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

| lists. The specie OASIS l+auu, InlouSh
which they propose to furnish ana regu-
late the currency, contemplates the lssu-
| ing of four to six dollars Of currency for
each dollar Of coin held for its redemp-
| tom so that the people will nave 10 ac-
cept the promise Of the bankers for the
redemption of three fourths to five
sixths OF the currency, promise tha1'
if they were ever so well disposed, III
would, in the very nature or thlhSS, pe
/ impossible for them to fulfill; and 1t Is
we'll known that they have not IN the
/ past been disposed to regard their opl-
CATIONS when it was not their interest TO
! do so. Besides their system encourages
the initiation Of the currency 10 the
/ whole extent Of the national dept pS
offering the bOnd-holders the oppOrtu-
nifty Of drawing double interest on their
/ capital. But what is still more obIec-
/ tionabe in their system is that 1t places
/ the control Of the circulating medium III
/ the hands Of the bankers and uSurers,
with power to expand and contract It's
volume and Initiate" the rate Of interest
! on lOanable capital at pleasure. ms IS
/ the kind Of limitation that robs labor,
paralyzes enterprise and deranges com
merce, but of which you never hear the
| bankers and usurers complain. Include
! the bullionists with the bankers, because,
while opposing the Government cur
rency, they do not advocate purely
metallic medium CT exchange; conse-
uuently, whether Willingly or unwittingly
| their influence is in favor Of the specie
basis fallacy.
NO REPUTATION.
Again, the bankers and their confeder-
ates, with that portion OF the pubic
press they have been able to suDsIdlze,
raise the cry of reputation, and say,
however desirable the system OF an eX-
elusive government currency might be,
it cannot be reduced to practice without
impairing public faith. But this charge
! has no foundation in fact If believed
that the proposed system could not be
| introduced without violating any legal,
| equitable, or moral obligation or the
! Government, would abandon it at once
and for ever, and, so far as L know, the
/
| likewise.
The advocates Of the proposed system
| hold that, no matter what amount OF
wrong and injustice may have been done,
or how much the representatives OF the
people may have erred or betrayed their
constituents in the creation Of the debt,
! it must be discharged in strict accord
ance with the letter and spirit of
the laws under which it was con
tracted But believing as they do, that
the present monetary system and gene
raj financial policy Of the Government
are doing great injustice to the indus
/ trial clsssts in all departments OF useful
occupations, they demand a change for
/ the future But in making this change
they propose to recognize and respect
/ the rights of ALL and to leave all in the
/ possession Of their present property,
with the right to increase their wealth
! by honest industry and the employment
of their means in legitimate business.
[ assert without fear of successful con-
tradction that, upon careful eXamina-
ton. it will be found and admitted by all
candid minds that it is the authors and
| advocates of the present system WhOare
chargeable with the crime Of repudia-
ton; for it was the legal tenders which
| they are trying in every possible way
! to discredit that sustained the credit Of
the Government and enabled it to main
tain the Union, without which the inter
est-bearing obligations Of the Govern
ment would have proved valueless.
/ Through their influence the contract be-
tween the taxpayers and the holders Of
/ the Government securities has been
| changed so as to greatly increase the
| burdens of the former and the profits Of
| the latter. But the advocates of the bank
ing system ask with an air Of triumph
Do YOU propose to pay the national debt
and provide the people with currency
by merely printing pictures? L reply
that the debt must be represented by
some kind of pictures, either lawful
money or interest bearing bonds, and
the people must have circulating me-
dunn to facilitate the exchanges Of their
property and products, which, as well as
the bonds, should bear the impress Of
national authority.
Now, the system Of legal-tender cur
rency contemplates two machines to be
run under the direction of the sovereign
people: one for printing pictures bear
ing just rate OF interest and the other
for printing pictures declared lawful
money. II the Government is indebted
| IN A in ha Of 4 on1 ha HaSiraS
tie obligation discharged in lawful mon