132 Wisconsin - State Agricultural Society. 
ers, and when capable of enduring it, is inflated into another finan¬ 
cial fever, followed by another chill, and another sweat, and so on 
running through the same course of disease during each decade. 
We, who favor the issue of the circulating medium by govern¬ 
ment direct are accused of being inflationists; we are, on the con¬ 
trary, anti-inflationists; we are opposed to this system of alternate 
inflation and contraction, and propose to put an end to the recur¬ 
rence of these financial chilis and fevers by removing the cause in 
the issue of the circulating medium, by those whose profit arises 
from inflation, and providing for the issue of circulating notes by 
the United States government. We favor a system under which 
government debt, not corporate debt, shall be represented in the cir¬ 
culating medium; and we propose to take away from the issuer, not 
only the temptation, but the power to force currency into circula¬ 
tion. 
1. It is proposed to make the circulating currency of the country 
consist wholly of United States notes. 
2. It is proposed to make those circulating notes redeemable on 
demand at convenient places in all the States, at the pleasure of 
the holder, in United States interest-bearing obligations. 
3. It is proposed to so fix the interest rate of the obligation in 
which the United States notes are redeemable, as to make those ob¬ 
ligations, and consequently the circulating notes equivalent in ex¬ 
changeable value to coin, and it is believed that interest at the rate 
of three per cent., payable in coin or in fundable United States 
notes, at the option of the holders of the certificates, is high enough 
to secure this exchangeable value. 
4. It is proposed to make these interest-bearing obligations re¬ 
exchangeable at par for United States notes at the pleasure of the 
holder at the place of issue, and to have the daily expansion and 
contraction at each sub-treasury or depository in the United States 
telegraphed every night to the treasury at Washington, and then 
furnished each night to the associated press agent, that we may 
read in our morning papers the financial reports as we now read 
the weather reports, and with corresponding usefulness. 
5. It is proposed to prevent any disturbance of the currency by the 
action of the treasury officials, by separating the currency depart¬ 
ment from those departments of the United States Treasury that 
receive and disburse the revenues of the United States. 
