The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-08-29
CURRENCY QUESTIONABLE INDEPEN-
DENTS VS.. THE McCoRMICKERS.

Springfield in June to come up in It's declar
atoms to the demands of the times 1t disap
pointed large number both of Democrats
and Republicans who desired and still desire
10 support its nominees by ignoring two car
dinal political issues on which opposition To
Republicanism is mainly based, to wit y
sound specie basis currency in opposition 10
deprecated money, and personal freedom IN
opposition to paternalism. These are issues
the Independent convention overlooked, ig-
nored or lodged"
have no; at hand the platform adopted
by the Independent Convention, but my re,
collection is very clear that it took square Is
sue with the Republicans on the money ques-
ton The substance of It's resolution on this
question is as follows;
Resolved that we demand the repeal OF the
national banking law and the substitution OF
legal tender circulating medium issued di-
rectlv TO the people in the payment of the
debts of the government for the bank curren-
cy. The legal tenders to be interconvertible
at the option Of the holder with Government
bonds bearing u low rate Of interest.
On the other hand the Republicans rcSolv-
ed in favor of the extension and perpetuation
of the national banking system and the linn
tation Of the legal tenders the practical ct-
feet of which will be to ultimately retire
them from circulation, and the resumption Of
specie payment when it can be done without
injury to the business interests Of the coun
try. The latter clause of this resolution, II
adhered to in good faith, will prove harmless
and doubtless was so intended by its authors,
for most people are coming to believe that
that time will not come in the life time OF any
one now living. AS l understand it and as |
think very large majority of the people I'M
derstand it, the real issue is whether the cir
culating medium shall consist Of all legal
tenders or all bank currency.
| fail TO see any grounds for the charge
hat the Independents "overlooked ignored or
lodged" the question. On the contrary II
seems to me that they have met it fairly and
taken square issue with the Republicans on
this the most important issue now before the
country. Nor can see how the system they
advocate can either initiate or dcpreciate the
currency or how it is obnoxious to the charge
Of paternalism.
As it is proposed to pay out the money
only in the discharge of the debts or current
expenditures of the government no one could
get it until he had rendered the government
of the government would have the choice of
taking interest bearing bonds or the lawful
money in the first instance with the privil-
ege of rcConverting the one into the other at
pleasurell cannot sec how 1t could unduly
initiate or contract the volume of the currency.
Again, it is proposed To make the currency
a legal tender in the payment of all debts,
public and private except in cases where it
is by express law provided that payment
shall be made in coin. Now, it is difficult
10 see how this is to depreciatc the currency.
Most of those not interested in banks or in
loaning money at the present eXt0rtionatc
rates of interest believe it would have the Of.
feet to appreciate the value of the currency
and lower and regulate the rate Of interest,
which is the great deslderatum.
How or in what respect this system Is oh
noxcus to the charge Of paternaism is not
clear to my mind. Each citizen would be
left free to Judge for himself how he would
employ his means whether in the interest
bearing Obligation or lawful money of the
governmental most people it looks more
like true democracy than paternaism, With
a few necessary safeguards to prevent the
gold gamblers, stock jobbers and bank lords
from locking up the currency by converting
it into the interest bearing bonds for pur-
poses of speculation, this system would, in
my judgement provide the people with
circulating medium adapted to our principle
Of government and the wants OF the business
interests of the nation.
Now the policy Of the Republicans is di.
rectly the opposite of that of the lndepcnd-
ents. Free banking will encourage the infia-
lion of the currency to the extent of the
whole amount OF the government debt by of.
iering the bond holders the opportunity Of
drawing double interest ON their capital, first
in the bonds deposited with the government
and secured on the currency or free loan
from the government which they loan to
the people. This means initiation, deprc-
citation and paternalism in the fullest sense
Of these terms. 1t would be an absolute
surrender of the whole money power of the
nation to few bankers and usurers by which
they will DC enabled 10 make every other
interest subScrvicnt to their cupidity.
But You claim that you are not an advocate
Of the national banking system. You say the
convention that meets on the Goth INST, and
which you endorse is in favor of sound
specie basis currency" and that you 'are well
persuaded that majority of the voters of this
county cordially endorse the objects of that
convention" Now, as do not understand
the import of the phrase sound specie basis
currency" | am not prepared to say whether
Or not | agree with you that a majority OF the
voters OF TINS country are in favor OF such
financial policy. If, however, it means the
old system which authorized the banks to is
sue three 10 five dollars of currency for each
dollar of coin they said they had in their
vaults, but which was seldom If ever there
or any system Of currency issued through
banks, state or national, then | say that in
my judgment not one out of ten Of the voters
OF this county outside of those interested in
banks will endorse any such swIndling
scheme.
The people have come 10 look upon all
systems of currency issued through the
banks whether on the so called specie ba =
Cr any other basis, as a cheat and fra'd
They have learned by painful experience that
The assertions of the bankers that they have
even the amount of specie required by law is
not to be relied upon. | feel safe in saying
that an overwhelming majority of the voters
OF this county prefer our legal tender curren.
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