The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1865-08-05

THE PRACTICAL WAY OF PAYING OR DISCLOSING
OF THE PUBLIC DEBT AND RESTORING
GENERAL PROSPERITY.
/ will offer few of the many remaining
arguments that mi sht be adduced III favor
OF the proposed financial and monetary sys-
TEN, aud the,. proceed ~ show how /, may be
redu led To practice, aud tLat by its adoption
TO principle of natural justice will be vio-
lated.
The object OF the institution Of government
is TO project hie and property, aud Justice
requires that each should bear Il just pro-
lortiuu uf the sacrifices necessary tor It's
support and perpetu!ty. When the rebellion
commenced The wants of the government
were men, food, clothing, The arms aud nu>
nirions OF war, with the means oi transpJIta-
ton. The President issued call ior men,
aud q cheerful response came IRON every
part Of the LOYAL States. his was followed
by a demand Tor army sup hes with like
response.
Inc great mass Of the loyal people entered
:he struggle much after Pauis maIIurr vi
preaching, determined know notnipg but
the integrity vf the Cuva and the overthrow
Of the rebellion, looking nei,her to tLt gnt
rur to the left, leaving ali other SUBJECTS and
questions 10 be settled alter the main object
had been attained. Our armies have fought
the battles, and Industrial classes have far
nished the supplies. The rebellion Is crushed
and the government saved, tho gh Il has cost
rivers OF The best blood OF the ntIIon, and
thousands Of millions of dollars worth oI the
produces of honest tol. 1hIs MUCH has
~hyslcal and Intellectual labor doneI Now
let us see VIII It money has done.
When the rebellion conmenced motley was
abuni.ut in our comu,ercial centers at trum
fouc to five Pc cent oil hrst class secuTit es'
me first Call By the gv9ernment Was tor
eli yht m .llious OF dollars, which, II my recol-
lection is no, at tau.t, was taken at about
eighty cents to the dollar. This was followed
by "a farther call TOR fourteen millions ui dol
lars, u part only was bid tor at an average oi
about seventy-sIX cents on the dollar, tbOlh
of these loans bure six per cent. Interest 81
this too when our soldiers we're not sufficiently
armed and well nj sh naked.
Then when the proposition to issue demand
Treasury Notes was brought forward, 1t met
with the tuanciers, (wIih I w honor tible ex
cepiions) and through the power gwen thein
By unwise legislation, they were 81 Tar sue
crs.tul .s To ilnit the amount OF the Issue u
fifty millions OF dollars, compelling tne gov
Ell. melt to borrow their notes At eAn1rbitant
rates Of interest, insedd ot Issuing lts own
-
lutely necessary for the government To Issue
legal tender treasury Noes, this opposition
was again met, and succeeded III preventing
ti.em ueiug made a legal tender III pay inent
OF duties ON import aud interest tie Oh pubhc
debt, demanding coin III pa, ment OF inieres'
ca tue government sec iritles Will they pur
chased with their promises 10 pay (which
they forced upon the peorle.)
4 his was one OF the mann causes OF the
advance in gold. Had The treasury Notes
breu made legal tender in all payments,
there would have been but little deinaud iUt
gold by the truly loyal people, aud the pr "
MUM on it would have been but little. And
when these tnanciers fUu d that Treasury
Notes were Il popular currency witt the i'eU'
pie, and likely to drive their bank PROMISES
out OF circulation altogether, they brought
forward their bantliug, the called nationai
banking system, System of deception and
errors las | shall III the future show.) For
had Congress passed tie bill in blank, and
permitted the snrewdest OF these hnancierS ~
have filled it cut. | cannot see how they could
have made it more conductive to their Inter
ests, aud un ust and oppressive to The Indus
trial classes "r taxpayers.
Aud now that The war is over, they de-
maud that the reasury Notes shall be with
drawn from circulation, To make room iur
their so.called national CURRENCY, aud that
the wealth. producing classes and the SOLDIERS
who have saved the government SHALL De
taxed TO pay them the Interest III cot on The
government bonds deposited as security,
while they are loaning their notes to the peo'
pie at ten TO twelve per cent.
Thus it will be seen that money has not
only been exempt from all sacrIhce Tor the
maintenance OF the government, but its &C
cumulative power largely Increased by Our
troubles. This, too, when it every gold dollar
aud bank note had been a thousand iaIhoms
below the surface of the ocean, and these
SCI eming iuauciers fighting under tie banner
of the socall.d Southern Coniederacy, the
government would have got along infinitely
better financially, for gold has made war upon
The government during all CUR troubles, and
every soldier and other patriotic man IN the
ha,ion nov prefers and always has preferred
ereeubacks 10 bank notes, whether Issued
under state or national authority And I,
the ISIS ue of Ire. sury Notes we are entirely
indebted tor our financial success. 1t was
these that sustained us in the darkest houi:
OF the rational calamity.
Thus by ihe cunning management "f lie"
selfish hnanciers, and through tie weakness
or venality Of Our legislators, the whole
financial policy of the government has. been 81
moulded and framed as 10 give To th-s'
soheming tinanclers an absolute nj ltnoply o
the money OF the nation. by whic b they will
have the power to controle the alue Of al
the property of the nation, and to fix th'
rewards Ut labor in every department o
industry to suit their selfish purposes. re
gardless of the interests OF the g0vernmen
and people.
! This is the monopoly Of all nonopoI,es