The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-08-01

would mt IN circulation IN ample supply OF i
money 70 cry forwArt business enterprises
and encourage industry and production.
There would DO probably larger currency
than would DO needed 10 carry on the bust
ness Of the natIon. Therefore would have
provided government bonds bearing a low
rate n interest, not over two per cent per
annum, to Fund any money thar the owner
might wish TO lend 70 the government, and
make the bonds recoverable into the legal
tender money at the pleasure OF the holder.
The rate Of interest on money generally /
could nev vary much from the two per |
cent, which could always be obtained on \
loans 10 the government; consequently the l
money could not depreciate in value, be- \
cause lloney that can be lent for good in
come il always valuable; and when q man |
could not use his money ia trade or other |
wise so as to bring him IN a higher rate OF
il to the government, and u eve in ex-
change bond payable one year after date
with two per cent interest
OF coures there would be great outcry
AGAINST this. This is called reputation.
But We do not propose TO repudiate the
debt. We propose 20 pay i 1t the earlies
moment, the principal and interest OF that
paIi of il contracted to be paid in spe
Gle (although we shall thereby pay
more than is justly Gue,) and the principal
OF all that was not expressly stipulated 10
be payable in com in legal tender paper
money, which will be safe AMI good money,
not only Tor the paymen. Of government
dues, but for the discharge OF NIL private
debts. The fact is, that money has always
been wrongly instituted: that six and seven
per cent. interest has always been beyond
the powlf Of labor to pay, As j. proved, to
my thinking, by the general poverty Of the
producers, even Of this vast and rich conn-
try. IL is not wrong 70 begin TO do justice
a: the earliest possible moment. Because
the lenders Of money and owners Of proper
ty have had hitherto in rents and interest
six, seven and often a greater per cent. on
their capital, II that any reason for per-
petuating the law requiring these rates to be
paid to them when such rates are mar
IfestIy unjust and oppression to abors The
producers OF this country have the power
in t1eir own hands, and 1t is o. " necessary
to inform them upon the matter in order to
secure an over= nelming vote Tor this
measure. Let os not ask for anything less
than justice. A tenporizing policy will be
productive OF no result except temporizi ng.
Let US stan boldly fyr the right.
We shall be told that we know nothing
about finance, that We shall ruin the c1un-
try, that values will depreciate, that We
shall have that dreadful thing an irIedeem
able paper currency. But the paper money
will not be irredeemable, IL will always bt
redeemable ut the pleasure OF its holders in
government bonIs b-arIng interest. There
will be no obstruction W enterprise and in
dusuy in consequences Of scarcity Of money
and high rates II interest, therefore pro.
duction will greatly increase, and this pro
duction will be 50 distributed that there
will be general supply Ut the comforts O
life. This does not look like ruin TO
country, and we are not AFRAID of such re
suits. And as for the depreciation of value
there will be none The productions OF tn
earth will conunus to support life as thel
have done hitherto. Bread and meat vii
be equally nutritious, houses will continue I,
shelter G slr inhabitants, clothing and fue
Will continue to protect and warm them
These things will not be worthless becaus
they are abundant, nor because all person
engaged in useful labor can he easily sup
Piled with the comforts Of life. The rea
value Of all articles must remain unmpair
ed. And as t. their price ia money, b
having just currency We shall have tru
, measure of the market value Of all produC
| tons and property SO there will not be
depreciation, but o true adjustment of va
ues.
) A word about the eight hour Law: tn
( law Of interest IS more fundamental, an
, in its nature, operative, than any law reg
= nla h. - r -
, work Can be. The manufacturer, the Dos
mason, the head carpenter, the builder O
] other employees must pay seven per cent
\ interest or more on the money he borrowc
must pay rents u workshops, etc, at tn
same rates, besides supporting himself an
! his family; and unless the labor Of bis me
, for eight hours a day will enable him t
meet all these demands, he must cease I
employ them: SO that it is to be feared tn
practical effect of eight hours work unde
the present monetary system would be. il
D many instances, to throw labor out Of EN-
{ pioyment Men will not undertake bushes
, WITH certain prospect of loss TO themselves
1 But II the rate Of interest were made jusi
SO that the mo .ey power should cease I
! make those TeouisitIons on labor for interes
| and rents, eight hours work a day for a
persons would no doubt furnish an abundan
supply to all of the comforts, and many {
Injuries OF life. Then we should have co
operative labor and associations instead Z
the one-man power, and workingmeu woul
l regulate tEsir own hours Of labor, for thei
\ own interest and the general good.
r MIR. Editor, the issue is too grea. to hav
, il made secondary matter by any politics
party. Both Democrats and Republican
are much more likely to 70 over to a thir
party than to each other, even II one OF ther
should take the matter up.
suppose it will not be expedient to pu
forth candidates and organize one party I
vote ut the coming presidential election
! but, in my Judgment, we shall make littl
Roadway until we create party Of our own
having for its main object the adoption Of
new national monetary system.