The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-11-17

ders letter recently written by Col Benton {,
some of his constituents, in which the Col urges
as the only means OF giving the country a sounc
currency the suppression of all bank paper unde
the denomination of at least 500. Mr.. KS sug
sestlons are important and worthy Of attention
particularly in Illinois, which is, we believe, tn,
only 5anhless state in the Union.
The annexed letter of Col. Benton was
written in reply to one from the gentlemen
to whom it is addressed, and contains i'm.
portant facts and sound doctrine.
But to insure to this country a sound
currency, another measure, scarcely ever
touched upon in the discussions on the sub
Ject, is. in our humble judgement, absolute.
" necessary. BY the constitution, the
States are forbidden to make any thing
but gold and silver legal tender in pay
ment of debts. They have all made both
gold and silver legal tender without re-
strlction or limitation. The consequence
IS, that gold is seldom or never paid out
by the Banks, except as matter Of favor.
Ii citizen have hundred dollar bank
note and wants hundred dollars in gold,
he has no legal right to demand gold-he
may demand gold and silver; but the
bank complies with the law by paying him
IN Slcer only. That is combrous and he
does not want it-raiher than take it, he
keeps his hundred dollar note or exchan-
For ,,,f, e,,,,tI,. Il
This case illustrates every case of the
KIND, and shows how completely, under
the present tender laws. it is in the pow
er OF the Banks to prevent the general in
PRODUCTION Of gold as currency. And as
1t Is their interest to do so. inasmuch as
Tor every eagle or half eagle kept OFT Of
circulation they put ten or five dollar
note IN, it cauno, be doubted that they
will pursue this policy as long as they
have the power.
The only remedy is to alter the tender
laws, so as to make gold the erciusire
legal tender, except for small sums. We
should say, begin wlth,sums of hundred
dollars and over, and bring the limit down
by degrees to five dollars and over, always
allowing fractions of half eagles to be paid
in silver. Every man who prefers gold
to paper, could then obtain it as a matter
Of right, and our currency would become
really a miref currency instead of nearly
an ercI,tsioe pape, currency as it has been
under our present system, aud will con.
tnnc to be under existing laws.
Nor will the citizen he subjected to any
more inconvenience when the legal cur
rency is demanded Of him than he is now,
nor so much. NoV, if he have paper
and specie be demanded, he has to 90 to
the Banks and lug home the SiCer; then,
he would have gold to carry.
Gold is now the only legal tender in
Great Britain, and in mos, if not all the
nations of Europe. If our banks conin-
ue to exist it uust be made SO here, or all
attempts to introduce gold currency, or
even mixture of paper and gold to any
useful extent, will be ineffective and use
less. 1t is by such measure, and that
only, that the policy of the gold bill can
be made effective; and if the Legislature
Of Missouri will set the example, they
will do more to protect their constituents
against the dangers and mischiefs of an
unmixed paper currency than by any
other measure. This added to the exclu.
sion of small notes, would limit the bank
note circulation so as to make it toiprabie.
though nothing can make it entirely safe,
until fiction becomes truth.