The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-05-02
EXPANSION.

=, of the prime needs of this countr
Even John A. Loren shows in his fir
y, senate speech on the currency quesiio
that England has two dollars and Franc
- three dollars Of circulation or money
" the United States one, and that for health
business purposes the United States nccC
No more money dian either of those countrle
70 But how do the Logans and wild cat spcc'
: lators generally propose to give us more nj
$ ncyg BY farther diluting the currency! The
y propose TO double the quantity OF brandy b
) adding an equal quantity of water; lncreas
the quantity of sugar by adding sand; Civ
US more -four by grinding up chalk with tn
wheat Is this increasing the quantity G
m0nCU in the country? With grecnback
worth ninety cents on the dollar, reduced t
forty.fvc cents by doubling the quantity, i
any more money added to the circulation
| Not cent, of course. But it is such m add
ton that the Logans Cookies, &c, mean whel
they cry out for expansion, or "morc money
1t is fraud, conceived in dishonesty ant
corrupt in its purpose. The object is plail
enough. Logan is engaged in gigantic
speculation at Calumet Cook, Palmer, ant
all the rest of the specializing horde are over
whelmed with debt, and they want to blow
up a big bubble of speculation, sell town lot.
at four times wha, they are worth in gold fol
debascd paper, and then pay their debts in
this paper and thus defraud their creditors
l,r,. ,,iIi land nd
the Wall street stock gamblers want, but ii
is not what the honest business men and lab
orng masses OF the country want. What
they want, is more money-hard, solid cash.
In 1860 we had in this country some $40O,
100000 of gold and silver, and based on that
a bank circulation of some $500 900, 900 more
in all as large an amount of circulation"
in good money as we now have of depreciat-
ed grecnbacks and national bank bills. The
country never was SO prosperous as then
Now our deprecated paper has driven out all
that gold and silver, except about $150,000,-
900, which the government keeps here to pay
duties with and the interest On the public
lebt But for this necessity of the govern
nent, that too would have lett US, and, so far
IS our circulation" is concerned, it is gone
already. Now how is this country to get
more money? If we had back to-day our
e4(0 100000 of gold and silver, IT would be
Easy enough to float three times the amount
With that amount of metal for basis, and we
night to-day have paper circulation of
Il 900, OOOO 900, every dollar of which would
e as good as gold, besides $15O,OOO,OOO to
O0,00O,OO0 of gold and silver in circulation.
The way for the government, then, to get
lore money is not to issue more paper, and
lus drive out what little money is still left
s. but to 60 to Europe with her bonds and
NY gold and silver. Why nots Her bonds
re not only at par, but command premium
l gold Government now has less than $40O,-
10000 Of greenbacks in circulation. Of
lese she will never be called upon to redeem
yer $3j0000, 900, for the rest will be Lost or
estroyed before they ever get back to the
easury. Let her begin, say on the first of
anuary, 1875, to redeem these greenbacks in
old. To get the gold let her sell gold bonds
hich are worth their face in gold in any
larket in Europe Let her buy say $780,
10000 This will be more than enough to
deem all the greenbacks that will be pre-
nted in five years, for as soon as the govern.
lent begins to redeem the greenbacks and
lows she is prepared to redeem all of them,
. soon will they be "as good as gold" and
obody will care to exchange them for
ne gold. When million of grecnbacks
ave been thus redeemed, let them be used
ow that they are at par with gold, in buying
p government bonds Thus without any
erious expense to the government, without
inconvenience OF any SORT, not only can specie
ayment be resumed, but it can be done with,
ut contracting the currency dolar-on the
it will add at least $3O0OO0,OOO in
old and silver to the circulation of the coun.
Y, being an expansion-a real, substantial,
did expansion or addition of that amount
, the money circulation of the country, in.
cad of the fraudulent dilution and debase-
lent which the debt repudating spectators
ant.
If | had gone to congress a pail.maker of
cry moderate means, and had served for
ears as chairman of the committee on claims
the only place in congress, so far as ! have
yer heard, where man can make u business
( selling himself successfully and profitably,
ecause itremains with the chairman of such
a n