The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-02-01

the country 10 pay the current expenses d
the Government and the coin interest o. q
Large debt. And - there are nov bondl
now amounting 10 SSH, ,O00, 900 fsdssmahIe
and others viii be at no distant dsy, thcy
should be converted into Q non-istsrest.
bearing debt, and to the utmost possible OK.
tent relieve the the people Of the oneroul
taxatiop under which they ars nov groan
ing.
Again, Mr.. Chairman, there q not suiici.
ent supply Of currency to transact the le-
giumate business Of the country, to say
nothing OF the imperative demands Of tax
gafherers. Oar minister Of finance grsvely
assures us that our circulation is quite too
large. and that IL health and vigor are to be
impaired, there must be still greater con-
traction. Some Of the old bankers are like
the old style physician, who bled and bis
tered fer every form Of disease, and drew ofI
the vital fuii that the body might be invig-
GRATED. In my poor Judgment phlebotomy
has beea carried too far already By our g.
nancial doctors. would not only stop
bleeding, bus would remove the national
bank b'isters from our body polite
venture the opinion that there is a great
defioiency in the volume of currency. In
no country in the world is the supply 90
small when compared with the commerce and
the various enterprises requiring money.
England, according to the most judicious
estimates, has twenty-five dollars per head
Tor her Inhabitants, France thirty, while we
have about thirteen dollars. Estimating
greeubacks at 1910. .0O0. 900, and national
oank notes at $500, 900 600, our total volume
Is $670, 100000. OF this sum il nav be fair
y presumed there is always in the Treasury
or in the banks, and not therefore available
as circulation, 10000, 900, winch leaves
only $500. 100000 with which to conduct
the commerce Of forty million people scat
tered over continent And where il this
small amount oi circulationf Little New
England has more than one-fourth of il I
with about one twelfth Of the population she
mas one-third Of the national bank monopoly.
Ohio, Indiana, and Illinois. with q popula-
tson more than twice as great As New Fog
land, have bat little more than one-third
ner money circulation; and the vast empire
south OF the Potomac and Ohio and west of
the Mississippi, containing two. .fffths of our
entire population, has been allowed one
ninth interest in the gigantic bank scheme.
The CITY OF Boston, having about one. half
the population Of Cincinnati, has ten tunes
her money facilities, the former having $40
0O0, 900 Of national bank capital and the lat
ter $i.O0O,000. Even Phiiadeiphia. the
second city in the Union ia population,
wealth, commerce., manufactures, aud enter
prise, iour times as large as Boston, has less
than ha'- the interest Of the latter in the
great monopoly. Have Boston and New
Eogland too much money? have heard Of
no such complaint. II not, how mast il be
with thirty States and Territories with
population four times as great, with less tnan
one-third her circulation2
The great State Of tennessee, impoverish-
ed by war, her railroads dilapidated. her
farms land waste, without stock, without i'm
piemonts OF husbandry, every industrial in
tsrest prostratec, havIng before the war SIS,
O0O,O 900 Of bank capital, has nov Just 81
OUO,OOJ. Tennessee needs money and she
cannot get Il, even in New England. unless
at an interest," Of two to three per cent. a
month, with frst-class mortgage security.
This nation needs her assistance in having
the interest aud principal of our debt. Would
It not be wise policy to lend to the State
Of Tennessee Sl0, ,000, 900 of gresnbacks.
tsking thersfors her four or Ave per cent
bonds and made Iaysbls in ten or tweaty
yearsy The nation would BE- the gamer q
the end OF that period even N the bonds were
never paid. So OF the other States desolated
by war, - they shall respectively be repres-
ented in these halls. By helping them we
help ourselves, and prove to them that we
forget their follies, forgive their crimes, and
are ready, willing, and anxious 10 repair
waste places, rebuild broken down altars,
and bind the States in stronger union than
ever before.
Mr. Chairman, the President in his late
wei, aud truthfully SAYS, 1--WE want
. stable and secure circulating medium. A
disordered currency is one of ths greatest
political evils" Is greenback circulation
necessarily unstable and insecures Il nav
be and It is 10 stable circulating medium as
gold, and 10 a. secure - . mortgage upon
the entire property Of the nation csa make
it. Treasury notes are not " disordered
They do not belong to the class
denominated by the gentleman from Illinois
~ wil3-clt' or stump-tsil." They are
Lot fsnk issnes, that miserable contrivance
for cheating the iass~;ng Glasses that inge-
niods invention :" TO fertilizs the rich msn,x
field by the sweat OF the poor mafi's brow,
Treasury certificates are veritable, lawful
money, and involve the Government IN no
chance OF failure. They pay all debts. pub
lie and priEates until the interest or conve-
nience Of the people call for their Withdrawal.
Jay Cooke, with the aid Of his snarp fnan-
cier, TIE Pennsylvania Dutchman, will end
it difficult TO satisfy the people that national
bank notes are better or safer than green-
backs. National bank notes are good be-
cause Endorsed by the Governmeut. They
are good because they sre backed up By
Uncle Sans bonds; ~. these are good be-
cause redeemable in "lawful money! Do
gentlemen suppose that II the Government
could pay gold dollar to-day for every dol
lAr OF our grsenback csrcuIation, and 4 vas
u withdrasn, that ws would be upon =
specie basis = Where are the 1300. .O00, 900
Of bank notes upon which the 6overnnsnt
Is -indofserf Have these institutions coin
with which to redeem their notes2 III not,l
the Government must pay them OF be dis
honored. The hank and bond questions are
connected; for whosrer will take
the trouble to read the sixty five sections Of
the act creating national banks will nnd,
aftsra abstracting I'll that relates TO bonds,
hut litt'e left. That aet happily does In
these Jrds: "Congrpss may amend, alter.
a. xhcis -, as - -
The frst stsp IA ths right direction WI b
30 pass law 10 call In and cancel ths eatifs
bank circalatiea and simultanssuslY issus aa
equal quantity Of Trsasury csrtiaaAtss %
legal tenders. Ihs psopIs having this eir--
c1Iation wouH b. snablsd 10 pay o. $500, !
1000 - fdG1e aadsa on, 90, 600 Of gold
inkecuot- We vii thns shortss The road TO
specie payments By reducing The interest
bearing de6l. 70
Dut " ~ told that the national banks
bsing ssqu6a - ksspa reserve fbs ~ ~
'dspPtienFof thsir notes Hithdraus froa cir
Ieplafjen ten, ffksen, or tTenty per. ,esnt of
~ iefnl tssdots- [ ~ no good fsason Why
this f5St53 s1ooId nol - q ~ pec1isGs Of
- psepioctD bsiu6st ~ not - lksir usess-
Isitiss .psenirA Eh0dgiu - qsits - e.fs
s5 s.jEssk & ~. .ooc, 90 q II 'sssisasi
bsnk 49, ~ 1nk1iak, jnH1dit1on y NJ
1mouok >0lt, ,00oyooo &. n ~ tsn1H notss