The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-06-19
WHAT Is MONEY r--No. xl.


BIZ WIN. II. b1Lf1Ss
The Cary bill proposes TO reach the same
point, but by different road. 1t provides
for the issuing of paper money to be call
ed " Treasury Certificates the notes to be
in denominations Of 81 upwards to 81 900
not bearing interest, and to be a legal ten
der for all debts, public and private, thi-
includes all taxes, duties on imports, inter
est on The public debt, except that portion,
the interest of which is made payable in
gold, and all other debts due the govern
ment.
1t further provides for the issue Of bonds
in denominations Of not less than 800, nor
more than SIC, 900, said bonds to bear three
per cent. interest. The bonds to be CONVEX
nble into money, or the money into bonds,
at the will Of the holder.
Let me il ussrate this.
Mr.. Jones has 81 900 bond bearing
three per cent; if be holds this bond one
year the interest will be $50 II be wishes
to borrow money be deposits his bond with
the government, and gets 81 900 in "Treas-
ury Certificates" This money be keeps one
year, then returns it and takes up bis bond.
For this year he receives no interest on the
bond, or in other words, while he holds the
bond the government pays him three per
cent, when be converts the bond into mon
ey the interest stops. 50 long as he can
make more than three per cent. out of~the
money he will keep it, and when his profit.
falls below three per cent. be will retarn the
money and take 10 the bond
This Is the monetary system prop sed BY
the National Labor Union, and is e.a phatic-
ally peoples monetary system.
There could be no speculation in these
bonds, because thew are issued BY the gov
ernment, directly to the people, and every
person with a hundred could buy bond,
and every person with bond could borrow
money directly from the government, at.
three per cen;. The government would be
the only lender, and the whole people would
be the borrowers, and between the borrow
ers aud the lender there could be no middle
men-brokers, money changers and skin
ners, to swindle the people, BY high rate Of
interest, as there is now, under our present
monetary system.
This would, Of course, abolish ali banks
of issue, and leave the present national
banks merely banks Of "deposit, loans, and
discounts"
This bill further provides THAI the nati0nt
al banks shall return their notes to thA
treasury department within six months, the
notes TO be returned 10 sums not less than
81 200, and for every 1000, or more, Of
these notes notes returned, Just and proper
amount Of boEds pledged for their redemp-
tion shall be returned 70 such bank. And
should any bank fail to return its notes, or
any part of hem, within six months. The
interest On the whole amount of bonds de-
posted With the treasurer bY such bank
shall cease; and in case the whole, or any
part Of the notes Of such bank are not re-
turned within two years, the bonds, or other
securities in the hands Of the treasurer shall
be forfeited to the government, and used to
redeem the out standing notes. Is also pro-
vides that all debts, banded or otherwise,
Of the government, contracted to be paid
since July lst, 1861, except such as are
made payable In gold) and an debts which
may hereafter be incurred, shall be paid in.
"Treasury Certi6cstes,i' or ia three pesl
cent bonds-at the option Of The creditos.
Ii authorizes the sc, ery Of the treasury
to give notice to the ders of bonds, or
other obligations Of the government, to pre-
sent the same for payment, or exchange,
when due aud payable, or redeemable at the
option Of the government, within five
months, and falling to 30 so the interest
shall stop. The holders of the bonds no
other obligations to have the right TO ex-
change them for the three per cent. bonds,
OF receive ia payment The Treasury Scr
tifcates," al their option
With this | viii leave the subject for the
present, and III have sucoeededsin making
it plain to the mind Of a single individual, |
am amply paid for my labor.