The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-05-23
polMiral.
LETTER rRe Re- 40 hon. SIDNEY

m. Views ON Pending Political QUESTION:. |
SPRINGFIELD, ILL.,, May 5, 1858.
NV DEAR S1R-Yours Of the 2Sth ult. is at
hand. and. while do not perceive the necessity |
of anv ex prsssien Of opinion On my part on the |
topics to which you have called my attention, as
I am not and do not expect TO be, candidate
for anv political office yet, at the same time, l
have no desire to conceal such as may entertain.
however slight may be their influence upon
a. n,bl;c mind ,"~
You know have not been actively engaged in
notifies for seine wears but, nevertheless, have
not been unmindful of passing events, nor have
wholly disregarded the condition to which the
country has been brought by what deem an un.
wise administration Of tho affairs OF the general
government.
You ask me if I am in favsr of taxing the
bonds of the United States now i'll the hands o!
our citizens and others. I answer unhesitating- |
" in the affirmative. The right 30 to do has
never been surrendered by the general govern. |
ment, and ought to be adequately exercised. l
am really astonished at the forbearance Of the
people, which has 80 long permitted the practical
exemption Of more than too billions Of the prop
erty of the country from bearing its due share OF
the public burdens. Such an exemption can.
not but regard ~ hostile in every way to tho
spirit Of our institutions, and is continually
strengthening privileged class, which, because
possessed Of wealth, arrogantly assumes that pat.
alone Of all orders of nobility, script nobility
is, in my opinion. the most odious.
You ask me if approve of the national bank.
ing system. reply that am decidedly in TO-
vor Of Withdrawing from these institutions the
privilege Of issuing their notes as currency, by
which there would be saved annually to the gov
eminent many millions of dollars in interest, and
which would effectually aid in preventing the
growth OF q concentrated money-power, whose
insatiate desires can only be gratihed at the ex'
pense of the people. If We are to have paper
currency % the fxed policy Of the country, do
net see Why it cannot be furnished by treasury
1otes. ,,
AS to the question, if am committed against
the redemption of the 5.20's in greenbacks, can
only say that oil the financial problems now dis.
turbing w are to be solved as parts of an entire
system, and .hould be considered together, so
that We may arrive at ineligible and practical
results In this view, this particular branch of
the subject will be found to have assumed. As
think, proportions in the public eye somewhat ex-
aggerated A prudent administration of affairs
ought to demonstrate that it is not of the vital
Importance which some seem to suppose
You are aware, my dear sir, that am, and ever
have been, o "hard-money" man, ard opposed to
reputation. Yet, if the paper currency emitted
which our congressional Lawmakers can hardly
deny, but respecting which the improperly of
the expression Of an opinion on my part is sufi.
ciently apparent-then the contract between
the pa;ties provides for such redemption and,
in any aspect, is the presumption violent one
that it was entered into upon that understand
ing? Have not the bonds and the grsenbscks
maintained about the Same relative value in the
markets Of tho wsrld And, after all, is not the
olarnor for coin intended rather to postpone than
obtain payment:
Since hewever, the redemption proposed is but
tho substitution Of one obligation for another, it
il to me obvious that the gain for the p.ople
sists in the saving Of the annual Interest," de-.
sirable end, NEST certainly, as the enormous
lsury We are now paying mnst inevitably result
in financial ruin, il psrsevered In and which has
constantly tended t. depreoiate all our securities
Too great care, however, cannst be taken to pre-
vent an inordinate inastion ofthe currency. The
idea of paving off the national debt by the use
of the printingpre is not only delusive, but ab
surd. It il reputation in its worst forn,-not
only destroying the credit of the government, but
entsiling upsn the labsring masses the losses con-
sequent thereon, as they will eventually be the
sufferers.
But imitation is not produced by the retirement
Of the national bank currency, substituting there
for nou.intsrest. bearing notes. and taking up the
bonds on which the currency is based; and it
would seem, in any case, that proper system OF
taxation and loans might be devised by the fnan.
cial wisdom of the country, which would prevent
N over.ssue by returning to tho Aationa, treas
ury as much paper as might. if necessary, be
used to take up the 5-20's. The schemes sug-
gested by those in authority do not supply this
system They give too much or too little to the
public creditor. To compel him to take less than
we contracted to pay, is dishonest; to give him
mere, is uncalled for as it is unj asst
The restoration of public confidence requires
q settled policy and it would seem that the tax
alton OF the bonds, the gradual substitution Of
government for national currency, and firm po-
sition on the redemption of the 5-2Os would meas.
uraby bring about the desired end, and far
free us from those financial tolls as to enable US
to throw off in part at least, the incubus which
those who make use of it to their own advantage
insist upon as a national blessing
Such concession to a paper-currency as l may
have made in the foregoing is in obedience to
what regard an impcrous necessity. Some con.
cession must be made or radical theories will
bring reputation, with its unnumbsred evils up
on as.
But, my dear sir, you and all must be aware
that no system of finance can prove successful
without the instant cessation of prohigate expend
iture, acknowledged by prominent members of
the party in power, but not attempted to be
checked, and the extirpaton of the terrible cor
rupticn prevailing in high places. The most
rigid accountability OF public officers, and the
strictest economy in every department of the gov
eminent, absolutely essential to extrication
from our pecuniary difficulties.
Let rs smblazen these principles upon our
banner, and await the attainment of what is so
eloquently described by jefferson: "a wise and
frugal government, which shall restrain men