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

transfereDce Of money o. account upon the
bankers books completes the business, and
tbis IN the case with most mercantile tran
sactions.
Debts are paid with credits with
oft the agency on money. Whethtr--
mercantile trars lcton confines
itself 20 single bank, or runa
through series Of backs before a. fnal adj
j lsfment Of the account. 1t matters not the
whole transaction from bank 20 bank IN the
credising and the debiting Of accounts with
out the Intervention Of money, except 70
strike GDal balances- Mersantile banks
live upon the confidence Of the public. who
require means TO facilitate business When
public faith weakens, bank engagements
are pressed, and the bank immediately
withholds loans, trade prostrates and labor
il thrown out OF employment. Commercial
banks are cnly vehicles 10 transfer credits
and debts like ships, canal boats, railroads
and teams do prodacts. They are modes OF
transference or credits and debts, and Are
educed by an imperceptible pressure which
impresses selhshness with anticipation Of
reward, IL means can be invested to meet
the growing wan. Those in whom selfish
ness is very acute and speculative, perceive
the inci?isnt stage 81 the gradual demand,
mnncration. The masses may be inU0nve-
nienced, but d. not perceive a mode TO
overcome it hence the speculative launches
upon th. enterprise before the public real
ize whr' the benefit will be, and makes a
fortune before the public 10 aroused ID the
importance OF the enterprise The passion
0f relhshness IL one Of the most sublime and
beneficial of the soul which nature has im-
planted 10 ran. The study Of this passion
has been .seglected by writer's and preachers,
ann hes ueen confounded with that of avar-
lce-of sOrdidness. In discussing q lesti M
u deep social import, we must never lose
sight Vi the fact that we are dealing with
social forces which manifest themselves in
social phenomena, and what we perceive
are The aspects OF these phenomena. II We
lose sight Of the thread Of evoluJi0ns We
shall diverge from The law Of conn ensation
and launch upon the unko0wn sea 0f specu-
lsti0n, AMI know not where we drift. The
Intention OF commercial banks never was TO
elevate labor, bot q facilitate exchanges.
The national banks are endowed with prvI-
leges outside the demand of commerce,
hence they Cypress it as well As impOverIsh
labor. lhsy are political fraud upon the
nation, and are rapidly obtaining The Gun
troll Of the wealth Of the country. They
are purely American Institutions, anu sprang
" from deep design t0 center within them
selves the power Vt tac nation through the
means Of money. The Effect wtish they are
producing Was anticipated Dy tie designers,
aud II 10 means be not az hand TO destroy
them, they will in few years enslAve the
masses 70 their power. Every note they
issue, the people are taxed eight and a
quarter per cent. for IL, beside the premium
paid for the loan. If the circulation Of na-
tIoDal hank n0Ges were prohibited, the De-
mand fur greenbacks would increase, which
would cancel their amount 10 bonds 10 their
purchase, and thereby reduce taxes. The
I privilege ~ being banks VI issue enlarge
their inability 10 loan, whicu v ZEN increased
70 an undue proportion, ENHANCES prices,
dlsirfanges values and inciJes speculation,
which always tends 10 tighten the macy
market IN the face of redundancy,
and causes the Withholding Of lOaas which
induce a fall in prices, and oftentimes t0
many bankruptcy. These oscillations in
mercantile affairs arise from innumerahia
causes, such a. scarcity OF crops, prolific
harvest, the discovery pf rich mines, the iu-
PRODUCTION If new inventions, social disturb
ances, speculations, &c. all these produce
their good a1d their bad fleet upOa society,
can the bad be obviated aud prevent The.
too often, production of misery and Imp0y-
erishmenE.
This is the problem to solve, which can
not be done BY vague theories and absurd
denunciaiiOns. III remedy really exist w
the constitution or mao. can il be effected,
Is the question The system Of commercial
banking is the best the human mind hae
been aDle to institute to meet the demands
Of commerce, and the oppression ami cruel
hardship which il occasionally exert upon
society, does not come from the system, tot
from the ambition Of man % AGO liTe riches
By Ovef-reaching and far-seein5 in other
words, taking advantage Of the market
which really means taking advantage Jf
other peoples necessities
II seems 70 me that the indusiriOls
lasses want facilities To mon yuze their
credits like tne mercantile. In Germany
aud France there are labor loan haHk-
established but how they add 70 the am-, '
ration OF the cOndIuOu VI the LABOR cas- !
know not.
ieel conviction that If facilities were
offered to many Of our toilers, they would
rise from the condition OF wage slayeH t0 one
Of Independence. We have Thousand, ln
our midst with taient aud ART, ami want Pm
" the means ID start upOE life Oi prosper
NV. Macy an industrious man breaks down
IN his efforts because be cannot realize IN
ums market, consequently he must sacri-
flee his labor aud entail ruin. ~ we had
loan banks 20 a4vAnce money 10 small me-
chanics aud m-n with small means IN un-
dsrtaklngs, many would tOrsake the ranks
Ot wage isbJr and start on their own &C.
count We have sull probe 70 solve
winch have not seen properly treated t1al
Is the =xcessiye division " labor. II AL is
10 the fAcllity Of production. and makes PAN
Dor more effective but dues It improve ths
workman's condition. Political economy
would say "yes,'' but that does ult prov
Il 10 be so. To make the division Of la11T
beneficial TO the labor class, cooperation
must be resor,ed to, 50 that the prJti.s ac-
cruing from the extra efficiency 20 TO the
producer and not to the capitalist. II labor
ioan banks were established, there Is moth
ing to prevent corporation but tue work
mems dispositions II they viii MT exert
themselves, no teaching, no law can elevate
them. The power lies within their Own
system, and they must set it ia mOu0n
when the way IL clear. An thar teaching
can do Is 20 instruct the faculties how 20 do,
and all that law can 10 is to remove impeiI-
ments from the path Of Advancement
H. u. NJ.
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