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

A y
most safe and convenient form OF invest
ment for the means or the Workln6
classes, now deposited in savings pahkS'
as well as for others having ldle 1uhuS'
to meet future obligations. Inc certain
ty of being able to get their fundS "heh
wanted. would induce all these classes
to invest their means in the Government
securities at much lower rates Oh interest
than are usually promised, but not al
WAYS paid, by the class OF institutions
named / have not the data TO enable
me to determine the amount OF the GoN-
eminent bonds that would be taken up
in this wav. but think it safe to assume
that it would absorb "A sufficient amount
TO enable the Government to llquldatc
its bonds now outstanding even III
much less time than | have named
Thus the burden of our national debt
would soon be greatly lcssened, and Its
securities brought into the hands OF our
own citizens. There would then be no
necessity for expensive oyndlcates, nor
for dispOsing of the national securities
i'm foreign markets at sixty i've cents on
the dollar as compared with the credit
OF the English government, and this Is
lust what we are doing. The English
consol bears per cent, and is usually
worth in the open market nlnety-tWo
and a half cents on the dollar, which is
equal to 81 per cent. on the investment;
and 500 invested in our per cent. bonds
will yield as large an increase as 500 IN
vested in the English securities.
Now let us see how the matter Will
stand in case the bankers are successful
in their efforts to have the legal-tenders
or peoples money retired by converting
them into untaxed, interest bearing
bonds, and the control Of the circulating
medium surrendered to them. This
would increase the interest bearing
debt to 81, 2O0, 900, 900, which, with interest
Mt 5 per cent. added to the principal,
would amount to $4,356, 100000 in the
fourteen years; while the yearly pay
ment OF SlOO,O0O,0O0, with the interest
added. yearly, would amount to but ST.
$50 600, 900: add amount Of legal tenders
| in circulation at the end Of fourteen
wears, 81 ,512, 100000, making S3,472,OCO,OOO
for the fourteen years. This deducted
from. the S4,356, O00, 000-the cost under
the bankers plan-will leave as the gain
to the tax payers by the adoption OF the
proposed system, 1854, 100000 in the four
teen wears. This calculation is on the
assumption that the legal tenders would
be debt in the same sense as the bonds
are: but as they draw no interest, and
would always be needed rs "A circulating
medium, the difference between these
plans would really be S2,396OOO,0OO in the
fourteen years.
THE system will provide in double
degree means of relief, benefit, and wei
fare to the people, giving the best eur
rency that can be devised, with all the
constituents of sOundncss, convenience
and value, equal and uniform TO the very
limits of the authority under which it Is
issued. guaranteed by the renewed
strength of the Government and 10y
revived prosperity which it will inspire
and sustain; and, while based upon the
faith Of the people, it will diminish and
tighten the burden of their debt in the
exact measure Of its volume, substitute
40 ,,.., ,1a,,,,t, i,,+,,..,.t =, a., la,,I..
80, ''''1
BENEFITS TO lhh INDUSTRIAL AND COM
MERcIAL INTERESTS
IT, as it should be, the public domain
were reserved for actual settlers only,
the loanable capital released by the pay
ment and conversion of the interest
bearing securities of the Government