The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-06-05

:
IL Is re encouragement which workingnen
give to absuFdites ike this, which enables Graf
ty spectators 60 legislate themselves rich al
the expense OF those sho WORK ior wages The
idea that flooding the cOuntry with deprecated
paper will emancpate workingmen from ans
hardship they may suffer, Is a repetition Of the
suggestion which has been tried over aud over
aud over during the last for hundred wears. and
always aith the most crushing disaster I'd that
very class There can be no Law which ~ili
give piece of paper value which ~ does a0t
possess.
The champion proposes to abolish 70 q,
which he styles the rohber Of the poor 0. all
nations. aud place il the hands Of The poor IRE
deemable paper, having no asccrtaincd value.
and which, by series Of fluctuations, would SION
lmpoversh the people, and eventually become
utterly sorthless.
Tne-proper remedy for working nen q every
degree and station, i 70 labor fla the reduction
of the cost of living, and this i only tain
aOie by reduction Of The presents xcessiye
taxation on All articles Of prime necessity, aud
oy return TO specie payments. The rprzing
man who shall success u.iy point 0ut 20 BIZ
craftsmen that the TAX levied under tae pretgulr
OF pro Getting them from foreign competition Y
no prote tion, but j. .eally consuming half of
their e.rniugs, and thar uredee u-ble and
hucfuating currency Is cheating them out of the
other halt, will, indeed, be a leader worthy 10
tie styled not only the champion Of labor, but
the ehsmDiOn Of truth and sound philosophy.
Now, agree with the Tribune that an Irre-
deemable, nuc,uating currency always has
and always wll result disastrously to the
producing classes that our so-called labor
protecting tariff are a delusion and tina, the
working classes Of every degree and station
are robbed Of Two halves Of their surplus
earnings. But deny that the monetary
system adopte, W the National Labor Con-
gress, and advocated By Mr.. Trevelick, ''the
Champion will furnish any such irredvem-
able and fuctuating currency, OF that the
gold base fallacy, absolute free trade, or anY
remedy which IT, organ has proposed will
or can afford any general permanent r'Iief
TO TO the industrial enterpTising classes. o.
the contrary | il sist that they will greatly
aggrevate the existing evils.
Btfore proceeding to the discussion Of
these questions, will state a. the bass "
my arguments few fundamental PRINCIPLES
which ! think will be admitted a. true INV
by all candid, disinterested minds.
First, That physical and intellectual labor
employed in productive industry, and il
the distribution of tho products Of labor a,
well a. in the useful professions and caliings
is the true and only source Of wealth or Of al
that adds to the well being Of society.
Second, That there are but two purposes
to which the prOducts Of the labor can be
applied, one il the payment Of the rent or
interest on the capital employed, aud me
other is the payment Of labor.
Third, T< money il the medium Dr. stand
ard OF distributor, the rate ~ interest
determining what proportion o. the PRODUCTS
of industry shall be awarded to capital for
it, use, and what to the Iab0Ters t0r their
productions.
--urth, That every cent Of interest or rent
paid for the use Of capital whether nper
United States, State, County. City or Rail
road Bonds, or private obligations, as vel
as the rents OF property, il As much a charge
upon labor as the tax paid for tue support q
the Government
Fifth, That TIE nature, properties and
powers of money are legal and wholly indie
pendent Of the value Of the material upon
when its legal powers are expressed; it,
value depending entirely upon IT, power N
accumulate value by interest, or 70 be ex-
cha ged for articles Of real value.
Sixth, That the power to make money and
regulate its value, is an essential attribute OF
sovereignty, which by the CONSTITUTE on Of
the United States u granted to Congress
and that it is the imperative duty Of that
body to 20 institute il that the sovereign
people shall have power 20 regulate the rate
# interest 50 os to effect the equitable dis
trlbution of the products of Industry between
non-producing capital and labor.
Seventh, That tae Constitution eonfers "a
Congress no authority 10 delegate any Of the
sovereign powers granted to Il by that IT,
struiaent to any class of individuals OF c5r-
p0rati0ns, Or 70 legislate 50 AZ IN any man
ner, 70 deprive X Tor one moment, Of the
right 70 exe1cise any or all of these powers.
have before me a copy VI the deciaFati y
Of the principles adopted by the National
Labor Congress, at Chicago, N August,
1867, to which presume Mr.. Treveiick re-
iers, and find IN them not one wori to jus
tify the charge that they propose H ti'oi the
country with deprecated and tlcuating
currency. On the contrary, this J. just v II
thew propose 70 remedy AMI prevent Jh-
future, by providing a safe, uniform ana
stable circulating meiium. The monetary
system and financial policy adopted ~ that
Congress contempiates, first, the issue ~
Treasury certificates, endowed with A.. he
legal attri butes III money, ard made convert
ble at the option Of the holder into Govern
ment bonds, bearing such equitable rate Of
interest a. will MAKE fair disuibuton ~
the products Of labor between on-prOcue-
ing capita and productive industry. The
bonds to he redeemable INTO the Treasury
certificates, or awful money Al the pleasure
Of the holder.
Second, the adjustment Of the National
banking system, ana ne payment Of al
G.yernme bonds, and other Indebtedness
of every kind and nature, Except where il
has been specially provided a the bond that
payment shall be made in clin.l al the ear
HEST option Of the Government in this law
ful money, or the new bond At the election
Of the holder Of any such indeote ness
Now, tie advocates Of this system, claim
that il Is adapted to the theory d our Gov
ernment, that It would furnish 4 currency
irectly under the control " those who pro-
luce the property or values u y d signed To
represent" measure aud exchange, AMI
which cannot be manipulated or carAered b.
= crafty spectators" shrewd bankers, ava
rcious usurers or gold gamblers. A cur
rency which while free from undue exPan-
sion and contraction, will possess the neces-
sary hexbility. For If money should be
come scarce, and the rate II interest IN o.
linary business rise above that paid on
the Government securities. the bonds would
be converted into money, or i il should BE-
come too abundant and the rate fall below
that paid BY the Government, the money
woulI be converted into bonds to the extent
necessary to restore the proper equilibrium.
A just rate Of interest established on the
national debt would remove all necessity for
or miscailed labor protecting tariffs, and
break down our railroad aud other monopo-
hes For with money at the rates paI' ia
Europe, our manufacturers could con ste
successfully with foreign productions, and