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

are politically: self-sustaining and lnde-
pendent Right here, then, we must ap
ply the remedy; for neither subsidies TO
our shipping and inland transportation
interests, nor protection or free trade nor
appreciation OF the value or the curren
cy, can give substantial relief so long as
the present unfair standard or dlstrlpu-
ton between capital and labor remains
in force.
Interest is the most dangerous. be-
cause the most insidious, OF all the pow
ers menacing the rights and prosperity
of the people. Operating silently ana
unseen, it stealthily takes from the pro
ducing classes large portion or their
earnings, while it keeps them in lgnor-
ance of the cause Of their wrongs.
I will now proceed to show that the
industrial, commercial and financial
evils under which we are now suffering
are the legitimate results Of the deleSa-
ton of the sovereign power to make mon
ey and regulate the value thereof and the
gratuitOus grant of the credit of the peo-
pie to vast system Of private corpora
tons.
Before entering upon the discussion
of the monetary system now IN opera
ton, | will say that | regard money only
as Il means to an end, to wit, the reduc-
ton Of the rate OF interest, so rs to es-
tablish an equitable standard OF dlstH-
button between lOanable capital and
productive labor, and | will add that L
have no quarrel with those who invest
their means under the national bank
law. 1t is the system against which L
war.
OUR MONETARY SYSTEMS, PAST AND PRESENT,
INnuCAL TO OUR FORM OF GOVERNMENT
AND INJURIOUS AND OPPRESSIVE TO
ALL LEGITIMATE BUSINESS.
As the bill provides for the repeal or
the national bank acts, and the adop-
ton of monetary system which, 1t IS
claimed, will be more in harmony with
the principles upon which our institu-
tons are founded, l will now proceed to
present "a few reasons and arguments in
support of the proposed change. The
constitution of the United States gives
Congress full power and authority over
the money of the nation and there be-
ing no express grant Of authority for the
delegation OF this sovereign power to
any class Of individuals or corporations,
it becomes the imperative duty OF Con-
gress to provide the people with circu-
l ,,,nIi,,p, Iirnpt1N llnInr the
troll of those who produce and distribute
the property and products it is designed
to represent and exchange, that they
may be able to so regulate the volume
and value thereof that it shall distribute
property and products to capital and
labor equitably, according to the service
and labor performed in their production.
This important duty Congress has thus
far failed to perform, for our monetary
laws, unlike our Government, are found
ed on the arstocratic idea that the few
should rule the many, and the many toll
for the few.
The history Of these laws, from the in
stitution Of the Government down to the
present time, is one Of repeated wrongs
and usurpatiOns, all having in direct OBJ
iect the subversiOn of our democratic
institutions, and the eStab-
lishment of money oligarchy TO rule
over and despoil the wealth producing
classes of their substance, and reduce
them to the condition OF feudal slavery.
This principle wasl unfortunately ingraft-
ed into our system from ideas of money
borrowed from the aristOcratic govern
ments OF Europe, where property or "a
class, and not the people, gov
ern. Once accepting the erroneous no.
ton that the value of money was innate,
and that gold and silver were the only
by which its legal powers
could be expressed, and the quantity of
these metals being found insufficient to
meet the wants Of Il circulating medium,
the founders Of our Government were
compelled to adopt the specie basis
fallacy. A bank was chartered by Con-
gress, with authority to issue 80 Of its
promises to pay, to circulate as money,
for each dollar of coin in its vaults.
This was followed by like grants by the
Legislature, of the severallStates, and in
this way the entire field of circulating
medium was soon "filched from the ma
ton to whom it rightfully belonged"
Clothed with this sovereign power, the
managers of these irresponsible corpor-
atoms were enabled to control the value
and to effect the distribution of all the
property in the nation, and to fix the re-
wards of labor in allhepartments of use
full occupations, callings and profess
sions. This power they have welded
with an eye single to their own selfish
views and interests, without regard to
the plainest principles of justice, or the