The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-03-14
Hon 3. C. Cook on the Finances.

Members of Congress and Others in conspi-
cuous positions find themselves frequently Dor
ed by small precinct politicians propounding
to them questions to he answered in letters for
publication, SO that a small name can get into
the papers - the side ola big one. In this
way small politician in Earlville has got his
name published along side Of that of Hon. Is.
Cock, in letter i'll which Mr.. c. gives his
view OF the present financial situation. With
out copying the entire letter, which is rather
lengthy, the marrow of it can be given in few
words. Mr. Cook stands exactly on the Pend
Teton platform. The government bonds pay
able in lawful money, he says, ''are payable in
greenbacks and should have no hesitancy
in treating the holders of these bonds as l
would any other creditors Of the government
and pay them in greenbacks." Mr.. G., however,
MAINTAINS that when the $50 bonds were issued
there were but $400,000000 greenbacks au-
thorIsed to be issued by law, and it would
he bad faith to the holders of so bonds to
compel them to take greenbacks when the
government has over S4OO, 0OO, 900 IN crcu-
lation. In this, however, Mr.. Cook Is still in
accord with Pcndleton, for neither does the
latter propose to add to the present volume
of greenbacks, to carry them beyond $780,
100000. And Mr. Cook is further in accord
with Mr.. Pendleton in expressing the opinion
that, although the government is under an
implied pledge to the $500 bondholders not
TO exceed $500, 10000 in its issue of green
backs, yet to take up the national bank circu-
lation OF 100000, 900 and issue greenbacks
in lieu Of it would be no violation of this
pledge to the bondholdcrs, for it would not
be an expansion in the currency, but only a
substitution of one kind for another and
this he thinks ought to be Immediately done,
and the proceeds used in redeeming $50
bonds.
50 far so good Mr. Cook, like all other
western members of Congress, finds it mpoli-
Sic, to say the least, to agree with the mana
gers of his party at Washington in the propo-
sition to pay the $50 bonds in gold, or take
them up by issuing long bonds in lieu of them
70 be made payable in coin. And Mr.. Cook,
with all other western members, in Difference
topublic opinion, is obliged to say that he is
N favor of retiring the national bank cur
rency and tiiin7 the vacuum with grecnbacks.
But why is no serious step towards accom-
plishing this desirable object taken in Con-
:gressl The western republican members
alniting with the democrats, have a majority
an the house. When Il resolution is offered
there squirting towards retiring the national
bank paper, and an eastern gold advocate
jumps up and moves to lay it on the table,
the vote is always in the negative by ten or
fifteen majority; but the matter always ends
by referring the thing to some committe where
1t Is snothered. Is working majority in
the house powcrlcss as against the ways and
means committee in spite of this apparent
majority in Congress in favor of retiring the
circulation of the national banks and subtitu.
ting grsenbacks, the man is crazy who be-
Heves anything of the sort will be done by
this Congress; and the inference is therefore
irresistible that large proportion Of the wes-
sein republican members who pretend to favor
such measure are acting hypocrtically. We
do net charge Mr. Cook with being in this
category, for he has always been open and
outspoken on the subject; but that great
many of the radical party are double faced in
this business, is beyond all kind or doubt.
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