The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-03-11
InrERcoNyERTIBLE GOLD BONDS.

INTERCoNvERTIBLEG GOLD BONDS.
Sidney Myers, Esq. Is making speeches
and delivering lectures in favor OF q currency
scheme of his own, but which, in fact, is sub
stantlally the same as that proposed by Sena-
tor Booth, of California. He is in favor of
Withdrawing the circulation OF the national
banks and having no other paper money but
greenbacks interchangeable with long time
govcrnmeet bonds, bearing per cent. inter
est and principal and interest payable in
gold, The plan, whatever its other merits,
has at least the one founded in solid good
sense, OF having a solid gold basis at its
bottom. We copy Il few paragraphs from a
speech of Mr. Myers before the Illinois State
Grange:
GOLD FOR INTEREST
say gold for interest because the price Of
gold is today the recognized standard OF val
ues throughout the world. But say let the
interest on the intcrconvertible bond be paid
IN gold or legal tender small bonds, at the
option OF the holder of the certificate. Let
all interest on intcrcOnvertible bonds be paid
by check on Washington, and when the man
brings IN his interconvertible bonds for re-
demption he will find Just as much money,
lust as many greenbacks in there as there arc
certificates. When they issue certificate at
a sub treasury they must keep the greenbacks
ia their own possession, not let them go into
the old fallacy of paying out Scvcnty-hve per
cent. and keeping only twenty-five per cent
TO redeem with.
Now what's that thing payable in ? exhibit
ing the grecnback.) When you come to talk
OF payment
A MAN CANNOT PAY HIS DEBT N HIS own
PROMISES.
Promises do not pay. though they may re-
new and extend debt Promises may be TAX
en- with the consent OF the holders OF the out
standing obligation IN lieu, and are often
preferred to payment. You caanot go to the
storekeeper, however, and say, well, | am
going to pay now; give me piece OF paper?'
You write note without interest, you hand
it to him, and say, Il am gong home to my
family, and feel my debts are paid" But
that note does not pay the debt. And when
MIR. Chase sat down, with his pen, in the
darkest time of the war, and wrote out, The
United States will pay one dollar" what did
he meane He meant just exactly what
dollar was when he wrote that first green
back, and that is what it means to-day, gen.
tlemen. And you don't want to do anything
that is not right. II il comes to a payment
what was dollar according to the definition
by the laws of the United States when it was
ISSUED is dollar now
But We DO NOT WANT THEM PAID.
We want them for a currency to circulate
among our people; misunderstanding, but
convertible into Understanding obligations
whenever we wish to present them, at con-
venient places; and we want to strike out the
words "will pay" and say in the place OF
them "indebtcd to-" That cannot be done
without the consent of the holder; but let
congress pass an act providing that any hold
er of greenbacks may take them to the sub.
treasury and get three per cent. gold bearing
certificates, provided he will permit them 10
erase the words twill pay" and put instead
"is indebted to-" then we will all do It, and
tina, will be fair bargain There will be no
reputation about that, because we do not
want the greenbacks paid we only wan!
them made interconvertiblc with interest
bearing obligations of the government
WHENEVER yoU GET CLEAR OF THE GREEN.
BACKS,
whenever you decide that it is the will of the
people that banks and corporation shall furn.
1911 All tuC ClICuhIluH VI luC S''uH' thNh a
say that you have got hand upon "nr tinan-
cial throat, and
THERE Is ONLY ONE BANK IN i"@ UNITED
STATES TO DAY,
tell you there is only one bank in the Unit
ed States today, aud that is the National
Bank. The President of the United States
is the president of that bank; the secretary
of the treasury Is tue vice president OF that
bank; the Bank Comptroller Is the cashier OF
that bank, and the 50 called bankeAam!ner
for ever district is the manager Ofthe branch .
in his district. People are playing bank
presidents; they are playing bank directors;
they think they are bank presidents; they
think they are bank directors; they are sim
ply supernumeries. The bank examiner runs
the branch banks in all THESE cities and
towns. You get the machinery IN the hands
of politlciaus-I say politicians. | don't
care what party Is in power; bat you let
them, by controlling this financial machine,
have a hand on the throat OF every communi'
ty as large rs this is all over this land, a
hand that manages every purse-string. and
don't you open your heads about opposition
or change, and don't you talk your political
sentiments unless you talk with your wife, in
a whisper, With the door shut
Plato says that "a kind no is often more
aOrppa hlp than a rpuph yes - of pCutlcul a