The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1864-06-11
1xCRErAkY cyAsEs FINANCIAL
SG@aEM H iril3'T'


our own three per cents have been at 473
and our guinea piece has been worth 2Ss
But certainly the measures resortsd to b,
Mr.. Chase, the State authorities, and th1
bankers now following his sxs1pls sur
pass anything ever attenptsa BY theil
British ancestors. If We test them b.
the resources Of America, and any reason
able hope Of success in the war, We NAY
Justly call them desperate, If We place
them side by side with national homer sad
the letter Of sbiiEatisns, We NAY rightly
fpssesAnoe tlSm uupsineipSsa five leeh
! 10 the wild ruin, the furious enterprise
and the reckless sxpAnditurs Sse whjck
they supply the means, We must call them
imneral-ws may 60 even further, asd
predict them to bs the Precursers Of anas.
chy. They are partial reputation, and
- witty . man As ever talked or wrote has
left . cepious store Of phrases applicable
to every fresh variety OF the otienoe. But
to all the abuse in the world the Federal
citizen will answer with the plea of neees.
sity The end he calls sacred, aud he
holds that it iustifies the means. Wsmay,
however, find . philosophical! consolation
in tracing the effects Of this terrible and
inevitable finance. The raerest glance at
Its operation will show that it, and the war
which is said to have compelled it, are
fast breaking up and turning upside down
the whole frame work Of American socie-
ty, loosening ties, destroying security,
changing the standards by which all things
are judged, and burying under tho rub
bish Of its own rum that vast though fim.
sy structure which WAS confidently sx.
| pscted to eutlast and absorb the ancient
menarchies Of the Old World.
In the first place, Mr. Chase has taxed
everybody and everything upoa which .
| tax could be laid. Or from which it could
Be collected, to its utmost taxable power.
For many reasons such taxation Il mere
oppressive and iDjur,eus in America than
lere. 1t falls more % the sscessary sx>
penses Of An economical heusshsla and
an ordinary business there than here
The second resource in magnitude is .
paper currency, the depreciation Of which
|: sow measured by q premium Of more
than ~ per cent. upon gold which, fer
as much as its nominal representative in
greenbacks. The gigantic family Of bills
and bosds. which are only the aggregate
| and more bulky form of these green oacks,
and which have now drawn into their evil
comPanion.hip all the State Obligations,
ind cate the depreciation 10 little more
than half their value Of ell the 6xed in
| comes. and the consequent robbery sf
| many thousands who, while thew receive
less, have to pay more taxes and higher
prices for everything In the Uaited
| states there msst, in the course ef nature,
be great number. Of people, who, BY rea>
/ soI Of age, o. education, are incapable OF
making fortune or maintaining then
selves, but who have some pension or div
! iisads These new End thamselyes BE-
tween the two 6rss Of taxation and de-.
probation, without the least remedy The
depreciatios Of nominal SUMS ahd fxsd
payments tells upon tho more fixed and
settled parts Of sscie.y as we'll as upon its
weaker portions Il tells upon the grea:
bulk Of professional men, on the clergy,
on family dependents. Ga public charities,
and on such employment as do net either
minister TO war or the more imPerious
wants of luxury and peace. Here thes,
We start with two great bl5ws that have
already fallen upoa Aver IAN society
taXa:;c- Il aekI eciatiSn. 10Th repeated
in sucs -s..fs s'tacks ~. the strength
| nv, !. sc leer Aaecked out Of the weak
err gtLs. The currency, once placed on
. fctic!ous basis, and representing the
word of q power which is only trusted
because there is nothing else 10 trust, 10
At the command Of the fnaacler, who
opens and shuts at discretion the desr
efa fabulous treasury. Mr.. Chase can raise
the banknote by selling the bond, and on
the strength Of that rise iseus new bonds
when he pleases. A he works the nigh-
~ engine the value Of paper rises and
falls. and no man can tell for . day what
the contests o: his pock cts are worth
He only knows that the tendency 10 ID
deprsein... and that unless he makes en-
i al 70 hst kA -
drifting tsward the lowest pit Of poverty
lie must Dc and dare something. He
must 20 with them that rise or he will fall
Hemust ally himself with The ascendant
spirit Of the day and hour If he wsuld no,
be trodden under foet and fergottea. The
ground itself rscsdss beneath his ieet, and
no must net be over scru paleus - to ths
means OF sslf.prsssrvation. ....
But, in 6ssnee, below every depth taerl
is deeper still When every source ba.
been exhausted and anticipated, it be,
comes necessary TO open soNe new sup
ply or apply some new pressure Tht
proposition TO add 50 per cent to all Gus
toms duties for the next two months
which has now passed beth houses Of Con
gress, is equivalent to~a seizure Of tn,
property Of those who have csnfided L
the promise conveyed in tariff of fixee
duties
But Mr. Chase and his supporters ar,
not conteLt to command the value OF al
paper money and the prices Of all articles
liable TO duty. Like kings and courts
jealous Of probity and truth, they wish t.
Danish gold ~ fixed standard of value
1t is too old, too hsaest, Independent, te<
European, 70 suit their tastes They pro
hibit dsaling in gold. They wish even 4
gut down all dealing in bills Of exchange
or in paper representing amounts Of gold
Not coni:;ns their jsalsusy 70 papsr th.
may possibly pass from hand T. hand and d.
the duty q an Eaglish baak.nsts, they
seek 70 prohibit with imprissnment sht
sinplest transaction recognising csFtair
quantity Of gold The object 10 70 placs
the entire wealth Of the country ai
the esmnsnd Of the Secretary Of thl
Treasury, and enable him TO FIX prie
q, create abundance, aad BE- himssl
that unknown power which merchants
bankers, brokers, and the whole werll o
buyers and sellers believe TO rule 90 in.
serutably and cspriciously over the mar,
and exchange The inevitable result o.
such measures, Of sucn exactions and such
Interference, is to turn trade into specula.
ton, and especially lnto that speculation
which 10 directed to the demands of th>
war. "a @" i.'"'
Here, then. is erected, upon the ruin O
all other interests great war interest, it.
self thriving On tie war, founding it,
hopes On the war, and itself the suppert
Of the war. Il comprises all those wh<
arc actually sDpisyed in tie var, IL
whose prospects Of pewer depsnd On mill
tary success, an who speculate in the ms
terials necessary for war, and The love-
class that undertake to recruit the rank
by any means, fair. or foul. Thus = th>
war ssntisuaiiy throws up to the suriae'
, men Of Sudden wealth and qusstiopabll
distinction, they must make up BY shewy
appeafspcse and Wild extrsysgAncS for thl