The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-10-10

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wider than they nov i've Il. spsak sow
Of the passage relative . surulsg * money
into hoods, o. tn hoods ito money. Nv
such measure vs should Give ne bonds
holders the power Of making ths amount Of
currency optioasl With themselves, or they
could contTaos u q any tims - answer thelr
own purposes. In my opinion 90 give them
any such power would be 70 enable them 10
create q panic in this country every three
years, to which the panic ef 1857 would be
mere child's play.
Mr.. Campbell made . speech, In which be
expressed himself in favor VI tina: portion Of
the platform which fayors the csnvertibility
Of currency into bonds, and OF bOads INTO
currency at the pleasure Of she holiers
Mr.. Trevellick took the same ground, and
argued against the theory Of waking gold
the specific basis. There 10 not gold and
silver enough in the world to supply all the
requirements OF business, and thus another
species Of currency 10 requisite.
Mr.. A. L. Casis, Of Washington, thought
this whole question one Of the most import
ans that had come before the Congress. lie
should De constrained to vote 10 strike out
the whole Of the clause relating to the cur
rency.
fincher's resolution on the ground that The
section be desired stricken oat contained the
essence Of the system OF finance proposed
by the committee. II adopted il would
leave il body without spirit
Me-. Fincher-We cannot nave 4 gold and
silver currency for many years to come, we
must make use Of paper NOR " for the pres
ent. We are all agreed that. The
60 -.
contraction or expansion. This whole
theory Is based upon the idea that there il
always to be q national debt. But this debt
will be paid of 10 few years.
! Mr.. Hine said that be would not make q
speech, but would merely offer some fact,
and state some propositions. From 1910 to
1860 the average circulation Of this country,
paper aud gold, was $3.50, 00O, 900. aud the
average population was 22,OO0, 900, giving
$ll.T0 per capita. From 1850 20 loJ7 the
average circulation Of the country was
500, 900 900, and the average population
80. 100000. giving SOS 43 per head. AZ this
time (lS6S) our circulation is about
5000. 900, 900, and our population H.
sc, 0o0.0 900, giving $l6.66 70 each person.
Now for the argument: Never in the history
Of the world has wealth been 20 much con
centrated in 20 short time as in this cDun-
try between the years 1853 and 1867, under
the imitation 60 over SIS per head. The
currency OF France and England which the
gentleman says is so much larger IN volume
than ours, is gold paving currency. and
)urs must also be redcemable currency 20
soon as it can be made So, before w- can
have healthy trade. Gold ml.t forever
be the measure Of trade the world over, and
we shall trade to disadvantage with foreign
people in proportion a. our currency shall
be inflated. II gold was $50 when our cir
culation was 500, 0OO, 00J, it will BE- oyer
$50 should the labor party initiate It u
81 500, 0O0,0O0 Government might a. Se.l
stamp busbel Of chips and call il wheat
as piece Of paper and call It money as 4
measure Of values. You mi -ht a. well kick
against fate as to TO attempt to kick gold
out Of the currency system Of tue world, o.
in the least diminish lite valus A. tbe uni
versal measure " value. Mr.. liiue declared
himself 10 favor of q greeubaek currenc,
exclusive or all other paper circulation
but SO soon as possible We would have
greenbacks redeemabls in gold, and in time
ne hoped greenback would be good il
London, Paris and Calcutta
Mr.. TrevelIick-The fault We find with
the present legal tender currency lis that II
is not made payable for all import duties
1t IS a mistake 10 regard the gold dollar a,
being money all over the world Il j,
money just now 50 long AS il is under ID,
American flag, directly il j. landed Oh tn,
shores Of England or France it become,
bullion. Ii is money no longer. IL is tbs
same vito the gold and silver Gu reney OF
England. They send over say eI000uL
sterling, stamped with the impress Of tue
English Government. Ii is money so long
as it Is under the British flag; but directly
it is Landed here in New York it becomes
bullion. That disposes Of the question
Gold is nothing more than a measure d
exchange. A yard measures tue sam
whethsr II Is yard Of cloth d
a yard OF beech wood. The yart
, stick il the measure Of exchange and 80 j.
money; and that is only local function
What we mean y initiation il when there j,
} too large an amouct Of this measure u ex
change floating about in business. Their,
must always be a sufficient amount, or busi
ness enterprises flag. A sufficient amoun
appears 70 be about $3j per cIp.tr. Franc,
has that amount, and during the last fes
years she has made greater advances thar
any other nation on the globe. Ii Americs
the rate per capitG has not increased, an,
the small amount of money We have had hai
retarded our progress. There are bit twt
great maritime powers in the world-Franc,
and England. America is not one in conse
quence Of not having Sufficient money /,
carry oG our business enterprises. But ius
20 long as we hold to Mr.. HINES idea. tina
there is but three thousand million dollar,
OF specie IN the world, and that gold is tn,
only specie, 50 long we shall enable the few
TO monopolize that money. We must b,
freed from this monopoly. The Government
alone has the right to make money! Col,
and silver is not money after i. masses from
under the jurisdict;:c--: CT The dag that passe
t. becomes simply bullion, saleable il
1the markets Of the world as bullion None.
is q legallzed agent to represent values an,
does not depend on the intrinsic value o
the material Of whica il is composed. Tha
beng 80 the people must be the masters an,
not toe servants Of money. To make then
so We must give the power to the holder O
securities 10 take the legal money If th
nation or the interest bearing bonds. reduc
ing the interest by The Government to "a,
national increase Of the natural production
which is about 8 l-3 per cent, giving til,
right to Te-convert the money into bonds
Ii this we're done, we should increase tn,
volume OF currency, perhaps, y Sc pc
capita, which would absorb one half Of Oh,
outstanding debt Of the nation, without 10
fating the currency above the other nation.
Of the earth. And the increase Of the popu
la,ion BY emigration and natural cause,
would absorb the entire debt Of the ma .ior
in twenty-five years without taxing the PEG.
pie one cent. The amount Of money would
bear the same proportion to be population
BY thas period as $50 per capita does q
preeent.
Mr.. Cameron said that if Jay Cook & Co
had been allowed the privilege OF expressing
their conyistioas, they would doubtless have
used the same Arguments NJ had been pre-
scented by Messrs. Fincher and Hines. These
snaa hars had asafad that fhs ,rorh srr aIanan,