The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-02-26

mOnOpOliStS and spectators or every
kind, without regard to the rights and
interests Of those engaged in the useful
occupations, callings and professions. II
the system is continued in force, it viii
not be long before the halls Of legislation
and all other departments of the govern
ment will be filled with stock holders,
bank officers, and parties otherwise di-
rectly pecuniarily interested in this
scheme. Those who produce and distrib-
ute the wealth will then have no rights
the bankers and usurers will be bound
to respect. l will not pursue this sub
ject further than to say, for the benefit
Of those who may not have examined the
law for themselves, that there is in the
original law manifestly a studied design
running through all its provisions to
render the industrial and commercial
interests tributary to the money power,
and that every alteration and amend
ment that has been made in it or 20 it
has been either openly or covertly II the
interest Of the money-mongers.
The browning act of deceit in this
adroit management was the passage OF
the act Of 14th January, 1S75-undec the
gag rule-providing for gratuitous coin
age Of gold, free banking, and the re-
demption of legal tenders in excess Of
$3OO,OOO,00O to the extent Of so per cent.
of the new bank currency issued under
it, and the resumption of specie pay
ments 1st January, 1879. 1t might be
inferred, as many hoped was the
case, that the object of the law was to
leave three hundred millions Of the legal
tenders in circulation. But this was
clearly not the purpose of the authors Of
the law, for it provides that, to enable
the Secretary Of the Treasury to prepare
and provide for the redemption OF the
legal tenders after 1st January, 1879, he
shall have power to use any surplus rev.
enue in the Treasury not otherwise APP
propriated, and to sell and dispose OF, at
not less than par in coin, either Of the
descriptions of bonds Of the United
States authorized by act Of Congress,
approved 18th July, 1870 to the eX-
tent necessary to carry the resumption
act into full effect From this, think it
| is manifest that it was and is the object,
intent and purpose to retire and cancel
every dollar of the legal tenders, to sur
render the whole moneypOwer OF the
nation to the bankers, and to make room
for and to give exclusiveness to he cir
culation Of the free banking begotten
| by it.
The bill provides for the abrogition OF
! the law, because it is, in principle, repug-
nant to our system Of government, and
because no alteration Oramendnent that
can be made in or to it can possibly re-
lieve it of its Objectionable features. 1t
is the principle of slavery in IA new guise,
and, though more subtle and rofined, it
is scarcely less unjust and oppressive to
the industrial classes than the oil system
of chattel slavery was to its victims, and,
like that, it must be utterly abolished
before the natural rights of tie wealth
producing classes can be established on
! firm and enduring basis.
If this Oligarchy lives the Republic
must perish, for whoever holds the
money bags governs the people
To restore general and permanent
prosperity to our industrial and CONNER
cial interests, to encourage the develop
ment Of our abundant natural resources,
and to enable us, as nation, TO become
industrially. commercially and tnan-
cialy, as we are politically, self-sus
tanning and Independent, we must
utterly abolish this perniciOus sys
TEN Of banking, and establish IA none
tary system coIformable and concur
rent with the principles Of justice and
equality, upon which our institutions are
| founded.
| As we must have, as has been shown, "A
monetary system, it is not enough to
! show that the present one is wrong, but
! it is equally important and necessary to
offer better one. To this end ! pro-
pose
THE AMERICAN MONETARY SYSTEM
A circulating medium being indispens-
able 10 free and convenient exchange Of
property and products, it is not enough
to show that the system in operation is
wrong in principle and practice, but it is
necessary TO offer one more correct III
principle, AMI better adapted TO the end
in view. This brings me to the consider
alton Of the second proposition in the
bJl. Sections to II, inclusive, provide
for the Issue OF Treasury certificates in
payment o. the debts and current eX-
expenses o. the government, which GER
tificates shall be legal tender in pay
ment OF all debts, public and private,
/ lexcent when il is prOvided that naNment