The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-03-25

Ilarly fractions. We suppose with his col
tempt for paper money, the publisher OF
gold basis Journal would refuse everythin
but gold; his subscription rates, Of course
are figured on a gold basis! How Is it tina
our Ottawa friends have been so fourishin
!, with nothing but greenbacks to use as lega
tender? And why is ii that the newspaper
of the land are generally more prosperou
: now than before the war when gold ruled IN
nation9 Will our friend Of the Free Trade
!, inform US as to what necessity now exists TO
buying gold with which to restore the oil
specie currency? And if such necessity cx
lists, what shall be used as a tender tor tn
eagles? If our paper currency is worthless
how is 1t that your gold currency can b.
bought for it? Do you gold basis people
mean all you say about worthless pape
currency or are you only shouting ?-Nor
ris Het01mer.
| The FREE TRADER has an abiding faith il
greenbacks as the best currency in the world
if the government will deal honestly with the
people who hold them. To do SO, the gov
eminent must redeem its engagement &c
make them equal with gold. For this pur
pose there is no need to buy gold. Our
ereenbacks are not worthless" but can be
exchanged for gold at a SHAVE" because the
government has promised" to redeem them
in gold. We want the government to be
honest and make good that promise, not re,
pudiate It and in lieu of even promise 10
pay" to give rags not based on even brok,
en- promise but on wind. That is the worth.
less paper money against which we are
shouting" See here
During the war of the rebellion the govern
ment contracted debt of about SO, 700 900,
900. Ofthis debt 81 500, 0OO, 900 consisted of G
per cent. $50 bonds, interest payable in gold,
principal in greenbacks; about $500, 100000
consisted of 10-40 bonds bearing per cent.
interest, principal and interest payable in
coin; and the balance of demand notes,
per cent. notes, and greenbacks, bearing no
interest, but all redeemable in coin. OF this
indebtedness about $500, 900, 900 was held by
the national banks about 800, O00,O 900 in Lon.
don, Frankfort and other parts of Europe,
about $500 900 in Wall street, and the bal.
ance, with the grcenbacks, was scattered all
over the country. Thus the mass Of the in
debtedness was held by the bankers and
stockholders of America and Europe. Only
very small proportion Of the bonds, but
most Of the greenbacks, were in the hands OF
the people.
On not dollar of that vast bonded indebt-
edness, amounting to over 1000, 0O0, 900 and
mainly held by bankers and money kings,
has the government ever failed in one jot or
title to meet every promise itmade. The ia
terest on every $40 or 1910 bond, or any
other Indebtedness on which interest WAS prom
sed, has always been paid promptly in gold :;
and whenever any OF the Indebtedness be-
came due it was promptly redeemed in
gold. The Government did even better than
it agreed. 1t promised only to redeem the
5-20's IN greenbacks, bat afterwards changed
that promise to gold and has actually re.
deemed some $500 10000 of them in gold :;
and all the rest of our bonds 1t promised only
TO redeem in "coin," which means silver as
well as gold, but it has changed that so that
the promise is now to redeem all in gold only
In regard to one part of the debt only has
the government broken faith and it has done
it inexcusably and shamefully. 1t promised
10 redeem the greenbacks in coin, but il per
sistently refuses to do so, even refusing tol
receive them at par for taxes payable to 1t
self While $40 and 1910 bonds, and all
other Indebtedness owing to the bankers and
money lords are at premium of from 8 to
l2 per cent. in gold, the Indebtedness owing
% the people--greenbacks- kept at from
10 to IL per cent. discount, by the persistent
bad faith and reputation Of the government.
Is there any excuse for thiss Do you say the
government can't get the gold, when the
whole world is anxious to buy It's per cent.
bonds at a premium of per cent. in gold?
"Oh, but" say the repudiationists, "to
'aise the greenbacks TO a par with gold will
)e hard on the debtor class" Who are the
iebtor CLASSY Are they the poor men--small
armers, mechanics, laborers-men who must
i've from hand to mouth? Not much,
But this sacred debtor class should at least
live US, who are too poor TO have big debts,
fair chance. On all the other Indebtedness
4 the government that it can't pay on de.
nand except greenbacks the government
ays interest Let the government, then, II 1t
anti afford to buy the gold to redeem the
reenbacks, give us chance to fund them in
ay 3.65 or per cent. gold bonds, II we want
D. This may not bring up greenbacks 70 ,
ar Immediately, but it will do i, in few
ears. That will give the poor debtor class, '
Or whom there is so much hypocritical and |
sympathy, chance TO work out '
4 debt. ID
This plan would have another good effect Y
'y allowing the holders of greenbacks TO 6
und them In 3.65 or per cent bonds at par
he government could use the greenbacks I
huS paid over in the redemption of the SEQ
md lO4O bonds, now due, and thus, by turn.
ng the greenbacks over and over, In q few
Iears all our and 8 per cent Indebtedness
Gould be converted into q cs or A nas ,an, | :