The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-11-16
RESUMPTION AND SILVER.

! John sherman forgot that thcrc was u power
| in this country that sets itself above congress
There are fifty bankers in Wall street, who
clam to hold $l0O,00O,000 OF grecnbacks anc
5000 600 600 of United States bonds, and as the
slverdollar may affect the value of their green
backs and bonds, they boldly tell Sherman
that if he proposes TO make use OF silver, they
will not allow resumption to take place. In
short. these fifty Wall Street banks, under the
name of the Clearing House Association, held
meeting agreed upon a programme, and then
sent a committee " Washington to advise The
Government on what terms they will allow re
sumption on the lst Of January TO take place
The terms may be inferred from the following
plan of action agreed upon to be followed by
sand banks after the lst Of January:
/. Decline receiving gold coin as special de
posts, but accept and treat them only as law
| full money.
2. Abolish special exchanges OF gold checks
at the Clearing House.
3. Pay and receive balances between banks
at the clearinghouse either IN gold or United
States legal tenders.
4. Receive silver dollars upon depOsite only
under special contract to withdraw the same
in kind.
8. Prohibit payments Of balances at the
Clearing. House in silver certificates or in sill
yer dollars, except as subsidiary coin IN small
sums, say under $40
G. Discontinue gold special accounts by a
notice to dealers on the 1st of January next to
terminate them.
This means, in word, that resumption will
be allowed to take place if the Government
will JON the Clearing, House Association and
abide by its rules; if the resumption shall be
in gold alone, and if the treasury, like the
bankers, will consent to treat silver except in
sums of $40 or less, not as legal tender coin
but as bullion.
And it Is said John Sherman has assented
TO these terms
Notwithstanding the reconciliation of the
silver dollar by cOgrcss these bankers propose,
as the California bankers did with the green
backs during the war, to ignore the legal ten
der quality of the silver dollar and treat it only
as bullion, receiving is at its bullion market
price and not as Il legal tender; and if any
body offers to compel the banks to take sll.
yer dollar as the equivalent of gold dollar,
the doors of the banks are to be closed against
counters. In word the Clearing House As
ISOLATION propose to repeal the act of congress
rcmonctizing the silver dollar and set the
strongly expressed will Of the people on that
subject at defiance
The meaning Of 1t is plain enough. 1t Is
the old fight of the money power against the
people. The money power holds the bonds of
the United States for $2,000,00O000; of the
States of the Union, railroad companies &c,
for 81, 600, 100000 more; of England for $4,000,
100000; of France for $4,000 100000 Austria
100000 600, &c. &c, amounting to public
Indebtedness, which means Indebtedness of the
people, running into hundreds Of thousands of
millions. The coin money Of the world is
supposed at present to consist IN nearly equal
quantities of gold and silver. If Wall street
in New York, Bond street in London, Amster-
DAM Frankfort the Rothschllds Earrings, &c,
can succeed in blotting out silver and making
gold the only money of the world, they will
add at least 40 per cent. to the value or pur-
chasing power Of their 100000 100000 OF
bonds, and will make $4,000 100000 by the
operation. And this is what Wall street is
now driving at and the scheme in which 1t has
Of Hayes and the pliancy or craft Of John
Sherman, to take part. viii the people of
the United States allow its government to be,
come participant in this giant scheme of rob
berry?
THIS is not Il contest that can be decided like
a town or even Il presidential election. The
money power is already master of Europe is
laying its iron hand on India, and now threat
ems to seize the L. $. by the throat. How Is i,
to be repealed?
One thing is certain: if the people Of the
United States do not propose to have 81 600.
GOO, 900 added to their present $4,000 600 OF
public indebtedness, they must resist in the
first place, To the death, the decentralization OF
the silver dollar; and secondly, if that canao,
the decentralization of gold. \ larger part OF
the world makes silver the standard than gold
China, Japan, India, Russia and Austria, with
all South America, are silver countries. Would
they be less powerful, with America to back
them, in controlling the money of the world
than Europe is? The United States, at the
drop of the hat, can have "A silver basis of 81,
OO0,OOOOOO for paper circulation of $1,000,
100000 more. The world, by the terms Of
their issue, must take silver for our bonds. Il
worst comes to worst, let them have the gold
we can get along mighty well with silvel
alone.
The general result of the recent election ha,
been most ilattcring to the republican party
We have made gains IN every Northern State
and in 1880 can present Il solid front 10 III,
South, if 1t persists in its present policy.-hea
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