereby succeeded in turning the people from the worship of the true God. That this love continued unabated, we have evidence in the case of Judas Iscariot, who betrayed his God for a /ew pieces of silver, and who upon the second sober thought became conscious of the enormity of his crime and went and hanged himself. That this ungodly love of gold continues to exist among men at the present time is evidenced by the constant clamour for gold by the villifiers of the Green- backs, constantly pointing to the practises of the patriarchs as a precedent to be followed by the civilized and enlightened People of this Nation. So too have the advocates of slavery pointed to the patriarchal practice of selling men as a precedent to be fol- lowed. Now, what manner of men were these old patriarchs ? H. Ward Beacher who knows as much about it as any other man, says in his sermon of the 9th February, that they were "great gawky, awkward creatures." "That they were the fathers of equally gawky, awkward creatures," each of whom was born, cried, procreated, lived a long time and died. In short, that they were mere longevity and cadaver. This being so, is it wonderful that slavery and the love of gold should have originated and continued among them, and that they should have made wives of their sisters ? No man who believes that man is a progressive being, should ever point to Patriarchal practices or institutions as precedents of which men at the present day should take the least notice. Though precedent is sometimes profitable as a guide, as a ruler it is ruin. I can hardly see how any man who has read the Republican papers for the last six months, and noticed the fact that some of them rale and rave about Greenbacks, while others say nothing in their favor, can fail to conclude that it is for a con- sideration. For there is nothing visible that will satisfctorily ac- count for the phenomena. The following from the New York Tribune (weekly) March 25, 1862, shows the false and hypo- critical character of that sheet : 25 THE GREENBACK DODGE. As the conspirators to swindle the National creditors by the device of paying the Five-Twenty bonds in Greenbacks profess to be in favor of paying these and alt other bonds " according to law, " we invite their attention to those portions of the original Legal Tender act (Feb. 25, i86z) which provided that said Legal Tender notes, being limited to $150,000,000 in amount, shall be Legal Tender and lawful money, shall be exchangeable at the will of the holder into Five-Twenty bonds &c., &c., and adds : " Sec. 5. And he it further enacted. That all duties on imported goods shall be paid in coin, or in notes payable on demand, therefor author- ized to be issued and by law receivable in payment of public dues; and the coin so paid shall be set apart as a special fund, and shall be applied as follows . First : To the payment in coin of the interest on the bonds and notes of the United States. Second: To the purchase or payment of one per centum of the entire debt of the United States, to be made within each fiscal year after the first day of July, eighteen hundred and sixty-two, which .is to be set apart as a sinking fund, and the inter- est of which shall in like manner, be applied to the purchase or pay- ment of the public debt as the Secretary of the Treasury shall from dme to time direct. Third: The residue thereof to be paid into the Treastry of the United States. If the dodgers are ready to obey and enforce these provisions, which have never been repealed or modified, there will be little left •worth quarreling for. Let " all duties on imported goods be paid in coin, and let that coin be appropriated, first to "the payment in coin of the interest on the stocks and bonds of the United States, " and next to the purchase or payment of one per centum per annum of the entire Debt of the United States " — all the Debt so purchased or paid being held in the Treasury and the interest accruing thereon also applied to the purchase or payment of the Debt — and we shall very soon have return to Specie Payments. Will they do it ? And, if not, what cloak of sophistry can be large enough to hide their villiany ? The Tribune says that they (Greenbacks) sjhall be exchanged at the will of the holder into Five-Twenty bonds, &c.,