The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-04-04
Tho Pendlston Plan.

The Demok.at, German Democratic paper
published at Springfield, in this State, de-
clares its purpose IN this language:
To advocate the earliest return to specie ba-
sis, and the getting rid Of the present irredeem-
able paper calculations, as being utterly ruinous
to the people ut large, but more especially ruin
GUS to the West. Cheap goods-cheap prices,
and that dollar ball be dollar, and buy q
dollars worth in market, can alone save the mass.
es of men from bankruptcy.
The Springfield Journal radical jacobin)
snaps this up and calls it "new tack" cut
ting loose from the Pendleton democracy.
'While the Demokrat," says that jacobin sheet,
''is for getting rid of the present irredeemable
paper circulation, Nr. Pendleton and his
hackers arc for flooding the country with an
additional issue of two and half billions
thereof"
There is no better evidence needed of the
impregnability of the Pendleton plan, than
the fact that no radical paper in Illinois has
yet dared to inform its readers honestly what
1t is. We believe our radical readers will
stare, as they certainly do at us in private con-
versation, when we tell them, and prove to
them. that instead of the Pendleton plan con-
ten. p.aung the addition Of two and half bill.
ions to the circulation Of the country, it does
not propose 70 I'D :. do..ar. but on the con-
trary, has for its main object, just what the
German Densolyt ,rrcd to above proposes
to advocate, ',hc getting rid of the present
irredecmable paper circulation" and return
to specie payment.
The Pendleton plan, in few words, is this :
lie proposes, in the first place, to withdraw
the whole circulation Of the National Banks,
and in lieu Of it to issue greenbacks, and with
these greenbacks to redeem $500 OOO, 900 of the
$50 bonds, according to the terms of their il.
sue,-they being clearly and indisputably
redeemable in "lawful money" which means
greenbacks. This will save to the government,
the first year, sls,OoO,OOO in gold. The gov
eminent also receives annually from $50, O0O,.
OeO to $4,000 coo in gold from customs more
than is needed to pay the gold interest on the
national debt Mr.. Pendleton proposes to add
this sum to the other $18,O0O,OO making
about SiO,O00,000 in all, and with this gold
10 buy up either greenbacks at their market
price, with which further to redeem 800
bonds, or, if the gold can BE used to better
advantage, to go into the market and buy IN
1he o-@o bonds at their market price. Thus
the second year, at least 100000 900 to So
Oooooo more of the national debt can be paid ;
and thus far not p dollar is added TO the cur.
rency, and not dollar taken from the reven.
ueS OIL the government for ordinary purposes,
even on the present enormous scale of eypen.
dlture, nor Is there an addition Of dollar 70
the taxation Of the people Yet two highly
desirable objects are attained by the adoption
81 this system. The public debt is being so
rapidly extinguished, that any man with a
schoolboys knowledge OF figures can demon.
stratc that the whole debt will be paid in less
than twenty years; and 2. The active demand
the system will create for the purchase both of
$40 bonds and grcenbacks at their value N
gold will inevitably lead to their rapid appre.
citation in value, SO that in a very few years
the difference between the grecnback dollar
and the gold dollar will disappear, and that
Of course, will be the restoration of specie paw.
ment; and so, also, the bondholder, who now
is so blindly and in most cases. we honestly
believe, ignorantly opposing the Pendleton