m 
Annual Report of the 
Then why have any commercial value or specie basis in our 
currency? A legal value alone is much better. Then the curren¬ 
cy could not be controlled by commercial uncertainty, nor the 
bottom, or basis, knocked out by the process of hoarding. A pure¬ 
ly legal basis, resting upon the faith and credit of forty millions of 
honorable and virtuous people, possessed of thirty billions of 
material wealth, ought to be basis enough. It is basis enough. 
It has been so regarded by American citizens for the last twelve or 
more years, and in less than that time hereafter will be so regarded by 
the balance of mankind. Greenback currency then is good enough. 
With the inter-convertible provision it would be perfect. It would 
be cheap, reliable, elastic—abundant without redundancy—con¬ 
tracting and expanding to measure the volume of exchangeable 
values. 
What is demanded, then, by the producing interest, is to “retire 
all national bank, state, city, or other currency or scrip used as 
such. To issue a paper currency which shall be a legal tender for all 
dues, both public and private, except such as have been made pay¬ 
able in gold by the express terms of the law contracting said debts. 
To make this issue directly to the people without any interven¬ 
tion of any banking system whatever. To enable each and every 
holder of ICO, 200, 300, or any number of even hundreds of dollars 
of this currency, to a United States registered bond, for an equal 
amount, bearing a rate of interest not to exceed 3.65 per cent, per 
annum, said interest payable annually, or at the redemption of said 
bond, and said bond being reconvertible at the option of the holder, 
to be taxable by state and municipal authority, the same as other 
property.” 
This would work speedy relief from our burdens growing out of 
the state of the currency, largely including that of exorbitant in¬ 
terest. And as means, in demanding and exacting the adoption of 
this measure, we still have left to us, the right of petition, the right 
of free thought, free speech, and the omnipotent consideration of 
numbers as expressed in the unified force of organized purpose. 
But how and when shall we organize? At once and in any way 
that will secure united, determined and persevering action. Orga¬ 
nize in the club, the grange, the council, but organize in some 
way, and allow no distrust, or difference of opinion in regard to 
