!WHOLE NO. 681 
FOR THE WEEK ENDING SATURDAY, JANUARY 31, 1863 
the further security of the promise of these bank¬ 
ing institutions to keep on hand 25 per cent of 
their circulation in coin, with which to redeem 
it. This system proposes to fund all the govern- 
, and to 
to the banks established under it the exclu- 
monopoly of the currency, with power to 
MOOEE’S ETJEAL NEW-YORKER, 
AJf ORIGINAL VTKKK1Y 
RURAL, LITERARY AND FAMILY NBWSPAFER. 
CONDUCTED BY D. D. T. MOORE, 
With a Corps of Able Assistants and Contributors. 
C. I*. KKAGDOK, Western Corresponding Editor. 
moot indebtedness in 20 -year bonds, bearing 
7 3-10 per cent, interest, payable in coin, 
give t- 
sivc ] , , 
expand and contract at will; to regulate the rate 
of interest on capital; encourage or prostrate 
every other interest, as may best suit their own 
views and ends, without any regard to the inter¬ 
ests of the government or the people. 
THE AMERICAN SYSTEM OF FINANCE. 
The plan sot forth in the Memorial to Congress, 
referred to, and which Congress is asked to 
adopt, is briefly this:—The issue of legal tender 
treasury notes, without interest, made legally 
equal to coin, in denominations to meet all the 
wants of business interests, receivable for all 
government dues, (duties on imports included,) 
and convertible, at the option of the govern¬ 
ment, into stocks bearing three per cent-interest, 
payable in lawful money of the United States. 
WHAT RATE OF INTEREST SHOULD WE l’AV ’ 
Labor being the wealth-producing power of 
the nation, it follows that government should not 
pay or establish a rate ol interest greater than 
the increase in population. This tor the past ton 
years was 3 G5-100 per cent, per annum. It 
The RmAl, New-YORKER is designed to be unsurpassed 
in Value, Purity and Variety of Contents, and unique and 
beautiful in Appearance. ltd Conductor dfevotes bis per¬ 
sonal attention to the supervision of its various depart¬ 
ments, and earnestly labors to render the Rural an 
eminently Reliable Guide on all the important Practical, 
Scientific and other Subjects intimately connected with 
the business of those whose interests it Malonsly advo- 
t3T For Terms and other particulars, see last page. 
“Straw yards are abominations into which no 
feeling man should thrust the horse he prizes; 
and no feeling man should long possess a horse 
without esteeming it. The docility is so com¬ 
plete, tho obedience so entire, and the intelli¬ 
gence so acute, that it is hard to suppose a mor¬ 
tal possessing a creature thus endowed, without 
something more than a sheer regard for property 
growing up between the master and the servant. 
Every amiable sentiment is appealed to by the 
absolute trustfulness of the quadruped. H ap¬ 
pears to give itself, without reservation, to the 
man who becomes its proprietor. Though gre¬ 
garious in its nature, yet at the owner’s will, it 
lives alone. It, eats according to human pleasure, 
and it even grows to love imprisonment, under 
which it is doomed to exist- Cruelty cannot in¬ 
terfere with its content. Brutality may maim its 
body and wear out its life; but as its death ap¬ 
proaches, it faces the knacker with the same 
trustfulness which induced it, when in its prime, 
to yield up every attribute of existence to gain 
the torture and abuse of an ungrateful world. 
‘•Liberal feed, clean lodging, soft- bed, healthy 
exercise, and good grooming compose the only 
medicine imperative for the cure of hide-bound.” 
WESTERN EDITORIAL NOTES 
to every djsiutor© 8 icu iiuim. 
HOW TO PUT IT IX (MRU ELATION. 
When the government wants a hundred mil¬ 
lion of dollars, let the government stocks, bear¬ 
ing three per cent, bo off*"red in market If 
they are not taken at jfor, then issue one hun¬ 
dred million of dollars in legal tender treasury 
notes. When a further amount is wanted, lot 
Oie stocks be again offered. If they ai'£ not 
taken at par, let a further amount of treasury 
notes be issued. Continue in this way until a 
sufficient amount of treasury notes has been 
issued for circulation; then these three per cent, 
stocks will be taken at par. 
It should be remembered that three per cent, 
stocks are not taxed, which makes a difference of 
over one per cent in favor of this kind ot an 
investment. With a sufficient tax levied to meet 
the interost promptly, this plan cannot fail to 
work well. 
When tho point is reached at, which the stocks 
are taken at par, the amount of treasury notes 
out should be retained in circulation. This will 
give a uniform volume ol currency to the coun¬ 
try at all times, and of uniform value. 
wHAT AMOUNT OF CURRENCY IS NEEDED? 
nation are to its subjects? Yet Mr. (Juasb pro¬ 
poses to sell a 7 3 -lU per cent, stock with twenty 
years to run, at par, which is less than half the 
value of th<> English securities. The English 
Consol is a three per cent stock, and is usually 
worth from 1)2 to 94 cents on the dollar. A three 
per cent, stock having twenty years to ran, sold 
at 44 per cent, on the dollar, is equal to a 7 3-10 
stock sold at par. This keeping our stock at par 
by increasing the rate of interest, is as foolish as 
for a child to shut its eyes, hoping to conceal 
itself from the view of others. 
But the bankers, usurers, and tho newspapers 
in their interest, tel 1 us we are young and poor, 
and cannot get the money unless we pay these 
bankrupt rates of interest- Is it not true that 
our poverty should be the best reason in the 
world why we cannot and should not pay thesis 
high rates of interest? If wo are poor and hon¬ 
est we should not indulge in such expensive 
luxuries. But it is not true that, as a nation, we 
are poor. We have the means of maintaining 
an army and prosecuting an expensive war in 
our own territory longer than any other nation 
I on the globe could endure it 
OBJECTIONS TO MR. CHASE’S SYSTEM. 
snow or 
operations of tho system at the end of that time. 
By the system of banking on the Government 
bonds, bearing 7 3-10 per cent- the account would 
stand tints: 
$1.750.000 000, with interest, compounded 
annually thereon for twenty years.. $7,169,407,301 
Add 10 per cent, for collecting and disburs¬ 
ing tho same, including losses, peculations, 
proposes to fund the whole amount ol this debt 
in twenty-year bonds, bearing 7 3-10 per cent-, 
payable in coin. The annual cost under the 
Operation of this system will be as follows: 
\NNUAI, cost of chase’s system. 
1,760,000,000 at 7 3 per cent. $127,760,000 
Add cost or collecting and disbursing, in¬ 
cluding losses. peculations, &o., estimated 
at 10 per cent, . — ----- 12.775.000 
Add loss in exchange, owing to want of uni 
forniity in the value of the currency fur 
uished by the banks, estimated at 2 per 
and loss by extraordinary 
&c., on currency turmslicd by the nanus, 
estimated at 4 per cent., or $30.000.000 an 
nually, witli interest compounded thereon 
for twenty years- 1.229,964.612 
Total cost to the weaitji producing classes by 
this scheme at the end of 20 years. $9,105,367,610 
TWENTY YEAR'S FIGURES BY THE TRUE SYSTEM. 
By the true American system of finance, or 
cent, per annum, 
depreciations and by bank failures, esti¬ 
mated at. 2 per eont. on the whole currency 
_equal to 4 per cent, per annum on $750.- 
000.000 . . . 30.000.000 
Total annual cost to tax payers ... .. $170,626,000 
ANNUAL COST OF THE TRUE AMERICAN SYSTEM. 
Seven hundred and fifty million of dollars, will 
circulate as currency, and bear no interest, leav¬ 
ing one thousand million of dollars bearing 3 
per cent, interest. 
$1.000.000.000 at 3 per cent. $30,000,000 
Add 10 per cent, for collecting and disburs- 
including losses, pecula- 
Add 10 per cent for collecting and amours 
inn the same, including peculations, losses, 
- . 180.611.100 
To redeem the treasury notes in circulation 
at the end of 20 years- 750 000 000 
Total cost to the wealth producing classes at ^ 
the end of 20 years, by this system, *2. ,. 16 . 722.100 
Difference in favor of this system against that of 
banking on tho Government stocks, at the end o 
tweuty years — Six thousand, three hundred and 
sixty-eight million , six hundred and forty -/toe 
thousand, Jive hundred and ten dollars, or an 
average annual saving to the tax-payers, of three 
hundred and eighteen million, jour hundred and 
thirty-two thousand, (wo hundred and seventy-jive 
dollars. 
All this without taking into tho account the 
losses suffered by the Industrial interests from the 
increase m the rate and the expansions and con¬ 
tractions of currency, which, if added will make 
the amount fabulous. 
1 have given thus much space and time to this 
I believe these are times when 
limited expansion of tho currency, at the same 
time enabling them to provide for a sudden col¬ 
lapse and depreciation when it shall suit their 
purposes to speculate upon it, and plunder the 
producing classes. 
3. That it advances the rates of interest on 
capital at least. 4 3-10 per cent, above what it 
ought to be — thus plundering the wealth-pro¬ 
ducing classes of about §172,000,000, assuming 
that there is 4,000,000,000 ol'dollars let on usance 
to these classes. 
4. That we depreciate our own government 
stocks below the market value of those of any 
other first class natioD, by paying this outrageous 
rate of interest 
5 . That the currency of the country will neither 
be uniform in value—which is most needed—nor 
in volume at all times. That it will be subject 
to such fluctuations as stock brokers may choose 
to create. 
G. That it will periodically depreciate the 
value of the property of the whole nation, by 
I means of these fluctuations. 
Ing the same, 
thins, &c:. 
Total annual n-ost to tax payers . . f33.Utlo.uoo 
Total annual cost by Chase’s free banking 
system ....-. 
Annual saving to tax payers by the adoption 
of the true American system over the free 
banking system. $137,525,000 
To which may properly be added loss to pro¬ 
ducing classes by increase in rate of inter¬ 
est ott capital 173.000.000 
Also loss caused by expansions and contrac¬ 
tions of currency.. .. --$240,000,000 
Total.. $649,625,000 
All of which would be saved by the adoption of 
the memorial. This 
it from the time of payment. It is the interest 
on this debt the nation is contracting, in which 
the present generation is more Interested than in 
the principal; for it is the amount of interest we 
pay which is to determine the burthen of taxa¬ 
tion we are to bear. 
Let us look at this a moment. Does it not 
make some difference to us whether we pay 3 
per cent per annum or a portion of the whole of 
the public debt, or whether we pay 7 3-10 per 
cent? 1 will try to show the extent of this dif¬ 
ference—to show in what sort of an array ol 
figures it will end. 
SECRETARY CHASE’S SFSTEM OF FINANCE. 
The Secretary of the Treasury recommends a 
free banking By stem in all the States and Terri¬ 
tories, the issues of which are to be secured by 
government stocks, bearing 7 3-10 per cent, ami 
this system recommended in 
bonus to bankers and usurers, annually, is equal 
to a tax of §27.50-100 on each man, woman, aud 
child in the now loyal States. 
TWENTY year’s FIGURES BY OUASE’S SYSTEM. 
It is proposed to issue the Government bonds 
running twenty years. Let us see the result ol 
Secretary Chase estimates the amount ot gov¬ 
ernment indebtedness oil the first of July, 1SG4, 
at one thousand seven hundred and fifty millions 
of dollars. For the purposes of comparison, it 
will he proper to assume his estimate as the cor¬ 
rect amount of the national debt His scheme 
matter, because 
