188 Wisconsin State Agricultural Society. 
I 
A fternoon Session. 
Joint meeting of the Academy of Arts and Sciences, and the Ag¬ 
ricultural Convention were called to order by Dr. J. W. Hoyt, 
president of the academy, for the purpose of listening to the cur¬ 
rency papers of E. H. Benton, Dr. Geo. M. Steele, and Mr. Leland. 
OUR AGRICULTURAL “ RAG-BABY.” 
BY E. H. BENTON, LE ROY. 
Objects alike. —Both the “ specie resumptionist ” and the green¬ 
back-men, seek to bring the currency of the country to par with 
gold; but their methods are dissimilar, and when the end is reached 
the effects will be very divergent; one will be stable and constant, 
the other unstable and fluctuating. 
Common observations. —It is often observed, that it is unwise and 
inexpedient to find fault or to tear down, unless you can show a 
better way, or build better, and demonstrate usefulness by actual use. 
Plan of proceeding. —Therefore, after showing that a “gold-ba¬ 
sis currency ” is essentially vicious, both in its structure and work¬ 
ing, and that it has always been used as an agency to plunder la¬ 
bor, and at times to strangle production, we will discuss and un¬ 
fold the beneficent workings of our agricultural “rag-baby,” or 
the “new monetary system.” 
The principles of the new system proven sound. —While we call 
our system of currency “ new,” yet in fact every essential feature of it 
has been demonstrated as practicable and sound by experience at 
various times and under various circumstances, so that the struc¬ 
ture we propose to erect, from foundation to cap-stone, has had all its 
material thoroughly tested. 
Advocated by bullionists. —Again, some of the straitest of the sect 
of bullionists have at various times advocated precisely the same 
principles as inherent in any sound currency, whether of coin or 
coin and paper, i. e. convertability, elasticity, etc. 
A difference between being “at par ” and a gold, base. —Let it be ob¬ 
served that there is a broad distinction between currency having a 
“gold basis” and being at “par with gold.” A correct currency is nev- 
below par. While we seldom see a“ gold-basis ” currency at par, a 
complete legal-tender currency is never below par, and often is at a 
