426 
Annual Report of the 
3d. Perhaps not at first, but as soon as it seems best, allow land¬ 
holders the same privileges as bond-holders. Let them borrow one- 
half of the value of their improved land in greenbacks at the same 
rate of interest; the value set on the land to be the average of what 
it has been appraised for taxes during the last ten years; the interest 
to be discounted at the time of the loan. 
Of course I know all the cheap and easy sarcasm of the press. 
But paper pellets never killed anything. I know, too, the words 
you are ready to fling at me,—“John Law’s bank,” and French 
assignats. 
But the world can now actually do many things sanguine John Law 
never even dreamed of proposing. And that this stable, law-abiding 
and settled nation must not attempt a certain thing one way because 
revolutionary France—a maniac standing on a volcano—failed when 
she tried it in another way, seems to me anything but logic. Even 
Bowen allows, quoting Laing, “that every country has a political 
economy of its own, suited to its physical circumstances and to the 
character, habits, and institutions of its people.” 
4th. Allow these borrowers to return such greenbacks at any time 
and have their land or bonds released to them. Any other holder of 
greenbacks to be allowed to surrender them and have in their stead 
a national bond bearing the same interest before mentioned. The 
principal of such bonds to be paid in gold, say thirty, fifty, or a 
hundred years hence. 
This interchangeability of notes and bonds was a method origin¬ 
ally suggested by Edward Kellogg, of New York. It has been since 
approved by Spinner, Carey, Williams, Greeley, a score of bank 
presidents, and many Bullionists. The method closely resembles 
the British Ex-chequer Bills, which the trial of a century has ap¬ 
proved. 
This convertibility has been well called by Mr. Williams “a ma¬ 
chine acting automatically, taking up or letting out currency, ac¬ 
cording to supply and demand.” It has been correctly styled by 
Groom “a subtle principle that will regulate the movements of fi¬ 
nance and commerce as accurately as the motion of the steam en¬ 
gine is regulated by its governor.” 
5th. These new greenbacks should read simply, “The Unit-ed 
States of America. One dollar. Or, “The United States of Amer¬ 
ica promise to pay—dollars in bonds,” etc.., etc. 
