State Convention—Interconvertible Notes. 221 
be a simple test that can be understood and applied by the most 
untaught capacity—by the holder of the smallest note. If it be 
redeemed, that is a test, and the only test of its worth, as it is the 
only safeguard against over-issue and consequent depreciation. 
It is often said that any pretense of redemption in gold and silver 
is a delusion, or something worse. Mr Secretary Field denounces 
it as “ a base deceit, a fraud, and a lie, while three to ten times the 
amount of paper is issued, to one of gold with which to redeem 
the same.” Mr. Allis says it is “contrary to the laws of God and 
truth, and a fraud upon its face;” and quotations might be multi¬ 
plied to show the strong language used upon this point. Mr. Allis 
cites a few facts to substantiate this assertion, as follows: After 
stating the amount of gold in the world to be five thousand million 
of dollars, he says: “The total amount of indebtedness of the 
principal nations of the earth is at the present time about twenty- 
seven thousand millions of dollars, all payable in gold; or over five 
times the amount of gold in the world! Suppose for a moment 
that the owners of the five thousand millions of loanable capital of 
England should call for their gold and get it; then,” he asks, “what 
are the owners of the twenty-seven thousand million bonds going 
to do?” What, indeed! If it be allowable to make the somewhat 
violent supposition that a combination of English capitalists could 
be formed who were able and willing to get control of all the gold 
in the world, and run a corner on it—it would have to be admitted 
that a very deplorable condition of things would ensue. But, to 
say nothing of the absurd extravagance of the supposition, where 
will this kind of reasoning, logically carried out, lead us? The 
legal-Under currency of the United States to-day, is about three 
hundred and seventy-five millions, and not the wildest of the green¬ 
back-men talk of over two thousand millions; that would be an 
outside figure. 
Now, the public debt of the United States, is not far from 
$2,000,000,000; the State, county, and municipal debt, (estimated,) 
$2,000,000,000; the corporate and individual debt may be put down 
at, $30,000,000,000; a figure well within the probabilities though 
making no pretense to exactness. Thus, making a total of 34,000 
millions, all payable in lawful money. Let us suppose for a mo¬ 
ment that the holders of the State, county, and municipal indebted¬ 
ness should call for their lavTul money and get it. Then, what are 
