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

In "A article under the above caption, the
Chicago T'ibans, Of Sunday last, attempts
to be very Factions over the interrogatories
rropounded by the Labor Reform League, TO
the various candidates for municipal favors,
and winds UP with the fatherly advice to
the committee, 10 reframe its unmeaning and
nonsensioal questions.
The propositions to which especial excep-
ton IS aken, are the following.
Are YOU in favor Of
The payment of the national debt in ma
tiolsi greeubacks.
, The taxation Of the national bonds.
10 which the Tribune replies
Yankee would be apt 70 answer the question
~ asking some others in return. AS they read
they are extremely vague, and may mean one
thing ~ another, or nothing.
Very well, although it was known at the
time that the platform adopted was simply
digest Of the principles laid down BY the
National Labor Congress, in August last,
Tor .be ca hcation OF the g Yankee" We quote
the following, to show h0u the national debt
can be hquidated by the issue OF National
GEeeubacks:
We bold the. this can be effected by the issue
az treasury notes, made legal tender, ID the
PAYMENT OF all debts, public and private, and
convertible, at the option Of the holder, into
gOvernmen. bonds, bearing just rate Of inter-
est, sufficiently below the rate OF increase in the
nationsl wealth, bv natural productio ns, as 10
make an equitable distribution of the products
Of labor, reserving to Congress the right 70 al
ter the same when, in their Judgment, the pub
lie interest would be promoted thereby, giving
the government creditor the right to take the
lawful money the interest bearing bonds, az
Bis election, with the privilege to the holder t.
re-eoIvert abe bonds into money, or the mon ey
into bonds, at pleasure.
Again, if the theory be correct, that the
greenbacks are only "sbinplasters," "prom-
ises to pay" it must follow, as natural Sc.
quenee, that fraud mas been perpetrated
on every soldier, sailor, widow or orphan,
whose claims have been cancelled By them.
What is sauce for the goose is sauce for the
gander, and it is certainly poor rule that
won't work both ways
With regard to the precise manner il
which the bonds shall be taxed, we refer TO
the bill introduced by Gen. Cary, in the
House Of Representatives, on the 9th Of
January last, which appears in full in our
present issue, and which has received the
endorsement OF the ablest financiers in
ID country. In reference to the justice
Of the proposed scheme, the San Francisco
Morning Call pertinent.y says:
Let us see how the bondholder viii come out
If he Is paid off in greeBbacks this wear;
Cost Of GOLD in greeBbacks necessary
TO buy 81 900 bond five years ago, $500
Gold value Of the greenbacks for which
as 1909 bond Will now sell, 1850
Amount Of interest received in gold
during five years, $50
Total gold receipts from bond, 81 900
Total gold cost of bond, 500
Profits in Eve years, gold $500
Thus ID five years, even if paid in greenbacks
the bondhOlder will hare realized profit Of one
hundred per cent in his investment Twenty
per cent. per snnum! Is there any reputation,
anything unfair dishonest, in settling with
the bondholdeTs on this basis! But it is con
tended that il the bonds are redeemed in green.
backs, the latter vii depreciate, to great ex.
not, in all probability, 20 down twenty Eve per
oent--they certainly willnot fall below their
value at the time bonds were purchased with
them; and thus the bondholder will get for his
bonds just as much gold as he paid for them, be-
sides having received in FIVE years The sum OF
&2a0 (gold) interest on each $500 in gold origin
ally invested-being ten per cent. per Annum.
1t thus being clear that no wrong will work 70
the bondholder by paying him of in greenbacks,
that the nation is not in law or honor pledged to
pay him in anything else, 1t would be an act Of
monsteous injustice to compel the people to pay
TIE bonds in gold, or TO tax them longer to
meet the interest thereo~ The bonds should
be redeemed speedily il der that the people
may be relieved OF the burden imposed by the
interest they bear.
Now, AL this may be the rankest dema-
gOgueIsln, but it is demagogueism for which
the working classes have a peculiar pencil
ant. When we state there are mechanics
in this city who have been compelled to
mortgage their houses and lots, to satisfy the
demand Of the tax gatherer, while the CAPT
talist, who is drawing interest On $780, 900
IN government bonds, has gone scot free, we
state fact that no special pleading or petit
Jogging can justify. If to demand that the
burdens now pressing % unequally on the
producing classes shah be hghtened. by be-
Ing shared by the bondholders, is breach
Of faith, We fear the breach will soon
becom b igeeF than the faith itself.