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


demands the issue by the government in lieu
of national bank bills and all other money!
of "a paper money which shall be icsal
tender in payment of all debts, pubic anu
private, duties on imports includec,' @cr
'this money to be Interchangeable, at the OPP
ton OF the holder, with registered govern
ment bonds bearing a rate OF interest not eX-
ceeding 3.G5 per cent per annum.'
Mr.. Jack, of Macon, moved to amend by
adding that the interest on SAID bonds shoult
be paid in gold. This was voted down with
a veil" Mr. Streator moved that the princl-
pal of the bonds be made payable in gold,
bnt this also was voted down.
Then, as the resolution stands, it means
that when the financial policy demanded
by this convention is adopted, we shall have
no other money" except paper issued from
the public treasury, which shall be legal
tender, and redeemable only in government
bonds bearing low rate Of interest, which
bonds are payable only IN SAID paper money,
which paper money is redecmable only In
said bonds, and so on, over and over in an
endless circle.
In the financial history of the world we
venture to say never before was scheme pro-
posed that can equal this for pure, unadulter,
a,ed unscy. The continental money OF our
revolutionary days, the French assignats' the
confederate grey backs, and every other form
the paper money hallucnation has assumed
in this or in any age or country, has had at
least, while declared to be legal tender and
its acceptance at par enforced by the severtst
pains and penalties, the decency to profess to
be redeemable in gold or silver, or real estate,
or somethtng But this money scouts the idea
that it needs any basis whatever, and is re-
deemable in nothing. The impudent aSsump.
ton is that with the stamp by the govern
ment OF the words zone dollar" on a bit OF
paper the said bit Of paper is endowed with
an intrinsic value which makes 1t, like
piece of gold OF the proper size and weight,
one dollar in fact
Can men be sane who believe ths? We
doubt it, and will tell you why.
This proposed money TO be issued by the
government is promise TO pay; the govern
ment promises to pay or redeem it on presen-
,ation in 3.Gj bonds a promise is an
,, engagement to DO certain thing. 1t is an
axiom that a promise cannot redeem itself.
That is, if q man promises to give you a
bushel of potatoes tomorrow, it is no redemp'
ton of that promise if on tomorrow he
promises to give you bsshel of potatoes
next week This proposed paper money,
which is itself promise to pay, is made re-
deemable in promise to pay, and that prom
Use TO pay is the same thing as tie original
promise-an in,crconver,ible or interchange
able bond. The two are identical. The man
, gives his note for 80 days and pays il when
due by giving another note for 30 days. The
paper money scheme is therefore in contro.
vention Of the axiom that q promise cannot
redeem itself.
| Again. The proposed paper money, re-
deemable in nothing, is TO be called dollar
or dollars 4 dollar, as defined by law and
usage in the United States, means certain
quantity ofsilvcr or god, of standard fineness
or purity. 1t is IN axiom that word that
cannot be defined has no meaning, The dol.
\ lar the Decatur convention proposes to issue
has no deiinabe meaning. II affects to be a
promise to pay, but agrees to pay nothing
II is piece Of paper, but so is bogus lot
terry ticket, q ay leaf, or a thousand other
things. 1t is TO bear a government stamp
calling it dollar, but the stamp is fraud
and lie, for il does not tell what the dollar
it implicitly promises to pay is to consist OF
The proposed paper money, therefore, in pre-
tending TO represent something, contravsnes
the axiom that q word that cannot be defined
has ne meaning In logic an axiom is de
fined as 20 proposition which states princi'
pie that is 50 simple, elementary and evident
as to require no proof" and we are told that
at any one does not admit the truth Of Ak
IONS, when he understands the terms used,
we say that his mind is not sound, and that
we cannot reason with him."
We have stated a few simple aSioms that
are con,radicted by this Decatur paper money
scheme. II its advocates are not idiots they
canno, fail TO understand the terms used.
If understanding these automatic truths they
still deny them, logic, the perfection of rea-
son, says they are not of sound mind, and il
is folly TO argue with them.
| --------
We have not, thus far, taken much stock in
the complaints that have become quite loud
of the abuse of the pardoning power by Gov.
Beveridge. Generally applications for the
pardon of criminals come TO the governor SO