The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-08-15
INITIATION WHANGD0ODLE.

Grove, Morgan county, by one NJ. NJ. Hoo
ton. The Age is given to the ventilation OF
good deal of that sort of swash from CORES
! pondents, but it generally balances the &C
count by publishing modicum of common
sense on the other side. But the nine col
umn Grafton of Mr.. Hoolon must be an aw
full dose for sober readers. The Hon. o
p. Morton, by surrounding it with the gla
mour of choice language logically marshal
ed, is able to give an initiation argument Tho
air of rcspectability; but the same thing IN
the blunt, unadorned vernacular Of Mr.. Hoo
ton becomes ineffably grotesque and 5fza'7e
With the first tour columns of this curl
Gus Grafton, being an assault on the national
banking system, though some % his views
and arguments are whimsical enough, We
shall not quarrel, having no disagreement
with Mr. IIooton as to the end in view. Ad.
advancing from that, however, to the defense
of part two of the famous 18th resolution Of
the Independent platform, we encounter
some very curious logic. That resolution, as
our readers are aware, declares IN favor OF a
legal tender currency, Interchangeable Tor
government bonds bearing the lowest posi-
bic rate of interest" 4 charitable cOnstruc
ton of the resolution supposcs the convcn-
ton TO have meant grocnback currency al
ways redcemable in specie, and interchange
able for government bonds bearing the low.
est possible rate of interest to make them
equal in value TO greenbacks always convent
ible into specie. Bonds issued to be always
interchangeable with such "A currency Enough
why T" interchangeable Heaven only
knows might at times bear very low rate
Of interest 1t would be the same as lending
money " on cali j." and just now IN New York
money :" on CALL that is, to be paid back on
demand, in a day or month, can be borrow
ed at two per cent per annum. Two per
cent bonds would then be about the lowest
But Mr.. IIooton, oblvlous of this obvious
Interpretation Of the resolution, supposes that
these bonds bearing the lowest possible rate
of interest to make them interchangeable
with greenbacks worth par, are IN some way
70 affect the caIue IF tie greeabachs! and pro,
ceeds TO discuss The question to what extent,
If nj Nil, these bonds will increase or re.
duce the value of the circulating medium :"
In other words, Mr. IIooton having carried
n stream OF water to his goose pond with
flow enough to keep the water at certain
height proceeds to discuss the question what
effect the stream will have on the quantity of
water in his goose pond! 1t is consoling to
learn that Mr.. IIooton considers the stream,
sufficient to fiji his goose pond to overlooking,
whatever that may have to do with it.
Having filled the goose pond 10 his salts
faction, Mr.. IloOton, without any dlscDvcra
bic connection OF ideas, proceeds to argue in
favor of more paper money For this country,
making most unfortunate reference TO the
circulation Of England and France to sup
port his case. Money is power!" he cx-
claims. England has $G0000O,O 600 il coin
and S2S5 ,00O, 900 in paper money, or $2S of
" circulation " per capita; France has $500.
100000 in coin and $500, 600 900 in paper. or
$40 per capita. TaG0rc, the L. S. ought to
have at least $4,000, 900 900 of paper money,
or $50 per capita of paper circulation! The
suggestion doubtless never entered the ad-
died brain of Mr. lloolon or any initiation
could ity-that it was for
the sole reason because the proportion of pa,
per to gold in England and France is so
small that they have SO much gold and there
fore so much larger circulation per capita
of real m0ney that we have in the United
States where even of miserable paper trash
we are unable to keep Sl5 per capita ut par,
though before the war, with our specie pay
merit, our gold and paper circulation was
S25 per capita or nearly equal to England.
"Yesl" exclalmS Mr.. Hooton, these ma.
tons over the sea know well the power of
money, and their wisdom in furnishing their
people an abundant circulating medium has
developed enterprise and production to an
extent unparalleled by any other nations of
the globe" Mr., llooton, To limited extent,
has unconciously told the truth Most I'M
true is II, that because these " ma
tons over the sea " have so managed that
theii people have an abundant circulating
medium" therefore they have developed
enterprise and production etc. But it is
not true that these nations have furnished :"
or given TO their people this circulation.
This is one of the kinks that seems to be
the very turning point between sanity and
insanity In the financial philosopher, : that
the former or lnhationst harbors The propos.
ferrous hallucination that it is the duty of the
government 10 A" furnish or give the people
"A circulating medium ur money" The
% government of the United States consists
of lew hundred chosen individuals, en-
bracIng the President and cabinet, congress,
judiciary, etc. with perpetual succession"
Have these in their corporate or national 4"