The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-01-05
REPUTATION.

ing timid citizens with the cry Of reputation.
The knavc and fool are alarmed Tor fear some
foreign bondholder will lose confidence in the
honor of America and American securities.
The reader Of history, and many a citizen ira
ditionally even, will rccollect that France IA
long time ago became indebted to the Amcri-
can government five million dollars, known
as the French spolation claim" and Presl-
dent Jackson, while in Office, demanded OF
Louis Philippe, then king of France, to pay
or fight France paid over the five millions
AT once. Years interviewed before bill for dis
tribution among the American claimants got
through congress. The act was passed during
Picrce's administration. Pierce vetoed the bill
The reasons for the veto, as assigned in the mes
sage were these; The claimants are mostly dead
The claims have passed into the hands of specu-
lators in public funds. 1t is not good policy to
nav stale claims in the hands of spectators and
gamblers in public funds. So the government
repudiated the entire five millions. The gov
erEment lost no credit, domestic or foreign, by
so dong Our young state of Minnesota has
recently repudiated large portion of her state
debt, contracted in the piping times peace. y
Georgia has recently rcpudated large por-
ton of her public debt. And our government
forced by organic law the entire south to re,
pudiate her war debt And nearer home can
be found bright example Ottawa pardon
mel has recently, through the courts, repudi
ated large rail road debt, which equitably is
due as everybody well knows. Now the bonds
issued during the late American revolution
were forced loan, as is conceded in all hands
This loan was forced under duress-ndtiOn
al duress. Such loan could well be repudi
ated by precedent loan, and justly too. But nc
American citizen desires this No one advo
Gates it, The American people will not EN-
brace reputation, unless forced to do so by
illtimed and dishonest legislation of congress
The bondholder paid but 40 cents on the dol
lar. BY reason of appreciation of bonds caused
by friendly legislation, the bondholder car
now realize dollar for dollar and more, too, in
coin.
Who ever condemns one for repudiating us
ury? The laws of the land not only do moi
condemn, but justify the reputation of usury
The bondholdcr ought to be paid precisely
what he paid the government and in same OF
similar kind of money and no more. Pay
him off in deprecated currency Pay him in
kind The Chicago 7imes-that strumpei
journals alarmed for fear our credit will
suffer abroad. The suffering OF millions OF
soldiers and employees of the government, who
were paid of in deprecated currency-mere
promises to pay-many Of whom today ars
paupers-docs not trouble that rebel sheet
But who cares for credit abroad? Well would
it be for our country if the government had nc
credit abroad. Men and nations are usually
ruined by Deer and not by under credit, Jus
tice at home is what is most needed. Conf
dence at home among the people is now wha
is most needed Pay home debts in goot
money Pay spectators and foreigners il
such money as was received-in deprecated
currency The government ought to ask nj
credit abroad. II Is now asked how all public
debts should be paid.
Pay off all past public Indebtedness in pas
CURRENCY To illustrate: In facetlous ant
neat little past-prandial speech made 10y Gen
Stiles recently at a bar association in Chicago
the General, among other good things said, relat
ed dialogue had between himself and his littl'
SON. The son asked the father what he knew
The father replied, "he knew nothing for deaC
certainty" The father then asked the sol
what he knew The son APPLY replied, that 1t
did not know darped thing" Now let tina
little boy procure the loan of knife, broker
bladcd and quite worthless, costing 81, ant
worth at best ten cents. After the Chicago
sharper has loaned the boy the knife, he get
elected to congress by aid of the hummer ele
menL he'd on by the Chicago Times and pro
cures the passage of law compelling all littl
,oys who have borrowed broken.b laded knive
and paid for the use of them, to Immediate,
return to the lender, not the old knives, bu
new, gold-handled and silvcrbladcd knive
worth, instead OF one dollar each, one dolla
and ten cents each Now let the General asl
his little boy what he knows ABOUT Knives III
will reply ct once in apt words: " know
enough to know the law compelling me to pa.
for the old knife in a new knife worth elece,
times the old knife is an unreasonable law
and the sharper in congress, who procured 1t
MASSAGE. is a villain" Is the boy right o
wrong? The advocates of speedy resumption
oro villains The child knows enough TO know
they are villains. The child knows enough
TO know" it Is easier To pay small sum than
= large one. IL legislation is continued look
ing toward resumption in these times the raj
road strikes will I've followed by larger ant
wider strikes-hy revolution. As victories o
peace are no less renowned than victories o
war. so financial distress in war is no less IT
nowned than distress in peace. The country i
today quite rs nearruin as at thecommenccmen
of or daring the war. There is more nee'
4. s,,od loan tn lav than ever there wa