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


| am aware that these rates are
greatly below the general estimate,
as well as below the rates as shown
by the census reports, but the rates as
gwen III the census reports are OBJ
tanned by placing a fictitious valua-
ton on the several descriptions of
property named. This, | think, is
iallaclous, for the reason that bush
ell of wheat will afford no more nour-
lshment at two than at one dollar, and
the same is true of all other articles of
food, clothing and shelter; nor is the
power of the horse to produce in
creased by arbitrary increase of valua-
ton in the inventory. SO of lands
when used for agricultural purposes.
The yield and value of the products
being unchanged, the value of the
lands must remain the same. The diff
ference in the quantity and value of
our exports at the different periods is
so slight as not to affect the general
result. OF course, the extremely small
increase during the decade ending in
1870, was owing mainly to the large
withdrawal of men from agricultural
pursuits to fill the ranks of the army;
but as the increase during the decade
ending in 1860 was greater than dur
ing any like period in our previous
history, | think it safe to assume that
3 per cent. is fully up to the average
rate of increase, and therefore, the
highest rate that can be paid for the
use of money or producing capital
without impoverishing the producing
classes and preventing the develop.
ment of our natural resources. | now
propose to demonstrate that the exorb-
liant rate of interest on loanable capt.
tai, fOstered and sustained by the per-
nlcious monetary system of the past
and present, is the main, and is of
itself sufficient cause for the period
zeal arrangement of our agricultural,
mining, manutactmirE olid Vthor
useful industries, and for the mOneta-
~ crises and commercial reyulSiOns,
and that, so long as the present UNI
lust standard of distribution between
capital and industry and enterprise is
continued III force, we can have no
general permanent prosperity.
Before descending to detail and for
the purpose of bringing clearly before
the mind the real issue involved in
this financial controversy, (Which Is
not SO much question Of the Quantl-
ty or quality of the currency as the es-
Enlistment of an equitable standard
of distribution between the industrial,
enterprising classes and the money
lending class, between the borrower
and lender ! will contrast the effects
of the 10 per cent, or labor-robbmg
dollar, with those Of the 3 per cent, or
la Understanding dollar, ON the gener-
al business interests of the country.
| will start with the earliest history
of the country and come down to the
present. The first Anglo-SuNou set
Element on this continent was made
ut Jamestown, Virginia, in the year
1907, or two hundred and siXty-ninc
years ago. We will suppose Captain
Newport. who headed that colony. to
have purchased of the mother country
all the territory embraced within the
present limits of the United State, for
81 and given the obligation of him
self and his SUCCESSORS, payable, prlu-
cipal and interest, two hundred and
siXtv-nine wears after date. 1t would
become due the present year, and
doubtless those who have not careful
" considered the subject of the power
of money to accumulate by interest
would regard it "A good arrange
ment for the present occupants of the
territory. This, however, would de-
pend entirely upon the rate of interest
named in the bond. At 10 per cent,
the amount would in round numbers,
now be S136, O0O, 100000 or over five
times the value of all the property.
real and personal, in the nation; while
at 3 per cent it would be but 50 $40. or
equal to the value of an ordinary fifty
acre farm or one foot front of a first
class city lot. The amount at 10 per
cent would be forty eight million times
greater than at 3 per cent. The real
issue, then, is between these two kinds
of dollars" The advocates of "hard
money" propose TO force the Govern
ment to adopt the former, or rather to
continue it in use, for we have il under
the present banking system. and il is
Just what the specie-basis fraud al
ways did and always must in the very
nature of things, give US. On the other
hand, the advocates of legal-tender
currency, issued directly to the people
in the payment of the debts of the