The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-01-30
tCoatlnaea nom Rir.. r.r.l


three millions to the Treasury, but in vain
The premium on gold went up until i came
in exact equilibrium with the price Of our
bonds ann then STOPPED, wholly irrespective
OF the sales Of the Secretary. lie might as
well have attempted to RAISE the water in
the nose 81 tea-kettle above that IN the
kettle itself, bY pouring water into the nose,
as TO have sold his gold for tue purpose he
did Aeain, wnen the war suddenly sn1ed,
and the price 81 our bends mt Up Ia Eu
rope, the premium on gold fell here in the
precise ratio.
I, q frequently asked by are our tx per
cent. bonds "a Europe at "a and IS when the
three pr cent. c1nsols o. England are at 80 !?
And the answer usually given oy the bull
honlSts Is, because e the doubt As 10 the
credit oi the government OF les intention OF
ability " pay the national delt. | respect
fully submit that Is nos the true answer Il
would be- more nearly correct 10 say b. cause
those VINO invest IN our bonds are a'raid
IL ev viii be psid. II il were doubt of or
abt., 20 pay let me ask why are cur gold
certificates, CD are only promises % the
Goy> -nneht 90 pay gold OR demand, al par
or small premium az home as well
a6roalY Why dors not me supposed donbt
OF tbe god faith and ability ~ the Jyein-
ment adtcl them? Clearly because ths y
arr waua day by DAY as convenient u.r.
uium tor the transportation of gold, and TIE
supply is not ia eXcesg Of the demaBd Besi-
ing un this same toDls, will gentlemen tell
me why the tve-twylly 5uuts shouii bs
selling al a in 4on9Oa aud at ; ie Frank
Tor, Is H. not for the same reason tnat "a
gland their tire. per cent cousO.a are a.
~ wtiie our SIX per cent. bonds are at "a.
Il is an axiom ir political economy tnat
supply aIa demand always regulate pros
Now, our bonds aod Che Eughsh consol> are
not aiken by business men & business pur-
poses, or as mediums % exchange, but for
Investment by chose who desire III pot away
surety for their families. or as Trustees Of
charities or associations, Or Ia annuity Of
fees. Nov, Ihe debt " England, although
considerably exceeding ours, has been con
uaclel THROUGH 2 long series 81 years, ln
not very large cOmparauYe amounts, and
has been abs r0ed for the PURPOSES VI .u-
vcsimeut gIaQ lah. unui the supply does
not much cxceed the demand fpr invest
meut. We al know tl, natural preference
an Englshman would have ior the securities
oi his own country over security az a
-1stance OF which he Knows but iid-. t
baee seen indlv duals loan money on mort
gage al i've per cent iu 0uT eastern cities
i1r a series oi years, when by sendiug their
money io Che West they might loan 1t az ten
per cent 7n equally substantial real estate
there. This VIII explain why the Eng,lsL-
man Should prcte~ bis Own securities % ours.
even az hlguer rate u interest, As a matter
OF Investment, buy ID does not explain " hy
our bonds should be az Frank orJ Is @hIen
are Az only IA "a London. Why does not
the u El',nmau seud bis bonds to Frankfort
and ies'.fo the d,H-reoceY
.n period 81 three years We threw 81,
50O,Ul5,lJJ of curtes, pa, able AZ snort
6atss, o. be taken up as INV 5tme0ts, upon
THE markets IF th9 world and although uu-
doub edy they we're largely aHe-teo when
frsi issued by the doubt OF our success la
putting down che rgbyiAol, 10 that Eley sold
ior furty " hity cents on The dollar, et after
f4e rebellion Was folly suhdueG .uei rose
nearly r5 cher m SEM figure, and have rg
NAMED quite stationary ever since. But If
I am reut, 'hst ttcy are oaiy wanted ia
Gerr4 ..y as ID L eaud for tht purpose OF
Investment ellen ~ Wild be seen AZ one that
we have Issued loG investment q supply D.
bonds largely in excess "a ne demand ca
tha- purpose. Aul "a, Germany nas w. ua-
~
' M M I'm u1'i'
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sets toil 1'aI. I'VE ~ ~o''' "'',"> wa
subscribe i9i al F. sn5t. mouse in II noon
az o7' WINE 'Ae o'eNa IA -0' u.'teN STATES
u'll Na- N.I .'''. I o' ~
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There . a.al-.f element "HicA very
Iar5eiJ Affects l.' P' n, Hur bonds ahu
tlAl '7 -l npr'h N'e I'l'e4 states ie-
serves Z" t"t Jus ".1'7 "'.'u I'VE 5'a'''
l ".N Mi -e
e."'.' IN F'l1' i"' 'oit u'o''1 NJ lne
h'i..'N coh~'N' 's 'Aat 'he' "t- never 10 Oe
TN. a"a ho1elt Dreaming lAaL ihe} eve
"in Dr
me United States bas once paid All Der
lnaen.m.n' .D -a1 to Jle great disgust 81
NM ao.aer~i Ar at the moment wnen VI
' az l1 .. "1' "o''" l@o ," t''e me-
RAJ I" MI 81
thiN h.H. hr IE "" aEIiHs
's''l'' N 'I. ioi'' 'na' aNf adjustment
MI our cuiie'cl 'ur clf 0Wh convenience
"h' Hot mai-ra LY a1.'t me worth n uur
BONDS abroad '1t Do Knew how, CONSIST
en"y VIZ n.1'. ana "4'ona' .a'th 10 or
l.1-. Do. ''ol
-