Jasper Republican, Volume 1, Number 9, Rensselaer, Jasper County, 13 November 1874 — Treasurer Spinner’s Report. [ARTICLE]

Treasurer Spinner’s Report.

Washington, Nov. 9. Gen. Spinner’s report is completed and in tha Hinds of the printer. He devotes considerable space to an argument in favor of issuing interchangeable bonds, to bear interest at the rate of 3.65 per cent. Hiaargumepts op thjs . point are, in the main, -the same as those oMast year, except that he believes that it would be<jyi»e to allow, holders to exch angethe* 3.65 fdr odtstfindteg 5 and 6 per cent, bonds. He says that the greatest objection to a metfhlTc currency is its lack of elasticity, and is of the opinion that the adoption of the convertible bond will correct this evil. He thinks the rate of interest will be high enough to sell the bonds, to the absorption of any surplus currency, at any time, while it will be enough to force a return of the bonds in exchange for legal-ten-der notes when the business of the country demands more currency. The rate of interest at one cent a day on the hundred dollars would be popular with the people, he says, because it •is easy of computation. He argues that the conversion of .the 5s aud sis into tow-rate bonds in the event of the condition of the currency demanding ,such conversion would result in the material reduction of the interest on the public debt, and make it payable entirely in national currency at home, and not in gold to foreigners,