The Ottawa free trader., 1875-07-31
THE OLD LANDMARKS.

The Jacksonville !SSattne2, we are happy tl
find, has abandoned its paper money vagaric:
of year ago, and gives US a really sensible
article in favor Of getting back TO the old
landmarks that is the old treasury note
system of snte-war times. The following ex.
tracts are in the right vein and suggest idea.
worth thinking about:
That Independent Treasury scheme "di
vorced," as Benton phrased it, the Federal
Government from the Banks. ltprovlded for
the payment by the Government Of all its LA
blites in specie and Treasury Notes These
treasury notes were to be receivable for al
Government dues and customs. These treas.
ury notes, being always in deaidHd for the
payment of customs, and for land, the then
only sources of revenue, became Il gtitedged
currency, and always commanded premi-
um. They didn't go among the common
people, because none were issued Of a less
denomination than $50 but among the great
cotton factors and importers they displaced
nearly all other currency. They were not
illegal tender" but what was more to the pur-
pose, they were not disCredted by the very
authority that issued them. They paid Gus
toms; they paid for land; they paid salaries
they paid for supplies for the army and navy
they paid interest on the bonds them selves
There was no distinction made in their Day-
ing quality between them and gold. The de-
ntdHd was for treasury notes and not for gold
Foreign merchants sought them and held
them, tor they were better than gold TO han
die in paying duties and making eYhanges
Under their benefcent influence gold flowed
INTO this country, or staid here, or would
have done so but for the baleful influence of
n tlpncapl tEuill pot'' opI hoo l., r.
"ragmills." These treasury notes carried us
through the Mexican war, without materially
increasing the public debt. A. the breaking
out OF the civil war they constituted nearly
0Ielalf Of what Was then counted tic public
debt.
The fatal blunders of legislation during the
war were-1St, making treasury notes a "lega!
tender" 2d, as if to add idiocy to laundering,
making them nOnreceivable for customs
3D. making the interest on the bonds payable
in coiH BY this series Of financial 'blunders
the specie basis was destroyed; then, to az.
gravate matters, an all-abs0rbing demRad was
created for gold instead Of treasury notes the
bonds instead of staying at home, were rush.
ed out OF the country and an incCssant i'm,
poverishing outflow of gold, IN the face Of an
equally incessant demand for it, 10 pay the
interest on these bonds TO foreign holders.
All this was done in the interest, and at the
instigaton, of bank and gold monopolists
first to destroy the treasury notes, then 10
make a market for dear gold, and finally to
make room for modified system Of national
banking All this was done in coutravention
of the PEOPLE, and for the benefit of the
Rothschlds and other molcy lords Of Eu.
rope, The PEOPLE have pail dearly for it..
The civil war, with all its destruction, was
not half so impoverishIng to the people. /
And now the Democratic party is again
called on to place the country in The same
financial path that 1t did thirty years ago, in /.
1912, and that then proved so successful and
so beneficial.
There is no authority anywhere outside the
Federal Congress that has q right 70 issue
anything that shall circulate as money. The
states are prohibited from doing so, and what
no state can do, no private corporation ought
to he allowed 10 do. Federal money Is all
that ever ought to be allowed to-circUlatc as
money anywhere in the United States,