The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-03-20

whole horde Of bankers, spectators and
gamblers, are day by day accumL.4ting ad-
ditioHal liens upon the productive powers
Of the nation. This condition Of things
lasts for about ten years, when labor breaks
down under the enormous load. Its re-
sources sre exhausted, the rate Of interest
can no longer be paid, the creditors begin
to crowd the debtors, "money panic" en-
sues, and financial ruin sweeps over the
country, prostrating teverything before IL ;
hundreds of millions worth Of property
change hands at great aerifces-debts are
settled at a small per centage on the dollar
= bankrupt laws are enacted-we become
nation Of individual regulators, and
there is a general balancing Of accounts,
which simply means transferring all there ID
from labor to the pockets Of tine money lend
ers and financial gamblers. The bottom is
reached, lull takes place, labor rsnews it,
energies for new start, only to have the
same operation repeated ever again. And
this same operation has been repeated about
every ten years, ever since we have been q
nation, and will continue to be repeated &C
long as we are cursed by our present none
tary system.
The manufacturer, the farmer, the bust
ness man Of any kind, needing money, mus
pay from 10 to 80 per cent. for the use Of
it. In many cases the profits Of bis bust
ness are less than the rate of interest de-
manded. To borrow would be ruinous
therefore, his business must languish, Oh
wb at is very frequently the case, redac
tion of wages is made. This reduction does
not always, as is supposed, 90 into the peck
ct of the employer, but into that of thu
money-lender. Thus do employer and em.
ployee suffer from this system Of lega. rob
berry, called interest on money.
have already said that Congress has, By
violation Of the constitution, delegated
the power TO fix the value Of money to few
bankers, brokers snd usurers. Ii IS true
that Congress has fixed a rate Of int crest OF
its bOnds-six per cent. in gold or abou
nine per cent. in greenbacks-considerin
that they are exempt from taxation, ant
have certain other special advantages, th'
rate is very nearly thirteen per cent. Thii
may look 70 many, a. if Congress had fixed
the rate Of interest-wbich determines tn,
value Of money, and il may be said that tn
I fact that this does not controle the rate o
interest is sufficient answer to my argu
ment That this does not control the rat
Of interest is evident from the fact that th
usual or average rate il far above thir.eel
per cent. Would it be ot-srwise if the rat
Of interest on the bonds was but three pc
cent. While the avero-e rate Of interes
would be less than nov, the system woul
remain tie game, for the reason thai Will
Congress q avs thai one hundred cents sha
maks DO. il has allowed few men I
m0nopolize the lending of money, and to
their own measure Of value. TO these a
borrowers must go, because there is n
where else they can 20.
By reason Of speculation in gold, and th
Aigh rate Of interest maintained, a yer
large proportion of the whole currency {
the nation Is centralized in the great CON
mercial centers Of the east, leaving the we,
and south without money TO do business
While money is worth from l3 TO rs pt
cent. in Philadelphia, New York, Bosto
and other points east, it is worth niue
more west and south: indeed in many place
ID il not to be had at all In many u th
manufacturing and mining districts Of th
interior there has been an almost universe
return to the old order system, and priyai
scrip, such as due bills, &C., are made !
answer as currency. Why because III
profits Of business are less than the rate
interest On money, and because men cannc
borrow money, they are compelled to
without ito provide their own currency
or close up altogether. In many instances
the employer, TO keep his works going mU;
borrow money, and must pay more intere:
for the use Of it, than his return in profit
to save himself be reduces wages, the work
men not being able to see where the tru
difficulty is, 60 on strike-the works ar
closed, and employer and workmen 20 t
ruin together.