The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1871-08-26

pieea The result OF this policy, if carried ont,
would Be to increase BY four hundred millions
the present interest bearing debt by converting
greenbseks into bonda Tho people. notwith.
standing the reduction Of rate Of interest, will
then have to pay an aggregate of one hundred
one hundred at fifteen millions as now. There's
not much relief in that
Let us see what we will pay if the debt be
funded in forty.fve per cent bonds. think it
will be admitted after all We have borne of war
and taxes, that this generation ought not to do
moro than pay principal and interest of fourteen
hundred millions of the bonds, leaving thou
sand millions to be paid, principal and interest
compounded. by our children. Ii that be done,
at the end of 40 years the amount ace will haye
paid, compound interest added, will be ten bill.
ions. or four times the present debt and our
children will owe seven billions, two hundred
and ten millions, or more than three times the
present debt.
DEMOCRATIC FINANCIAL NEW DEPARTURE.
From this whole system of finance, past, pres
emit and to come, adopted and proposed by the
republican party, the democracy of Ohio an.
nounce new departure-one which will relieve
the people OF much of their burden of taxes
leave no heritage of debt to Cypress and enslave
our children and 90 establish and regulate the
currency rs to greatly reduce interest, and thus
distribute the net increase of wealth fairly be.
tween labor and all forms of capital.
They propose that the general government
shall furnish all the money of the people. in an
issue which shall be legal tender equally with
coin tor all pnblic and private debts whatsoever,
except where the contract expressly calls for
specie; and with it redeem the 500 bonds and,
to prevent An undue expansion of the currency,
issue q three per cent. bond which shall be ex-
ohangeable ut par for legal tenders at any time
and into which legal tenders may, at the option
of the holders, at any time, be converted.
It is not at all likely that the currency would
be redeemed in q less valuable currency than
that the government got for it. If such instances
OCCUR the hardship will not be very great, howev.
or. Take the bondholders of 1864, who, according
to Jay Cookes tables, gave little less than for.
ty cents for their bonds; they have already re.
oeived six per cent on their investment, and got
the principal returned to them. and still have
the bonds. So il the currency in which the
bonds are redeemed were to fall to even 60 cents
in gold on the dollar, which is not to be antic;.
pated, these gentleman will not have suffered
much by their self.saori6cing purchase OF bonds
Of 40. know whole families who have lost
more BY the war and BY the legal tender act.
But there is no probability that this policy
OF time. Our 5.20's have been below par in
Europe; not because of lack of faith in the re.
sources or stability Of our government, but be.
cause it is we'll known the people regard them
justly payable in greenbacks, and that our neeks
are not yet csllous enough to bear whatever yoke
our agents put ON u.s. The credit of Great Brit.
ain rose when she compelled her creditors to
take three per cent. for bonds bearing higher
interest; and if we, in strict accordance with
our contract, make our debt easily supportable
and therefore sure to be kindly borne, our bonds
will have a value denied to those compounded
of "repudiation and extortion"