The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-04-11

he Shylocks, bankers and bondholders to
The Cary Bill; because 1t transfers the
regulation Of the currency from their hands,
where, hitherto II has been vested, to enrich !
and impoverish the people, into |
the hands Of the people themselves.
II requires no more intelligence than the |
editors Of the Tribune ought to possess to
know that the control Of the currency Of the
country is the control Of the value OF the
1t requires vastly more frankness
however, than these same editors have, 10
confess that the abolition Of the present
banking system, and the adoption of ma
tlonal currency, or greenbacks, convertiL.s
INTO bonds. and rice versd, as the needs Of
business require, would leave these Shy
locks, the Insurers, and bankers, without
occupation, and force them to cease their
Dillage upon the industrial classes.
They cannot, under the Cary Bill, make
the money market stringent when they want
to buy, and buoyant when they want to sell.
They cannot, under this bill, superinduee
Commercial crisiscs when they ara to reap
the benefit of general bankruptcy; cannot
create misery on which they fAtten, nor pro-
duce the famine from which they gather
their plethora Of "the good things of this
hle." A Measure hat proposes with one dash
to sweep these leeches from off the body
polite win encounter, necessarily, 50 long As
human depravity is total just such viOlen.
Misrepresentation as fill the columns of the
Ti7b e and other kindred journals.
1t IS no wonder that the Tribune de-
nounces the Cary bill as "a scheme TO con-
vulse the county &c. We admit i. will
produce a CONFUSION, but it will be limited
70 the dens and laiis to whose pla the
three gilt balls are the traditional sligo, and
TO The offices Of bankers aud money lenders.
1t would be Second Advent" to these de-
6lers Of the temple, and they would go forth
whipped and ourgei ito be vagabonds and
fugit.ves on the earth"
The Tribune sees in the Cary bill wrong
to the widow and orphan, and pleads with
pitiful hypocricy for the banker and bond
holder, ID then name.
The IribReS advocacy Of the widow and
orphans is like Judah's remonstrance against
the waste Of precious ointment, see St. John
18th c, '. ) and 6, who, as they will find by
reference to book Of which they evidently
know but little, "wanted il sold and given to
the poor, not that be cared fcs Tie poor, but
because be was thief and had the bag and
bare what was put therein.
As the Hiblae IS in an interrogaiive
mood We would Ike in our turn to ask It,
lst. By whom is il deemed" that five per
cent. is as .ow a rate of interest As is sFacu
cable at thi, time, and what grounds are
there for tie hope that this rate may here
after be reduced to four pr cent?
End. Are not he industrial and enterpris-
ing classes, who conduct ali the business en-
terprises and produce all the weaIit Of the
nation, better qualified to judge OF the
amount Of money necessary to conduct the
business operations Of the country, than a
few ltopian fnanciers and in, e-es.sl bank
eTs and Insurers, A. should not the circulGt-
Ing medium be increased from time to tune
in ike ratio vita the increase in the po-
pustion, wealth and business Of the Cvun-
lr
Sd. How would the adoption Of the Cary bill
and the rate OF interest to three per cent,
and permitting the people to have as much
or ds little money as they might deem n,ces.
sary to transact their business, "convulst
\ the whole country, and rob millions Of their
\ prosperity
4th. IL what respect are the circulating
notes Of the so-called national banks a bette
currency than the legal tenders issued b,
the GOV eminent directly to the people And
if the legal tenders are worthless shin-p
GERS, what are the bank notes worth that ar
redeemable in these lega! tenders.
9th. Is not the $4,000, 900 Tin the none,
Of trade) interest paid in the bonds deposit
ed to secure the redemption Of the banI
notes, with the exception Of the one-half o
one per cent, semi annually on the circula
ton Of the banking association bonus pait
70 the bankers, fJr which the government O.
people receive no equivalent whatever, II
other words, would not the government re
ceve the same amount Of tax-s, with tn
above exception, if the circulation Of th
banks was withdrawn and legal tenders sub
stituted in their stead