Wisconsin State Agricultural Society. 
425 
tions until that happened. If, in the interval, there should be any 
slight deficiency, we could afford to buy gold. The gain from 
other parts of the plan would abundantly cover such expense. 
I know the nation’s pledge to its creditors touching this revenue, 
to be claimed in gold. We must arrange with them to have this 
contract altered. The gain to us is worth the effort and cost. 
2d. Allow any person to do what banks are now allowed to do— 
that is, deposit national bonds and receive from the nation greenbacks 
in exchange; with this difference, however, that such depositor shall 
receive the full amount of the bond, and pay for the use of such 
greenbacks three or four (3 or 4) per cent, per annum, whichever 
rate is thought best. Why should not an individual be allowed to 
borrow greenbacks on a bond as well as banks be allowed to do so? 
Why should either of them be allowed this privilege without pay¬ 
ing for it? Even Mr. Secretary Chase, in his report of 1861, doubt¬ 
ed the rightfulness of this enormous u loan to banks without inter¬ 
est. ” By it the people lose more than fifteen millions annually. 
In my opinion, our present system is a one-sided device—not to 
say, trick— by which capital gets uniform advantage over business 
and labor. Capitalist journals clamor about u inflation,” and im¬ 
periously demand contraction. They frighten men to death with 
pictures of ruin if the present currency, (i. e., 800 million green¬ 
backs) is allowed to exist. At the same time, capital adds to or 
takes from this bank-bill currency 1000 millions of dollars at its 
ow r n mere will and pleasure. The New York clearing house uses 
checks to the amount of 100 millions a day —a currency they create 
without asking any one’s leave. Further, by a system of balances, 
they make less than four dollars do the work of 100 dollars; that 
is, as isolated men need to use dollars. Mr. Baird’s argument on this 
point has never been answered. Our present system is only a tool 
of capitalists, and acts in their hands on the familiar principle of 
u heads I win, tails you lose.” They can inflate, they can contract, 
as suits their interest. Business waits until they allow Congress to 
legislate some scanty morsel of relief. 
I make no complaint, therefore, that we have not currency enough, 
such as it is. My complaint is, that a money clique, interested in 
high rates of interest, makes and unmakes, lessens or enlarges our 
currency as it pleases. I want the business men of the nation to 
hold this helm. 
