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Senator Schurz's "financial" Scheme

Senator Schurz's "financial" Scheme image
Parent Issue
Public Domain
OCR Text

jfttfltfltttt JtfltS In the Seuate, on Monday, benator Schurz offered the following substituto for the pending bill inflating hoth the greenback and national bank ourrency. As a bit of, is worthy of preservation in every scrap-book : And the Secretary of the Treasury is hereby directed, in putting into circulation the full maximum aniount of 2400,000,000 United States notes, to take such measures as will net fail to prevent any additional issue of such notes from falling into the hands of the speculators and stock gamblers of the country, and also from remaining in the Eastern States, but he will causo the additional issue of legal tender currency to be fairly and impartially distributed among the péople of the west and south, aud when any conimunity in the West or South dcsire to start a bank the Secretary of the Treasury will furnish them an ampie supply of.United States bonds on which they may obtain their national bank currency ; and the Secretary is iurther directed to see to see too it that the currency be not depreeiated by expansión, but that it be elastic in volume and strictly stable in nature ; or, if that cannot be accomplished, he will so judiciously arrange the depreciation of the currency that the debtors of the country shall be relieved of as large as possible a part of their burdens, while the creditors shall not suffer any loss but the Secretary will take care that among the debtors so benefited shall not be thoso who by overtrading and reckless speculation involved themselves in heavy liabilities, and who now desire to pay a less value than they owe. The Secretary of the Treasury will take especial care that laboring men and men of small means, to whom trust companies, savings banks, national and State banks, and uniployers owe over $1,000 in deposita and unpaid wages do not suffer any loss in value of such due them, and that the J50,000 maimed soldiers and sailors, and widows and orphans who receive $30,000,000 pensions annually, be not robbed of any part of the value of such . pensions by such depreciation of the currenoy, and the Secretary is further directed to inquire on the first day of each month whether there is an equal distribution per capita of currency between England, Trance and the United States, and also the different States and Territorios of this Union, and whether a cilizon of the United States can get his notes discounted at a conoonveniently low rate of interest, and if he finds that such is not the case, tho Secretary of the Treasury is hereby authorized to make further addition to the currency till the circulation per capita, as above, is fairly equalized, and until evcry citizen of the United States can get his notes discounted at such rates of interest as he desires ; and the Secretary 'of the Treasury will steadily continue such addition to the currency till every citizen of of the United States has enough and till the country is entirely relieved of its present public debt, and of any further necessity of borrowing money abroad for tho construction of railroads and other public improvements, so that all interest now paid may be kept at home, and when this is accomplished the Secretary of the Treasury shall resume specie payment without any shock to the businpss of the country. [Laughter.]


Old News
Michigan Argus