The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-12-19
RESUMPTION OF SPECIE PAY
MENT.

OF den. Ufhnt Woulu DC cihime0 rs tue ucCk-
sion Of the people In favor Of the payment
OF the bonds in gold, in favor Of the nation
al banks as against greenbacks, in favor Of
what is called q return 70 specie payment.
II required bu. little knowledge o. the UNI
scrupuIous cupidily Of capitalists, Of those
who live by the wrongful power Of money
over labor and its prcduc 20 foTesee tn
vigorous efforts they would make to thiss
end.
The democratic party BY its platform, just
sufficiently put in issue the payment Of the
national bonds according to the letter and
spirit of the law upon which they were is-
sued, to give some speciousness to the claim
that the defeat Of that party was the triumph
Of the usurer over the taxpayer.
When we say It was the half-heartedness
Of the der ocratic party on this very ques-
ton of the payment OF the bonds, which lost
them the states OF Pennsylvania and Indiana
in October, and therefore made their success
impossible in November. We only repeat
what is well known 10 those acquainted
with the iIfiuences OF the National Labor o..
ganizstiOn.
A financial policy incapable, oy IFS dein-
itensss and precision, from double and op.
posing interpretstions-hke that contsined
in the Declaration Of Principles" Of the la
Dor party, instead Of the feeble and uncer-
tain imitation Of ii in the New York plat
form, and the nomination OF men with re-
cords consistent Herewith, would have car
ried the democratic party to success, not
withstahding its blunders of management
which justified the republicans in identify.
ing il with tie Lost Cause"
No one can doubt, who is familiar with
the WIDE spread determination, growing and
intensifYing with each day, Of the people to
wrest the power Of making tl.e currency
from the hands Il those Sho heretofore have
used this great monopoly solely for the en-
richment Of themselves and tie oppression
of labor, that if the purpose Of returning TO
specie payment, the payment Of the bonds
ia coin, had been avowed, that the personal
Of General Grant, or even the
blunders Of the democratic management,
co1Id have defeated Mr.. Seymour
s. bile the bondholders, capitalists, and
diminutive class who contri-
bute nothing to the wealth or welfare OF the
nation, but who fatten in the wsntonness of
power which money gives them over the
products of labor, know what q resumption
Of specie payments means, they must not
forget that the taxpayer and workingman
also know what itmeans, and that by an ex-
perience which makes forgetfulness impos-
sible. They know it means that every pr-
vate debt shall be doubled IN amount, that
every public obligation shall be duplicated.
The farmers know that it will take, under
two bushels Of wheat to do what
one now sufhces for, that every workingman
must work two days for one day at present.
The Interest upon money which now buys
one bushel Of corn, will then buy two, the
cost Of living will then be to the capitalist
one-half what il is at present, while the Ia
borer whether in field or shop, will have to
work two days for one, for the benefit Of bis
taskmaster the capitalist. The taxpayer
knows he VIII have to wor. twice as hard
to keep his property from be. Ig sold BY the
State to the money sharks who hang around
court houses to make hundred per cent on
their money, and the congressman knows
too, that bis I've thousand dollar salary will,
under resun IN, be equal to ten. The
pretense that the mechanic will gain cheap
er -four, and that the farmer will gain by
cheaper labor, Is the merest sham. The es-
sential idea Of the gold basis theory Ia, that
The capitalist shall prey upon the industrial
classes, and that they shall prey upon one
another. The Specie basis increases In two
ways the monopoly Of money over the pro-
ducts Of labor:
lst. BY cheapening every product Of labor
and cheapening the wages OF IabOrers; and
ond. BY putting the balance and the whoIe
control Of the currency in the hands of the
few capitalists, bankers. and Insurers.
Every dollar Of tax, and every dollar Of
interest, whether upon public or private
debts, comes out Of the products Of labor.
Therefore, whatever dlminishes the value of
those products takes away ron the prodac-
er his means TO pay bis taxes, his debts, and
his abilily to feed, clothe and educate those
dependent upon him. While resumption,
means the nnpovenshmer' Of the
industrial classes, and the consequent para
lysis Of every productive industry, it means
the increase Of the money power over labor.
There is no gold ,worshippsr in the county
who is fool enough to believe that gold and
silver exists in sufficient quantities 10 tran
sact the business Of the country. There 10
net coinage enough 10 the United States to
pay for one years wheat crop Of the north
western states. The specie basis men
understand this. They know
that paper money Of some ID must exist
or the Business Of the country must be sus-
pended As in the past so IN the future,
hey want to furnish this paper money, this
cild cat, which they can do on the specie
basis theory. They wish to issue this cur
'ency in just such quantities as win Sest en-
Ible them to control the value Of the pro-
iucts Of labor. They, therefore, have the
power to Ok such rate of interest Is they
please upon all loans and all indebtedness,
ind when il is considered that il 10 the rate
II interest which is the governing power ID
he distribution Of the products Of labor, and
which determines what proportion Of those
PRODUCTS shall fall to the share Of capital and
That shall remain with the producer. il win
Dc plainly evident that the currency furnish