The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1864-05-07
"reenoacks the True and onJv Nat,on.,
Curreney

Currency.
meeting Of the citizens, compsse,
., farmers and others held at the Ceda
Iolns School House, on the 10Th inst th
1.aer'lened, who were appointed q Con
e 70 examine and report on the Fi
"suciai Pelicy presented in a pam pble
eo tHR IRUE AMERICAN SYsrEM OF Fl
. &C, by A. Campbell, beg leave I,
mat they have given the sub
ana are Of the opinion that the systen, !,
rueeo what the author claims for it. TH,
ihos AMERICAN SYSTEM OF Finance.
we deem, 1t proper to present very briefly
so"e OF the more important principles
upon which the system il based. and ih.
areuments in their support The au.
tnor treats of meney as a legal principle
having no material value, deriving its pow,
ers net from the quantity nor qualify oil
| ~ Dateria. but tromIths law institutins II
and making it . legal tesdsr in the pay
ment OF all public and private debts, and
giving to 1t legal power to represent value
70 measure value; TO exchange value, and
to accumulate value by interest That
these powers given to any convenient ma
terial by Congressional enactment, win
qualify it fer q medium of exchange, and
in every particular constitute it money -
Money the medium Of distribution to CAD.
ital ard labor when properly instituted, is
len upon all the property in the na,isn
All property is the product of labor, and
there are but two purposes TO which the
products OF labor can be applied, namely;
the payment Of rsrt or interest on the
-~sital employed and tie payment of labor
The ra.- OF interest maintained on loans
of money sst..-.lincs what proportion Of
the earnings of labo. ball be paid for the
use of capita, and what prCrr-.nen snail
be paio to the lasorers for their product
tons; that the present rates of in.ers.
greatly exceed the increase by natural pro-
ductions, and consequently cannot be
maintained without impsverishirg the
wealth producing classes, and rapidly cen
tralizing the property OF the nation into
our large cities, and into the hands OF a
few bankers and usurers, that all systems
OF banking are founded on a wrong prin-
ciple; giving II a few individuals, or cor
perations, power to regulate the value Of
property. and tix the rewards of labor in
every department of industry and enter-
prise, to suit their own selfish purposes
The change from one sys,sm to another.
while the base remain, the same, can oriy
be an exchange Of one evil for another:
tenn Instead OF mitigating the oppre.sions
imposed on the wealth producing classes
by falsely constituted IL orey power, will
greatly increase their wrongs; that the
power 10 make money and regulate the
value thereof, belongs TO the sovereignty
Of the nation. These several propositions
are SO .orcibiy presented aud clearly dem
onstrated that IN the opinion ot your
committee they canact fail to carry con-
victiou 10 every honest, intelligent mind,
therefore
Re,0lsed, That the power TO make money
and regulate the value thereof. Is an ia
Gi.pen.abls attribute of sovereignty aud
is by the Constitution wisely granted to
Congress that 1t is one Of the sacred du-
ties OF Congress to institute money upon
such a wise and Just basis, that it shall bs
n correct medium Of distribution 20 capi>
tai and labor. aad usder the direc, contrsl
OF the sovereign people Of the nation; that
the dslegating this power to any class Of
individuals or corporations, is . species Of
unjust and dangerous class legislation, ops
posed TO the spirit Of our democratic in
stitutIons, and dangerous alike to the lib
ertIes OF the nation, and the freedom Q!
the people.
Rss0lved, That Government should rule
over money instead OF allowing money to
rule over the Government and people
| To do this, it must furnish a supply ade-
auate 10 the wants Of production and COM
merce, aud regulate just rate rs- cent
interest.
Resoiged, That the issue of Treasury
Notes without interest, made legal ten
der in the payment Of all public and Pri-
vate debts. in denomination to meet the
wants OF the business interest, and con-
vertible at the option of the holder into
Government Bonds, bearing three per
cent. interest, payable Annually in lawful
money of the United Statss these Bonds
to be made re-convertible into legal ten
der Treasury Notes at the election Of the
holder, il the true democratic idea of
money, adapted 10 the genius Of our free
| institutions, the present and future wants
of the Government, and business interest
Of the nation; and we respectfully but
earnestly urge upon Congress its imRedi>
ate adoption.
Rssotred That all systems Of banking,
for furnishing q circulating medium, are
founded on wrong principle, and are Gun
! ningly devised schemes to defraud labor
and enterprise out of their just rewards,
for the benefit Of a few non producers
that the so-called National Banking Sys-
tenn is no exception to the rule, but on
the contrary, will i.pose heavier burdens
and iutiict greater wrongs on the wealth
producing classes: than any of the wild
cat systems that have preceded it; that
We cordially iavte the CO. operation of the
industrial classes, and all who wish 10
earn living by honest industry in an or
gaaIssd effort for the overthrow Of this
falsely constituted money power, and fol
the establishment Of a true monetary sys'
tenn that will give TO labor its just rewards
that we will exert our utmost iaflusnee
and make use of all the means in eur pow
er to discredit and drive from circulation
all bank notes whether issued under State
or National authority, and for the repeal
of the law authorizing their issue; AID
that we will accept greenbacks only for the
products of our labor.
Resoived, That believing as We do, thai
the pamphlet entitled TIE TRuE AMERICAN
SYSTEM OF FINANCES, The rights Of Capital ano
labor. &c, contains truths highly imPor.
tant to the wealth producing classes, and
the Government, and that its general cir
culation would he productive of much
real good, We stand ready to aid in its pub
LEGATION and distribution.
DAVID RICHEY,
c. B PALMER, Com.
john pRACKNEY,
The report was accepted aad committed
discharged The report Was discussed BY
Corwin, Richey, Palmer, Collins, and 9th.
ers, and On molten was unanimously
adopted.
On motion it was resolved that the Sec,
retary furnish cOpy of this report to each