The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-08-31
NATIONAL WORKINGNEN'S UNION,
They DenOunce National Banks.
FAVOR TAXATION OF BONDS
AND THEIR PAYMENT I'm
GREEN
The BOndhOIderS and Radical
PiundererS Receiving Blows
Gre.n the LabOring Classes.


The Labor Convention assembled at
Philadelphia last week adopted the fol-
lowing resolutions, which arc not wholc-
some TO Radicalism:
Resolred, That laborers in all depart
ments Of useful industry are suffering
from system Of monetary laws which
were enacted during the late war as meas
ures, it was assumed, necessary to the
life of the nation" and which is now
sought to be perpetuated in the interest
Of bondholdtrs and bankers; rs means
to subvert the government Of our fathers
and establish on It's rtins an empire, in
which all political power shall be cen
tralized to restrain and oppress the rights
of labor, and subordinate its yotaries to
the merciess demands of aggregated cap
ital and supcrcilious authority.
ResoIccd, That the national Janking
system, being iaimical to the spirit Of lJer-
ty, and subrersire ofthe principles of jas
hce and cihoN 10arant inthe Constitution
of the United States, and acrongtuly IN
credsing the burdens of tie aoealth- prodac
ing classes millions of dollars annually
justice, the aspirations Of honest industry
andhe spirit Ofi@periIZed HJer ty demand
It's immeaiute repcpl and the Substitution o.
legal-tender notes as the crclusive carrency
Of the nation.
Resolced, That the National Labor
Union is opposed to the continuation
and creation Of banks by acts Of lncor-
poration, by either State or national au-
thority, with the privilege Of making,
issueing, or putting in circulation any
notes, bills. or other paper of any Other
bank to circulate rs money, except the
'legaI-tender Treasury notes. therein
contemplated.
ReS0Iced, That the present rate Of
interest is in excess Of and dispropor
tionate to the increase ofnational wealth
and, being the governing power in the
distribution of the products of capita
and labor, is oppressive to the produc
ing classes.
ResoIccd, That the revenue laws o
the United States should be altered SC
that, instead Of subordinating labor t
capital, they may afford just protection tc
labor and the industrial interests of til,
whole country.
ResoIred, That the legal-tender mon
ey should be made a legal tender in tn,
payment of all debts, public and private
and convertible at the option of th,
holder into government bonds bearing
interest at the rate of three per cent
per annum, with privilege to the holder
to reconvert the bonds into money o.
the money into bonds, at pleasure.
Resolrcd, That the claim of the bond
holders, thatthe bonds chich pere Jouyh
,oith greenLacks, and the principal at whicl
is by law payable in currency, should meve
theless be paid in gold, is unjust and ertor
tiondte.
Resolved. That the exemption from ia:
of bonds and securites Is q violation of til
just principieof Of reuesse iaps.
Resolced, That land monopolies are a
variance with the doctrine that "all free
men, when they form social compact
are equal in rights" and, if persisted il
must ultimately result IN the subversio
of free institutions as also the socia
well being Of the laboring masses. T.
prevent this calamity, the public land
adapted to agriculture should be gizen il
reasonable quantities, to none but Amer
lean citizens and such as have declares
their intention to become citizens. In
dividual owners of extensive tracts O
land should be encouraged to dispose O
the same in small parcels, at reasonabl
prices, to actual settlers. They may thu
become Unidentified with the soil, as re
] SnOnSihle. intellioent citizens