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


do not acknoslsdge,) lesrs The held ope'
20 Al. Let ever association that can pledg
its $50 Co In Government bonds, open
bs1k, and let the Government charge for th,
Ecurrsncy furnished three per cent per annum
10 Be deducted from the gold intsrest ON thi
bonds left as security.
Some are afraid OF /" watering the curren
cy." q they are pleased 10 can farthel
issue OF grecnbacks, and thus render ID value
less BY dilution. Money viii not depreciat.
greatly Il well secured, and the people car
bstter stand watering" Of their currency
than OF their goid-bearing bonds, and Is nov
the policy Of the Secretary of the Treasury
And besides, as we have shown, the volume
Of currency will not be rs large ne it ha.
been.
! In the two great elements necessary for Z
circulating medium, uniformity and stability
legal tender notes have the advantage o
gold. Gold is exported; legal tenders are
not: Coin is constantly fuctusting and un-
stable. Any political disturbance or q war
on the other side Of the Atlantic, which
made gold indispensable, would immediately
affect lis volume here, and every farmer, me
chanic, merchant, and manufacturer TO 4he
remotest corner Of the Republic would feel
the pressure And this would especially be
the csse now thai . 600, ,O0o, 900 Of our bond:
are IN Europe. With legal tenders as oul
national currency no such calamity could
befall u.s. We learn from ths last messsge
OF the President that since l849 the coin pro.
duct Of the United States amounted to 81 :
lT4 ,000, 900, and that the exports of the pre-
c,ous metals during the same perion was
$74i 900, 600. These figures do not give q
very hattering exhibit OF the stability or fix-
edness Of gold currency. Nor d7es ID by
any means follow that an increase CT legal
tender notes will advance the prics Of gold,
which IS 10 fact, mere matter OF merchan-
disc, like cotton. railroad stocks, and whisky.
Gold has not advanced or receded as the
currency has been contracted or expanded.
On the first Of September, 1855, it was Mt q
premium OF forty-four per cent, when eur
paper circulation was 1854 1873 900, while on
the lst Of November, 1857, il was forty three
per cent, when the paper circulation was
$s55 600, 900 less than on September /, 1865,
The natural ebbing and flowing Of the price
OF gold is in proportion to its demand for
export to settle foreign balances of trade. II
we would remove the cotton tar, aid the
South IN securing . large crop for export
and sen1 abroad our breadstuff to settle
these balances, and if perchancs we could
ind balance in our favor, then gold would
be imported, and its price would approximate
more nearly to legal tenders.
The way to get back to specie basis then,
IL, not by contracting our currency, but by
importing less goods from abroad and send
ing larger instalments OF our production.
We must encourage labor, increase produc-
tion, diversity our home industries. develop
our agricultural and mineral resources, and
then, IN spite OF tue money changers and
gold gamblers Of Wall street, and with
VI ,000, ,000. 900 Of greenbacks, coin would
approximate In value to our national circu-
lating medium. ".
l differ entirely with the report Of the
Secretary OF the Treasury, in which be de-
clares "there Is plethora Of paper
money, and that actual progress has been
made in the right direction during the
past year." There is great scarcity
Of money Of every sort, a. all men en-
gaged in active business will bear me wit
ness, unless II may be with the exception Of
national bankers and those who live upon
interest or rents The progress made during
the last year In contracting the currency
and increasing the coin interest-bearing debt
y exactly fn thsf~rong direction. - - ~
In addition to the policy proposed of with
drawing and oancstng the national bank cir
culation and supplying simultaneously the
vacuum with Treasury certificates, aud in
creasing the amount sufficiently to redeem
the $5l5, 900, 900 Of bonds now rsissmable.
l would provide that the Treasury certi6-
Gates should be COW eruble in sums OF q 100
or more into bonds at just rate Of Interest,
say now i've per cent, subject 70 t6xxtion as
other property, and reconvsrtibls'iaso Treas
ury certificates st the pleasure ofthe holder.
And 20 Of all currency bonds redeemable in
the future.> would offer the same alterna-
tive, and 20 adjust the rate Of interest from
time to tir thA. capital and labor should
each have its share Of profit. This would
give that hexibility to the circulation, in
creasing and decreasing according to the re-
quirements Of legitimate business and the
smands Of commerce and trade. Ia times
when money was not required and became
redundant il would be Invested i'm bonds,
and the Government would then be the bor
ROVER Of the surplus. On the contrary,
when money uns needed, the Bonds would
Be re-couverred- Il.is sgz,AIa il adopted by
some Of the best governments OF Edrvye.
The principal objection 20 this scheme would
be that II would keep down the rates Of in
terest, and thus prevent the capitalist from
sxacting usury. o. the other hand, lox
rate Of interest for money will reduce the
price Of rents and give full and profitable
employment TO labor While high rates OF
interest on money prevail tenements for
workingmen and manufactories and work
shops will nos be crested =
II beg gentlemen in their financial schemes
TO consider the interests Of those who earn
their daily bread In the sweat OF their brows
Is well IS the possessors Of wealth. The
rights Of capital and labor should be 90 har-
monised that each would be protected and
that each should have its appropriate share
That my position may not Re misappre-
hended, l would say again distlnc.iy, that
wonld pay every bond in coin tnat wss c-ea--
ted before the legal-tender act, and all crea-
ted since, where the law and the bond pro-
vided for coin payment All others should
be paid 10 lawful money. - fast As redeem
able.
The policy here advocated, Mr. Chairman,
viii not impair the value or stability Of the
currency IL is destructive Of no honest
induBtrg. .snhterssre Of no indir.aunl rights,
unless the national banks MAJ be considered
g one of the Industrial interests or the coun-
tTy, win . prsscriptive right to transfer the
noasy Of the people TO their own pockets,
through monopoly in the cifcalating me-
dian. Is 10 NOT eyen .subversive OF tnat
right, for the law Of. their creation expressly
declared tdear liability 20 extinction at aay
NOM ent the public interest demanded. Il 10
not obstructive unless the light thumps fol-
lovf0e IN D0tkihx hown tbe breAks on the