The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1865-06-24

tore would be promoted thereby, the interest
to be payable in lawful money annually, or
at such time as the bond may be presented
for redemption Thea in the discharge Of
the public indie btcdness, give the government
creditor the right to take the. lawful money
or the interest bearing bond with the privl'
lese of reconverting the money into bonds,
or the bond into money at his pleasure.
t. The right reserved by congress 10 alter the
rate of interest on the government indebted
ness will do no wrong to, nor divest the hold
'ers of any right they can fairly GEAR OF the
government, for should the rate be reduced
below that established at the time the bonds
were issued, the holders will have the privi-
ledge of converting them into money should
they desire to do so. The only way Congress
can regulate the value o money is by regula-
ting the rate of interest, for it is the interest
that gives it pOwerover labor and property
/ and determines its value.
Money Instituted under this system wo,l "a
be a, par and perform ali the functions of
money throughout the entire jurisdiction of
t1e government, and under the control of the
sovereign people, who through Congress
| would have the power to regulate its value
Keeping it very nearly uniform by regulating
the interest on the government bonds into
which it would be convertible. 1t wonld be
self adjusting, for should money at any time
| become scarce and the rate OF interest in le-
! climate business transactions rise materially
| above the rate laid on the government bonds
the conversion of bonds into money would
! take place; on the contrary, should money
I become too abundant. and the rate of inter
est fall below that Authorized On the govern.
ment bonis. the conversion of money into
/ bonds would follow as q natural Consequence
| to the cxtent necessary to restere the proper
! equilibrium, thus preventing the periodical
monetary crises and commercial disasters
/ that have heretofore so frequently swept over
the country. Tr )ktratiog all bra chcs of pro
ductivc industry and legitimate enterprise
crush ~ the industrious and cnterprising
| classes, lowering the standard OF commercial
! integrity. and making US little less thar a
notion Of gamblers.
| Politically it viii be productive Of equally
| good results 1t will restore and regulate the
| com mercial relations and develop and har
monize the mutlality of interest aud Deepen
/ dencv ,hat naturally exists between the dif
! ferent sections of our extended domain
/ growing out of variety Of climate and pro
/ duction, which, by IL wrongly constituted
/ monetary system. have been trammelled and
made to appear conflicting, adapted to the
genius at our democratic institutions. and IN
+ harmonv with the letter aad spirit of the
/ constitution. interesting each citizen pecu.
niarily in the preservation and perpctuty
! of the government. Simple II its working,
( Just in IL bearing, on all classes and inter
ests. suited to the wants Of the government
/ and business interests Of the nation, relieving
I labor of the unnecessary burdens imposed on
( it by the present system, and dispensing its
/ blessings impartially to all. it will make US a
homogeneous family Of States, one in in
! tcrest. one in sympathy, and one in purpose.
united by these str3ng tics, our march will he
onward and upward, our anion will .taad
proof alike against the Vaccinations OF enc
m es within, and the assaults Of foes from
without.
The government mast rule over money, OF
moEey vii! rule over the people and impose
upon labor burdens equally as heavy rs the
mos; despoic government Of Europe.