The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-09-22
National EInnnCiering.

National FinanCiering.
John Sherman, Secretary OF the l. >
Treasury, shows in his August report that the
national debt increased during that month
81 1GG.914 while legal tender notes were re-
tired to the amount of $l,111,0S6; thereby
increasing the debt $1,1GG,614, and reducing
the peoples money 81, III S6, thereby incrcas
ing the debt burden to the amount OF S2,2'4-
OGO,--as all the greenbacks destroyed lessen
the peoples ability to pay that amount II
specie resumption takes place in fifteen
months-January /, 1S19-all of the national
banks must have either legal tender or gold
to redeem their outstanding circulation at that
time, or go into bankruptcy; hence the neces-
sity of their retiring their circulation, and the
necessity of the people to lay by gold ana
LEGAL tender for the near future, as there is not
gold enough in the United States to do the
business transactions.
Andrew Jackson was first elected President
of the United States in 1923. This nation was
in debt, having bonds outstanding for the war
of 1868; also bonds contracted for the war
of 1924. Those, think, never command
ed premium, but were hawked around at a
discount. We also had the United States
Bank, so called, whose capital was principally
owned in Europe, the interest upon which was
paid in silver and gold. Jackson vetoed the
re.charter of this bank for the reason that the
interest on the L. S. bonds and the T. ;. bank
capital was drawing the precious metals to
Europe, making it impossible to pay the ma
tional debt, which was at that time, with the
then scant facilities, probably rs great as ours
compared to the ability to pay. Jackson
caused treasury notes, or sub-treasury notes, to
be issued, thereby substituting treasury notes
for L. S. bank notes-direct from the govern
ment to the people, and paid off the national
debt; and at the expiration of two terms had
large surplus in the L. S. treasury.
Then came up for the first time high pro
tectivc tariff and low tariff for revenue only.
Mr. Chase issued similar greenback treasury
notes to the amount Of $50 600 which paid
for clothing arms, provisions, and the sol.
ders, and were at par with gold; and if Mr..
NlluSt ndl iluNl llt nv w vi Du,h''I Nht S'l'
BY the Eternal this legal tender shall be is
sued, and no bonds shall he sold to Europeans,
we think that to-day the American people
would be Il free and Independent people, and
not such IL bond-rdden and taxed slaves; like
the children of old, having to make the brick
without the straw or grccnback TO facilitate
the work
Mr.. Pendleton's platform, in 1868, was the
same as Mr. Chase's practice. But the bank
crs and money sharks did not want the ma
tional debt paid in the next four years Now,
with the example of Francc,-whcn all of her
silver and gold was taken TO pay her war debt,
then of necessity she had to issue her legal
tender, which brought with it employment for
all her many millions of idle communists, and
enabled all to go to work profitably; and now
her enormous national debt is no more; pays
no interest, and has Il Jacksonian surplus in
her treasury.
We would advise the wcalth-producing Ia
boring mechanics, miners, and business men
to form themselves INTO companies, then into
regiments, battalions, and corps, and form into
line of battle, and at the word of command
armed with the ballot, march to the polls and
declare by the Eternal the Peoples Mortgag
ing Agent, the Secretary L. s. Treasury, shall
not issue another United States bond, but shall
give to the people legal tender notes, gold and
silyer-all worth their face in gold by the gov
4 emmcnt, and retire national bank notes
JoHN s. ARMSTRONG.