The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-04-11


tie following article:
We asked A. G. Cameron and r J. Barrett
what meaning they attached 20 two Of thei-
conuudruus 70 be proposed 20 Candidates, yiz;
Are YOU II favor OF
j. The payment Of the national debt ia 1a-
tional ereenbaeks.
.. The taxation OF the national bonds.
Cameron explains the meaning Of the first
question, as follows;
We hold that this can be effected by the issue
IF treasury notes, made legal tender, iu the
payment az all debts, public and private, and
convertible, 40 the option 81 the holder, into
government bonds, bearing just rate of inter
est sufficiently below the rate OF increase in the
national wealth. by natural productions, as %
make an equitable distribution Of the products
Of labor. reserving 70 Congress tie right To al
ter tho same vhen, ia their Judgment, the pub
De iutere { would be promoted thereby, giving
the government creditor the st 20 lake the
lawful money or the intercst-bearing bonds, at
NY election itE The privilege 70 the holder 10
re-convert one bonds into money, or the oaey
into bonds az pleasure.
"A rate of Interest, sufficiently below the
rate Of Increase Of national wealth by natural
productions, 70 make an equitable distribution
of the products of labor" is enc Of those mys
terious propositions which nobody but a trance
vested Of this m0oHshint the above scheme n
IN substance the idea embraced IN the fifth sec
ton of the Senate Funding bill introduced bv
Hon. John Sherm an, and substantially the same
thing that the TRIBUNE has been advocating ior
year past. Shermans bill makes the green
backs convertible into i've per cent. 1910
bonds, with the privilege to reconvert the bonds
into currency 20 the limit Of $500, OOO 900
Five per cent IS deemed the lowest rate Of IN
terest chat would be practicable at this time
hereafter il is hoped that the rate may be re
duccd 20 four Per cent Cameron's question to
De eligible should read Are you IN favor
II shermans Funding bill, but especially Of the
t.-h section thereof making greenbacks con
vertible into Eve per cent bonds, and vice versa
bonds convertible into greenbaoks. -
The frA7cisi scheme Of Cary abo,ishes the
National banks, does away with coin interest
reduces the interest to three per cent il legal
tenders makes no provision for the redemption
Of the greenbacks: converts the whole currency
and bonds into the form Of irredeemable shin
pasters sLose intrinsic value could not er-
coed that 81 The paper on which they would be
printed Ii is a scheme that would COW use
tie Whole country, rob millions Of the laboring
classes Of their property, and is even less en-
titled TO respect than Singleton's and Poneroy'
proposinon TO repudiate both bonds and green
backs. A. is the project u a reckless charlatan.
II che light which radiates from the Trib.
1tns ofioe and oyarfows upon its columns
were all moonshine, it would not experience
the difficulty of which it complains in under
standing that the crate Of interest which s
nation" can afford to pay bears direct re-
lation 'to the incr ease of the national wealth
By national production" Il must be obviou:
enoJgh even to the "moonshiniug' mind O
the Tribune, that if the rate Of interest OF
money equals the increase in the national
wealth, capital must absorb all the surplu:
products Of labor and compel the working
classes to work for mere subsistence. II
the rate Of interest exceed this ratio Of in
crease, it must necessarily take from these
classes the property they possess.
We need not show that the rate Of in
crease Of the national wealth il this country.
even in the most prosperous decades Of our
history, has been rarely in excess Of three
and one-thrd per cent. per annum.
We do not furnish tie proof Of this Be-
cause we think even that fact must have
entered the brain Of he Tribune editors, but
what the relation Of that fact is to he flnan
cial legislation Of the country it would be
too much to suppose they would Be
willing TO acknowledge Now, if physi cal
and intellectual labor D tho sole source Of
wealth as they are, and if this labor only
increases the wealth Of the nation at the
rate OF three and one-thir5 per cent. yearly,
1t were difficult to ind a BASIS, except in
moonshine, for the Tribune astute asser-
tions "that five per cent is deemed the
lowest rate Of interest that would be practi-
cable this time" It is simple matter of
arithmetic to determine how long a nation
can pay five per cent. for money and make
only three.
The Tribune may, however, say that Eve
Per cent. interest on the two and a half bill
lions which the nation owes does equal the
entire increase in the national wealth. But
this has nothing to do with the fxing Of
just rate Of interest:upon money.
We have repeatedly demonstrated in these
columns that the national, State, County and
individual indebtedness which is bearing in
terest and which has to be paid, and can
alone be paid by labor, exceeds the entire
aggregate increase Of the national labor.
ard that this is the fertile cause Of the
commercial disasters, bankruptcies, rapid
concentration Of wealth, and pauperism
widening with every returning sun, which
ailiict our country.
Capital, or money at interest, absorbs the 1
entire proceeds Of the national labor, and !
will do it even when the interest is reduced 4
to Their Of increase in the national wealth.
to wit three and one-third per cent.
With these facts patent to everyone, who
but the Sbylocks, usulers, bankers, and
kindred gamblers with the Tribune organs
deem GIVE per cent. The lowest rate Of in
est that would be practicable"
The Shel-laa scheme for funding the
debt in 1O-40 bonds, bearing five per cont
coin interest, which the Tribune saws Il
has been advocating for past, il
then, Invested of sophism, bu. Inninely
devised scheme to retain the money power !
n the hands Of Shylscks, and despol the ]
Industrial classes Of ths lst reward Of their s
lbor anu talents. I
The "Cary Bill" proposes to change all Il
lis. 1t proposes that the nation in its "
'vereign capacity shall furnish the currency n
the country, and abolish the privilege fl
hicb, heretofore, the bankers have pos SC
ssed. And right here is the opposition Of m