268 Wisconsin - State Agricultural Society. 
I want to see the government issue the currency directly to the 
people instead of a round-about wa} T . I don’t want to see it brought 
through a national banking institution, or any other institution 
where we have to pay interest on the bonds pledged for its security. 
The national bonds of this country are good, but not any better 
than the greenback, if the latter was made convertible into bonds 
bearing interest. We are paying millions of money to get it to 
us, when we can have it issued directly, without any expense what¬ 
ever. We had a very able paper read upon this question in the 
agricultural rooms this afternoon, by our friend, Mr. Leland, of 
Eau Claire. It was one of the most magnificent papers I ever 
heard. It only shows that a most able production can be written 
on the wrong side of a question. This gentleman said, or at least 
the inference was, that individual enterprise should supply the 
money for the people. I thought I saw what he desired. He is a 
banker. I don’t blame him. If they can have the privilege of 
issuing five, ten, or fifteen dollars in paper, which is their faith 
and credit, for every dollar they have in their vaults in gold, it is as 
good a thing as they want. I would like to go to farming again, 
if I could farm on the basis this gentleman desires to bank. It is 
this. If I had a farm worth $10,000 in gold, I would like to have 
the privilege of issuing fifty thousand dollars in paper on that farm, 
and lend it to you, Mr. President, and others, at ten per cent. It 
would be as good farming as I want. There is no earthly reason 
can be given why I should not do that, except this—it is not quite 
so easil}' convertible as the gold. The cases are parallel in their 
honesty; they are parallel in their justice. They are both a fraud, 
a cheat, and a lie upon the face of them. 
Mr. Smith: When would you have your bonds payable? 
Secretary Field: I would have them payable whenever the gov¬ 
ernment agrees to pay 'them. I heard it said with sorrow this 
afternoon, that the greenback men never proposed to pay these 
obligations. I don’t know that we ever had an obligation of this 
government which was repudiated. We haven’t yet agreed to pay 
the greenbacks; when we do, they will be paid in good faith. I 
would have these bonds on so long time that I think we could ac¬ 
cumulate the gold, and I would resume specie payments when we 
can; not attempt to resume when it is impossible. I would have 
the greenbacks convertable into a gold bond, bearing gold interest, 
