The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1873-12-27
CAMPBELLISM.

We have read Deacon Osman on the imam
cal article in a late number of the NnWhrest.
ern Rectcp by Hon. Alex Campbell. 1t is
hcfty There are people who think his crit.
cism was inspired by Ottawa whisky, and
Others who-as the deacon has always been
in a fog on financial mattcrs-believe it Ia
have resulted from the peculiar situation OF
the FREE TRADER Office, between two national
banks. Perhaps it is neither Ottawa whisky
nor the situation between national banks,
which gave inspiration to the deaeon's crltl-
ciSm; that il all came from his own pure
muttorheadneSs, which he has shown himself
! to possess in times too numerous to mention,
La SalIe PrSss.
! That is about the answer we expected from
the only champion of the Campbell monetary
system now living, we believe, aside from
Mr. Campbell himself Ihdeed it is the only
sort of defence the scheme is capable of. We
mean, of course, that division of Mr.. Camp
bells ideas which relate TO paper money; for
aside from his visionary and absurd notions
| in regard to paper imitation, Mr.. Campbell
holds some very sensible views. Though
situated between two national banks we
have heretofore endorsed Mr.. Campbells
views of the absurdity rs well rs injustice and
folly of this government paying the national
banks some $4,000, 600 ii year to give US Il
paper currency, while the government could
save that amount and give us much better
currency itself The greenback SO reformed
as not to be lie on its face, redeemable in
specie under certain judicious regulations,
IL GOOD Il, Of thp
nation, would be the best and at the same
time the cheapest paper currency we can form
any conception of. In every point Of view,
give lis the greenback in preference to the
national or any other bank bill.
But when Mr. Campbell falls so deeply in
love with greenbacks that he wants their
issue as plentiful as leaves or patent inside
newspapers, it is manifest he runs the thing
into the ground-his greenbacks with the
others, must prove equally worthless. The
folly Of Il paper issue beyond its redeem lbil-
ity il coin is so universally conceded that it
amounts to an axiom. There is not an
example on record where a sovereign state
has undertaken to create money out of paper
or ether cheap material, but it has ended in
failure and disaster. We have all heard of
the French assignats, which were not only
made legal tender" but the heaviest penal.
ties of the law were supcrimposed to make
them pass for money, but the failure was
signal and disgraceful. Afterwards the folly
was repeated in the time of John Law, with
an accumulation Of disgrace and disaster
England attempted the same thing with her
Rank Of England notes from 1898 to 1920 and
failed; and our own greenbacks are stand
Ing demon stratiOn of the axiom that in
exactly that proportion in which the issue off
paper money exceeds its redcemability in
specie it will depreciate IN value. You might
as we'll undertake to increase the quantity of
milk by a plentiful addition of water as to
increase the quantity of money in the country
by dilutinglt with paper The milkman who
waters his milk is denounced as a cheat; the
cheat on larger scale.
There is no greater folly the farmers of the
west can fall into than the advocacy of the
Campbell system of paper imitation We
quote from Prof. a. /. Perry, of Williams
jollege, recognized authority ON snch
questions
The trouble with the farmers a. the west is
lot primarily from the railroads, but from the
ag money, which raises the price of al they
ave TO buy, but not the price Of what they
ave To sell, since that is regulated by the
worlds money, gold: and from the protective
arlt, which works in just the same direction
S the poor money works; these two so far rs
he farmers are concerned, intensity the mis-
hef of each other and maYimize each
TIERS diabollsm. The increased cost of the
obstruction Of railroads in consequence of
he tariff, but especially the watering Of their
took, makes against the farmers
"A sound money IN the first place, free
-ade IN the second place, and fair vigilance |
yer corporations in the third, will do for the $
irmers all that needs to be done" 9
In short, an excessive issue paper money, II
and by excessive We mean any amount be- S
Dnd its convcr,iblity into coin,-is Il stced {
hich no nation has yet been able to ride. II
$ well hope that spark will net produce i
l explosion of gunpowder rs that inconyert- q
lie paper can be issued without commercial +
'nyulsions and final ruin. Ii was 10 be :
,ped at least that the farmers OF the west bad .
I'd enough OF paper initiation in the expert.
cc OF this country in the last twelve Yeas. I
lille accurate statistics show that there wss C
apprcciable Increase in the average price s
grain, pork or anything the farmer has to o
! from 1862 10 1912 over the average price a
ID. 1852 TO 1862, the same statistics show Il
At the average price of everything the =
rmer must buy has nearly doubled during Ii
e latter decade upon the former 4 few s.
ch iacts are worth volumes Of Dr.. Csmp- Ii
lis theories. 4
TEE Coming MAN.-Thc following from II
publican organ, in commentator o.? an C.
sargent who smashed the Republican par Il
in California last fall, is rather signif- u