The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1875-08-14
CHANGING GROUND.

One OF tho most healthy signs of the times
on the money question is the rapidly with
which noted politicians who but year ago
we're recognized as rabid intlation'sts are
fastening to review, define and change their
positions on the paper money question mus
we had occasion recently to refer to the ne"
departure of Mr.. Pendleton, the author OF one
of the most vicious of all paper money
schemes, but who insists that whatever may
have been his former Authorizations, he Is
noto in favor of no permanent currency eX'
cept such as shall be redeemabe in coin.
SO, also, we find Senator Bogy, of Missouri
who stood with Logan and Morton in the
Senate last winter champion Of paper mo-
ney initiation, now writing a letter explaining
and modifying his views, so that, whereas
during the debates in the senate last winter
he freely declared himself a soft money man
and ranged himsef on the side of the inlla
tionists, he is now ready to admit that subse
ouent observations and experiences have con
WINGED him that he was wrong, and he repu
dates the idea he then favored and argues in
favor of a currency redeemable in gold
which means specie resumption
Again we Ind the Hon. w. A. Richardson
of Quincy-"Gallant Old Dlck'-whO a year
ago was as crazy as Kelly or Horace Day in
favor of cabbage Leaf currency, writing let
ter TO Quincy paper, defining his position
once more on the great finance question for
the benefit of an anxious world, The letter
is both luminous and voluminous, but the up
shot of it is, that Old Dick is in favor of get
ting back to something like the old treasury
tone under the sub-treasury system OF Van
Buren, and Polk. He wants the national bank
notes retired, and treasury notes our only cur
reucy.-raised to par with gold and receiv.
able for all government dues, including du
ties on imports. In his own words
The first step will be, no more sale of gold
or silver; bring the greenback note to par,
by receiving 1t for all government dues: &C.
cent the greenback for all dues and it will APP.
precia,e at Ouce TO par with gold and pre-
MUM over silver. The banks then will be
compelled to resume specie payment or sus-
pend business
This of course means specie payment
nothing else-and ia an infinite remove from
the Butler-Kclly system of gIeenbacks re-
deemable in 8 :65 per cent. bonds, redeemable
in bottomless greenbacks, redeemablc in bot
tomless 3 65 per cent, bonds, and so on ad
infnitum
And lastly to be noticed to-day for the list
is q long one) is the Hon. o. p. Morton, who
addressed II republican mass meeting at
Mansfield, Ohio, last week. Morton, the
reader remembers, was the very head and
front of the Eahatienlst party in the last con
gress. In his efbrt last Saturday, on the cab
bage leaf currency question, he takes decid
ed new departure. Instead of advocating the
Kelly bottomless scheme, he claims that a re-
turn to specie payment is a necessity, and
while he thinks there should neither be con
traction or imitation to bring it about, he
believes the resumption act" Of the last con-
gress will fetch it, and he announces his pur
pose to adhere to that Legislation.
Thus one by one as discussion is enllght
ening the popular mind on the money ques
ton, the political 'leaders"-(by the way, a
frightful mlsnomer) who a year ago fell into
the delusion that the people were running
mad after the initiation folly and wanted 10 be
borne along on the popular wave, are coming
to realize their error and one by one begin to
retrsce their steps back to solid ground.