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Wisconsin - State Agricultural Society. 
currency money. No distinction in any kind or degree in legal- 
tender power, or exchange power. No legislative act fixing an ar¬ 
bitrary or artificial limit to the amount to be used by the people of 
either kind of money, that being left to the laws of trade, or the 
needs of the public. 
Each kind of money shall have equal privilege of being convert¬ 
ed into any bond of the United States, bearing interest not to ex¬ 
ceed 3.65 per cent., and the government shall at all times buy such 
bonds when offered and shall pay at its option either kind of money, 
coin or currency. 
Each description of money shall be emitted in such denomina¬ 
tions as the convenience of the public may require. 
The government shall make all the bonds necessary to meet the 
demands of this requirement, with interest payable in either coin 
or currency at its option, semi-annually, and such bonds shall be 
in denominations suitable to meet the need of the public, from ten 
dollars and upward. 
The government shall emit such currency by paying it out for 
all its expenses, (except where gold is required by the express terms 
of the bond,) and by paying olf as fast as possible and consistent 
with the public credit, all its matured bonds or other forms of in¬ 
debtedness, at the same time retiring and destroying all other forms 
of currency as rapidly as possible and consistent with the public 
good. 
The impress, or advertisement, on both kinds of money shall be 
the same identically, and the unit of denomination the same; and 
neither shall ever be made redeemable in the other. 
Any bonds issued by the government in pursuance of the fore¬ 
going requirements, in other ownership than the government, may 
be subject to any form of taxation to which other taxable property 
or moneys is subject, not to exceed per annum the maximum of one- 
half of one per centum, aggregate. 
We now enquire into the practical working of a monetary sys¬ 
tem embodying in substance the foregoing propositions. 
It is evident from the very outset that no suspension or panic 
could possibly occur under such a system, there being no credit or 
base to be impaired or to prove baseless; seeing that both kinds of 
the circulating medium or money is the money itself , and not a re¬ 
presentative of it, or a promise of it. 
