The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1873-12-13
Alex. Campbell on National Finances,

We are in receipt OF II copy of the NonA
restcrH Recie5c, published at Chicago, sixtecl
double column pages of which are occupleC
with the views of Alex. Campbell, Esq, Of l.,
Sale, on our national currency and finances
Mr.. Campbell's peculiar ideas on the subjec
in hand have been so long and so often ven
tilatcd by the newspapers in this region tina
most Of our readers have Il general idea o
their leading features Mr. G. summarize.
them in the PyCjt Of Il bill which Congress,
few words proposes to create national treas
ury board of 20 members, of which the Secre
taryof the Treasury shall be the head, the dut,
Of this board being to perform certain func
tons to be entrusted to them by Congress
those named in the bill being manly to issue
IN lieu of all the national bank notes anG
grecnbaCks now in circulation. say 50 ,000 COO
600 in grccnbacks, to be made q legal tender
IN all cases except where government faith
now requires the payment of GOLD, and also
an indefinite amount of L. S. 3 per cent bonds
into which these greenbacks shall at all times
be convertible at the option of the holder,
only when the amount of greenbacks so con
vcrtcd shall be so great as to reduce the
amount in circulation below $50 ler clDftl OF
the entire population of the L. S, then fine
board shall issue enough more grcccnbacks
to bring the circulation up to the REQUIRED
$50 per head
This is, in few words, Mr. Campbells
proposed remedy for all our financial, indus,
trial and economic ills As the present en-.
tire circulation Of national bank paper and
greenbacks reaches but $13 per capita of our
population, this raising the circulation TO
some $50 with minimum of $50 per capita,
shows the extent Of paper initiation which the
scheme involves Experience has demon
stratcd that in tins country as well as Eng,
land specie payment has never been main
tanned with paper circulation of over $40. so
per capita 1t is obvious, therefore, that the
paper circulation proposed by Mr.. Campbell
woCld Danish specie so hopclessly that gold
)r silver dollar in a few years would become
Is great curiosity as an ancient Roman
'oin. When our paper circulation in 1SG4-j
vas some 81, 800, 900, our greenbacks were
worth about 10 cents on the dollar Mr..
CampbellS three thousand millions would
make them worth about % cents on the dol
ar; at present our 100000, 0OO of paper are
worth 80 cents on the dollar. Where then is
he use OF initiation? If we now had lust
'65O,O0OOOO paper in circulation, ii would be
worth just $3.50 100000 in gold with 81 200.
10000 Of paper in circulation, it would be
worth no more; and a circulation of 50 600.
10000 IS still worth just the same in gold
lr, Campbell's project OF initiation, therefore,
nricheS nobody, for it adds nothing to the
ational wealth. 1t is like the CounterfeitingI
ings of the middle ages, who split their
oinS in the hope that one-half of any one
'oGld 90 duty for the whole. 1t is but Il !
altering Of the currency by dirty printers
lk, aud in the way Of creating new wealth,
: great o sham and dciusiOn as Herman An,
crsons trick OF drawing a wagon load of
onions ont Of a nut or a -atchcl