The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-08-10
NO CONTRACTION,

Tit FREE TRADER makes desperate effort
to demonstrate to its gulli5le adhcrents, that
there has not been any contraction to uphold
the statement it claims that Compound inter
est notes and 40 treasury notes was sic not
circulated rs money, chat it is mendatious sic
ana bctrays ignorencc sic in pretending 9th.
crwisc. That man +. f.. Spinner don't know
q much as he thought he did, when he an.
swcrcd AN inquiry on the subject, as follows
MOHAWK, Aug, 11th, 1873,
DEAR SIR: Your letter OF the 10Th has been
received. In answer have, 10 say tina. the
1-}O treasury notes were INTENDED, PREPARED,
ISSUED and USED As MONEY.
Very Respectfully Yours,
L. f. SPINNER.
Old Spinner is a regular Peter Cooper fiat
moncy-maniac, whose grotesquc financial III
cubrations in his annual reports while t. 5.
treasurer made him the laughing stock of the
country, and his certificate on such a question
is entitled to about IA much weight as thatDf 4.
Campbell or Kcwancc Smith The COM
pound interest and 80 treasury sn0tes were
small interest bearing bonds issued by the gov
eminent as Il temporary loan and soon aner
wards redeemed in large bonds or grccnbacks
:,
who either sold them on the spot or sent them
home to be sold for grccnbacks, as they
were worth from 3 to : per cent more han
glccnbac<s, and the purchasers kept them for
tie interest the same as per cent. bonds are
now bought and held. That they were "inten-
dcd, issued and used rs money" or instead Of
money, is true Of them exactly IN the sense
in which a merchant intends, uses ami issues
or gives his note for sixty days as, or instead
of money, when he buys goods of the whole
sale dealer. But that this temporary loan paper
Of the government was ever "intended, used
and issued as money" IN the sense in which
the grccnbacks, postal currency or subsidiary
silver were thus issued and used no man of
common sense or common honesty will pre-
tend for a moment
Bin suppose even that this temporary loan
paper did TO its full extent enter into and
swell the sum total Of the currency of the
country, the treasury statement referred to by
the FREE TRADER two weeks ago shows that
1t never at one time amounted to over S236
OJi $50, and raised the entire paper circulation
of the country, when it reached its highest
point III 1860, to but S0Sj,3lS,GSG, when its
gold value was but 500, 2jG,3j against our
present circulation Of grcenbacks, national
bank bills and subsidiary coin of over 1871.
100000, or some SlO,O0O0OO, more now than
in those happy days Of the greatest expansion.
The FREE TRADER is not opposed to green.
backs. 1t approyes the law passed by dem.
ocratic congress torbidding the cancellation of
grcenbacks below the sum of S3iG,0000)O
now in circulation and it tavOrs the democrat.
lc proposal to issue national treasury notes
in lieu Of the present national bank bills. By
such IN issue some T3j0000,000 of L. s five
per cent bonds can be taken up and some $lS.
600 600 II year interest saved
But the FREE TEADER is opposed to the is
sue of Il dollar of grcenbacks or national treas
ury notes beyond The amount the government
can keep atloat at par with gold and silver
Win oul paper 1T par not only is all the gold
and silver in the country an additional con-
stituent part Of our active circulation, bnt we
can draw upon all the gold and silver in The
world to fill up deficiencies; but our paper is
sues below the point Of par with the worlds
standard and every dollar of our gold and sill.
yer hides itself away like frightened mice or
leaves the country, and every new paper dollar
we issue but further dcgrades the value and
decreases the actual money worth of our cir,
culation.
Surely of all the signs of the times" none
is more ludicrous and pathetic than the touch.
ing faith with which the boistcrous crowd now
arraylng themselves under the National"
Grcenbaok flag, look TO II mcretricious issue of
government paper money as the means to
bring 20 the country full fruiton OF financial
bcssedness and beatitudc
They appear to think the greenback is actual
wealth which the government can at any time
supply, and therefore they denounce the gov
eminent for its meanness and cruelty in keep
ing the people in poverty when it has the
means in its hands To render them universally
happy. 1t is equal to the delusion of the child
that cries to its mother to stop the rain and
thunder. The government can direct the coin.
agc Of gold and silver and within narrow
limit regulate its weight and value, and for
of handling can issue paper
and keep it at par with gold and silver by
making il always convertible into those metals ;
but when it goes beyond that and issues paper
lars beyond its means of redemption, it
commits a fraud and an outrage the same as
II business man who passes ms notes for more
than he is worth, and bankruptcy to the gov
crnment is no less certain and disastrous in
such u case than il is To the reckless business
man.
MAINE leads of IN the fall campaign by
holding her state election on the first Tuesday
in September. There will bc Governor, con
= m