Annual Report of the 
424 
Government has to-day nothing to show for it, while the people 
have been unnecessarily burdened. 
The greatest folly of our government was issuing gold bonds 
while our currency was paper. Gold attracted the trade of Europe 
and so developed her industry and supported her laborers. If our 
bonds had been payable in paper only, their issue would have devel¬ 
oped our industry, supported our working-men and helped us bear 
the expenses of our war. 
Unless it can be proved that gold is absolutely necessary as a basis 
for the currency, every attempt to maks it so, to attract it and keep 
it in the country, unnessarily raises its price and that of all other 
goods in consequence; and is a useless burden on the world’s labor. 
If it be possible to arrange a safe, currency without gold, it is the first 
and highest duty of political economy to find out the way. Even Ri¬ 
cardo, the high priest of the bullionists, the father of the present 
British system, allows this. He says: 
“ A regulated paper currency is so great an improvement in com¬ 
merce that I should greatly regret if prejudice should induce us to 
return to a S3 T stem of less utility. The introduction of the precious 
metals, for the purposes of money, may with truth be considered as 
one of the most important steps toward the improvement of com¬ 
merce and the arts of civilized life. But it is no less true that, with 
the advancement of knowledge and science, we discover that it 
would be another improvement to banish them again from the employ¬ 
ment to which, during the less enlightened period, they had been so 
advantageously applied.” 
The plan I have to offer has no claim to originality. Increas¬ 
ing thousands have already urged almost every item of it. No man 
studies this subject without feeling his obligations to Mr. Kellogg. 
So much, gentlemen who doubted some of his propositions must al¬ 
low me to say. 
Let me take my first item from the bullionists, [ Bowen. Bowlby, 
Wilson, John Earl Williams, and many others.] 
1st. Take from national banks all right to issue bills and oblige 
them to return what bills they have within a reasonable time. 
To this I add, receive the present greenbacks at first for one-half 
of all debts due the government, and, in time, for all debts so due. 
This course would put greenbacks on a par with gold very soon. 
It would secure the government enough gold to meet its obliga- 
