The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-12-21
az osMAN r HAPEMAN.
Financial Schemes,

remedies for curing the financial ills of the
country, as the profession" ordinarily do in
prescribing for a heshly disease. The follow
ing is a very short list of the various "prc-
scriptions" thus far proposed to relieve the
supposed monetary ailments of the country:
MIR. Hooper, of Mass, proposes the amount
of revenue annually collected by taxation
shall not exceed $3OO,OOO,O0O, and that the
Committee on Ways and Means be instructed
to report bill so modifying the internal tax
as to reduce the revenue from internal taxa
ton and tariff duties to 100000, 900; and
that the Committee on Appropriations be In
structed not to exceed that amount, including
interest on the public debt, in the appropria-
tions reported to the House.
Mr.. Morrill,, now in the Senate, former chair
man of the committee on ways and means in
the House, has presented to the Senate his
financial plan. 1t provides for the payment,
in coin, at the Treasury offices, all United
States legal-tender notes not bearing interest,
that is, all greenbacks, on the 4th day of July
1869. Thus he fixes the time of general re-
sumption. The mode Of effecting the resump-
ton is, partly through the sale of the excess
in coin over the sum Of seventy-five Millions
which may be in the Treasury on the LIST of
Ceiving in payment therefor United States
notes, national bank, United States compound
interest notes, or United States three per cent.
certificates and chiefly by requiring the ma
tional banks to keep and hold coin to Ger
tain amount to pay in specie, after the 4th of
July 1869, all their notes of five dollars and
UNDER when presented at their counters and
to pay all bills of higher denomination either
in coin or United States legal tender notes.
Mr.. Morrill, proposes no contraction of curren-
cy, and expressly forbids an increase of the
present aggregate amount of circulation of the
national banks. He neither proposes loan
to assist the Treasury in resumption, nor re-
peal of the legal tender acts How this plan
is to work Mr.. Morrill, proposes to explain at
en- early day, when he will press his bill
The Hon. Robert j. Walker, who conducted
cessfully during the Mexican war, publishes
letter to Congress, in which he presents his
prescription for curing our financial ills. The
following passage from his letter embodies his
views in a nutshell:
National credit is part of the national wealth,
especially with nation in debt, or one ever likely
to be in debt, or engaged in war; and, in main
tanning the credit Of the nation, we not only sus.
tain its honor, but we diminish the interest upon
its public debt, with corresponding decrease of
taxation. Whilst contraction, as we have seen,
is death by slow and lingering process, expan-
sion of deprecated paper is immediate financial
suicide. If we cannot resume, by contraction,
when our deprecated Government currency is
less than S400,000000, how can we accomplish
the object, when, as proposed by some, it shall
reach 00,000,O06. accompanied by evasive
and disgraceful reputation The only remedy
ia immediate resumption, to be accomplished by
foreign loan. In this way we can, at once,
make our legal tenders and bank currency based
upon them, equivalent to specie, and raise our
bonds, at once and abroad at least to par in gold
Following, from various sources, are also
propositions already before congress bearing
on the finances
A resolution instructmg the Committe on
Banking and Currency to inquire into the ex-
pediency of amending the National Currency
law so as to extend its advantages to all per
sons who will comply with its provisions, and
restrict the issuing of bank notes to two-thirds
the capital of the bank.
That from the LIST of March 1868, the Uni.
ted States notes, when received at the Treas,,-
ry, shall be destroyed, and new notes issued
payable IN coin in one year from date at the
Treasury; that such notes shall, before matu
rity, be a legal tender for all purposes, inclu
ding the redemption of national bank notes
except for the payment of import duty and
coin interest on Government bonds that after
maturity they shall be legal tender for all
purposes except by the Government and that
the Secretary may, after specie payment has
commenced, issue notes payable in coin in
less than one year. but not less than three
months, and may also purchase coin to enable
him to redeem bonds not exceeding 40
10000
Authorizing the Secretary of the Treasury
70 issue $500 900 900 in coupon bonds, payable
in lawful money upon demand, at per cent
interest in coin: the bonds to be issued to anv
person paying the par value thereof in lawful
money.
Authorizing the Secretary of the Treasury
30 use $4,000, 900 of greenbacks monthly in
the redemption of bonds and destroying them.