The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-12-05
The Financial Outlook.

lease of power by making great many extra
VACANT promises, now finds itself in dilemma
to fulfil those promises. The democrats, IL
the late presidential contest, took the position
that the currency that was good enough fol
the people was good enough for the bond
holder, and that therefore the holders of the
SEQ bonds, as fast as they fall due, should be
paid in greenbacks. The radicals, conceding
the justice of the principle, and knowing that
any party adhering to the opposite policy
must go under, said, instead of greenbacks for
the bondholder and the people, let us have
gold. In other words, the party pledged it.
self to the policy of a immediate return to
specie payments The bankers and bondhold-
erss, whose property will appreciate so per
cent the moment specie payments are brought
about, and who spent millions to secure the
election of the radical candidates, now hold
the leaders to the redemption of their promise.
The leaders dare not go back on the money
lords, and are now Laundering about for a
plan to bring about the promised result.
While however, all of them are agreed, from
Grant down te the little country mewspa pers.
with an occasional exception, like the Ottawa
RepuJJicaH,} that we must have specie pay
ment forth with, there is a great diversity of
opinion as to how it is to be brought about.
One plan proposed is, that the government
shall give notice that, say about the 4th of
March, with its $7Q,O00000 Of gold in the
treasury, it will proceed to redeem its $780,
100000 Of outstanding notes in com. THIS,
say these wiseacres, will at orce make greek
backs as good as geld, and as the people will
then prefer the paper, very few greenb acks
will be presented for redemption. 1t is enough
to say, in reference to this project, that the
man who imagines that two days after the
gold in the treasury is thus offered for green
backs dollar would be left in the trea-
sury, is fool Nothing but maehe-
NAUTICAL demonstration that the govern
ment can redeem every del.ar Of its paper on
the day it is presented, will give that conf
dence which will prevent all its paper from
being rushed in at once. Who ever hesrea of
auditors warrants in Illinois being at psr,
when the treasury was unable to redeem every
dollar out Oh presentations
All the radical leaders are not fools. and
seeing that every greenback redeemed by the
treasury must stay there, and that thus a.
rapid and fearful contraction of the currepc CIV
must take place, with the most disastrous con.
sequences to business, another wiseacre stems
forward and says, "Oh, we can remedy all
that. We car pass law authorizing an i'd
ditional issue Of National Bank currency, to
take place as rapidly as The greenbacks are
withdrawn Amazing astutenessi The
national bank Issues are reGeemable in green.
backs and greenbacks are the same as gold.
Where is the gold then to come from to re-
deem the national bank issues9 When the
banks are unable to redeem their issues, the
government spledgsd to do it. So the result
is the same as If the national bank bills were
grcenbacks. The Government must find gold
for both; and if the redemption of the one will
Withdraw them from circulation, 80 will the re-
'demption of the other. The government, not
having gold to redeem both, must make good
ITS pledge to take care Of the national bank
notes by redeeming them in greenbacks, and
that is the end of specie payment.
Yet there is just where the radical leaders
now stand-bound to bring about specie pay.
Ient at once, yet no feasible plan to do it,
The business world, however, relying on
radical promises, acts in view of them. The man
who has greenbacks refuses to loan them. for
they are soon to turn into gold in his hands.
1he man OF business refuses to enlarge his
business by aid Of the usual accommodation,
from the banks, for the note he gives TO- dsv
Tor $4,000 in greenkacks, may thirty days
hence be payable in gold The merchant who
has Bought $50, 900 worth of goods and agreed
10 pay Tor them in 60, 80 and 100 days, finds
the value of his goods daily shrinking to the
gold standard, while his acceptances are in
creaslng at the same ratio. Ruin thus stares
nm lnthe face and all business for the same
reason is ut stand still-not because there
Is less moneg--less business to do, but because
OF this nonsenscal gable among politicians
about an Immediate return to specie payment.
specie payment is II thing that cannot be
forced With the credit-,be bonds of,h;s
RECOMMENDATIONS par, the government can
never 40 more than try to resume specie paw
ment, each trial to end in disastrous failure
Gut down the national expenscs-cut dowr
al pn1n ~, -