The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1862-07-26


Our attention has been more than once
called to . pamphlet published some
months ago by A CAnrBELL, Esq, Of IA
Sale, urging upon Congress schene for.
supplying the people with . national cur
rency that shall not be subject to the
fluctuations, frauds and other innumerabie
vices of the present banking paper money
system; and to-day the matter is ssa'n
brought to our notice by the proceedings
of public meeting in La Sale (puollsned
IN another column) endorsing Mr.. camp.
bells pamphlet. The plan OF MI. u II
we understand it, Is simply this. That the
government shall, in the first place. lay
such tax upon all bank issues, as shall
drive them forever out Of the channels Of
circulation. Then, instead of borrowing
money at six or seven Per cent, the gov
eminent shall issue paper money to the
amount Of any loan needed making it q
legal tender, receivable for all government
dues, and convertible at all time into gov
eminent per cent stocks. If the gov
eminent should issue more Of this paper
at one time than the business of the
county needs, Of course it will depreciate
in value; and this depreciation Mr.. C..
would then take advantage Of by convert.
ing it into 3 per cent. stock, which the
holder of the paper, Mr.. c. has no doubt
would prefer to holding deprecated paper.
Thus eventually all the Indebtedness of our
government could be reduced to PEI
cent interest, (equal to per cent, as il
would be exempt from taxation,) while
the government would soon ascertain the
exact amount Of paper money Which
could be safely issued and remain At q
fixed value throughout the country. The
volume of our circulating medium could
thus be maintained at an equal standard
at all times, and the business of the coun-
try forever freed from the evil effects of
constant bank expansions and cortractioEs.
To our dull apprehension, the great
financial mistake of Mr. Chase's admins
tration of the treasury was, the de-
parture from the specie standard at all.
Had o sufficient tax been levied upon the
people at the outbreak of the war, to pay
promptly the interest on whatever loan
might be needed 70: the year say at S per
cent, and the draft been relied on to
supply the army with cheap soldiers,
hundreds of millions would have been
saved that will now be wasted by the me-
cessity of dealing in deprecated paper and
paying enormous bounties to stimulate
enlistments. But as the paper system has
been inaugurated, we see no remedy but
the adoption of some such plan as Mr.
Campbelrs to save US from utter ruin. As
the currency question has been left by
Congress, it will be a miracle if we get to
the end of the year without total col.
lapse. The Secretary Of the Treasury can
issue $500, 0Oo. 900 of paper, which is more
OF itself than the business of the country
ever needed; and at the same time the
banks, now compelled to redeem only in
government paper, can issue 10000. O0o
more. Nothing but = positive government
prohibition can prevent paper inundA
ton like this from driving every available
dollar Of gold and silver out OF the country
in q twelve-month.
The arguments by which Mr.. c. supports
his plan are certainly plausible, and many
of the facts he produces are startling and
calculated to arrest attention. None
can deny but that the subject is of sufh
cient importance to deserve extensive
ventilation between this time and the
meeting Of Congress, and this can only b
effectually done by frequent public meet
ings.