The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-07-04
THE srIKIr OF rue AGE.--Iv.

tue NAAiNlAE 4 N VIZ IA Jas bN~h ~ ~ {
uadtr the magic influence Of the gold wor-
saippers, that many Will be slow to believe
that there could be any depreciation in any
thing bat currency, not having at leasl
ooe peT cent. goid base. Yet, it is neverthe'
less true, Thar gold and silver may become
deprecated, and under laws giving to paper
the legal attributes Of gold, paper will bear
a premium over gold. Instances Of this
kiud hav4 occurred and will again occur i
the unjust legal power now conferred upon
gold shall Be transferred TO paper. Thi'
assertion, 4 true, goes 70 show conclusivsy
thst tie power u gold and silver are as
here claiu.ei, the product OF partial laws
and not Intrinsic worth. As this point /,
material, it Is proposed to give one or tive
instances IN history, where paper, for centu-
res, has borne a premium over the precious
metals.
Tue government Of Venice vas indebted
70 It's citizens for gold and silver, forcibly
taken from them, and n its place credi
NANN - NJ hAN hI'nS VI AhS ENRNihu~hh CAHn
for tue amount thus owing, aud bearing In
ter-st at four per cent. per annum. The
gcTerhmeut used the gold and silver in pay
meDt Ut its dgbts, white the lenders Of The
specie circulated the oebt as deposit in the
bank. For centuries, the large debts Of thi.
great COMMERCIAL city were paid solely in this
haf.k e. a. ~. ka
silver CONS were released Tor the purposes
g tie retail ,rfde, the payment OF foreign
duties and Tie furelgn expenditures OF the
RepubAc. Tuls poHcy not only kept the
bank iund at par with specie, out more than
twenty pc cent. above il. The circulation
OF This y ,us credit vas increased aud de.
creased as business demanded, and not
has ked out by The goyerumeEt at a discount
10 supply ils wants, at terms dictated by
public cieditors-as is being done by GO
yernmtnts at this age Of the world, who
CLAIM 70 have made rapid advances in fnan-
cial science. The Bank Of Venice per-
iorn.sd IL functions 81 furnishH a uniform
mediums Of exchange for over five handred
years with az uniformity OF success, and
inmLuisles from censare OF complaint,
which no other currency has ever enjoy ed
for a 1.-THE Of itGt period. And " bat is
worthy Of special cQnsderation at this
time, is the TACT thatt The citizens Of the Yeni.
titan Republic during al this period, had a
vast cvmmIce, immense public expendi-
lures, aud the Republic WIS constantly
trout led with their own and the foreign
coiuag, and Stringent regulations had to
be mace and enforced, to cure evils and pre-
vent the abuses Of the coinage system. Bat
there is no instance On record OF abuses 90
the part Of the bank, or Of Injuries Inflicted
by il upon Tbs people. The Bank of Venice
owod it origin to a contest OF the Venetian
government with the Greeks. In III a feet
q one huudrcd galleys was sent out by the
Venatian government, to obtain redress FOX
an outrage committed upon Venetian mer-
chants by the Grecisn Emperor, Manuel.
The Greclap Emperor was humbied, and
obliged q render satisfaction for the injury
con pPt,d- Out Of this contest originated
the bank u Venice. "For the Republic be-
ing oppressed ~ the charges of the war
against tie Emperor Of The East, and at the
same time involved il hosthues with the
Emperor Of the West, the Duke VItale
Michael IT,, after having exhausted every
bnr Eo.,r .afD
recourse TO forced loan from the most opu-
lent citizens, each being obliged to contrib
ne, according TO his ability. On this occA-
sion, and BY The determination Of the great
Council, the Office Of Chamber Of Loans
was established the contributors to the
leans were made creditors Of that Office, from
which they we're to receive an annual in
teTest Of four per cent. This interest was
punctually paid, and facility Of transfer,
coupled with The credit Of the state, gave il
Iapidiiy Of circulation seldom equalIed."
l"Celwelfs Way and Means Of Payment"
y. 2ss- Tbs government registered this
loan IL a book provided for this purpose.
and his registry was made evidence Of the
whole amount Of The debt, ard that due to
each creditor
10 las, il was enacted that all bills of
exei Al ge payable in Venice, whether foreign
or domestic, Should be paid, unless other
wise expressly stipulated, and all payments,
III gross or N who esale transactions, should
BE- male il bank By this means the Re.
public 4 Venice, without restricting the
course VI llaGe, becsme the mistress Of tie
nloncg q the people; and without being
Obliged to reso't 10 ext aordinary taxes TO
sustain The war against the Turks, 80 long
Pioilaoed, lt drew thence 10 the public
treasury, the sums OF which it had need
without resefti,g 70 loans, so often Pre- u-
lc a. 20 commerce The credit granted by
tie government On the books Of the bank.
for ths money, continued to perform the
same functions as The money itself Allhoueb
Tor DISTINCTION, called imaginary money, it
wac quivaient TO real money, since il had
the same value. No one believed himselt
less .ich from bis u.oney or his gold being
out Of his bands, and in bank, because with
bis credit in bank he could obtain ell be.
Wished, whist the Republic, from this bank,
had ihe credit which it bad eivea ii. drew
'fffeci'Se succor for its wants, al aid which
i rsver could have received from taxa
ton
Why was this money thea elfeetaaI, ana
aboEa gOldf Because il was money. Il ire
the sovereign power 81 ths state.