The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-01-30
CORRESPONDENTS.
I'VE do not hold ourselves responsible for any opin-
A ~
FROM NEW YORK.

nun NE W 1UAhs
New YoRK, Jan. 4, 1869.
TO the Editors Of the woHKIssMAS's ADVOCATE
Your esteemed favor Of the 10Th ultimO
vas duly received, also a copy Of the pro-
ceedings Of the Natioasl Labor Union, Of
2lst September last, for which please accept
ny thanks, and would beg permission to ex-
press my hearty approval Of the platform
there adopted.
In the minority report, disagreeing with
the committee on the currency question,
observe the following expression II bold
currency, and the only honest currency
Which reminds me Of the winter of 1872 and
'43, when We bad thu coin currency and Mr..
Calhoun's millennium of free trade az the
same time. The millennium reduced the coin
currency to homeopathic quantity, and the
products of labor together with the necessa
and yet there was more destitution and star
walton in this, and other Atlantic cities,
than in any other period Of our history.
10 the same report | also fad: I'D. OBJ
ject ID the currency scheme Of the commit
tee, because, it will be huge imitation"
II | understand your scheme, initiation
will be aa impossibilitY, no matter hpw
mucE hIrrency is issued, for The reason that
whoa IL becomes so plenty as to reduce the
rate Of interest below the government stand
ard, the surplus will flow back into the trea-
sury for Its interest bearing bond-, thus
keeping a uniform rate IF interest and the
amount Of currency-just what the business
Of the country equires-consequen "
uniformity and evenness in values without
fuctuatiOn in price.
As an evidence the acts creating legal
tender, made it convertible into bonds bear
ing six per cent. interest and the first Eve
hundred million 5 20 loan was taken I'D by
such voluntary conversion, and during that
time there was greater evenness IN values
and uniformity in currency, than ever known
before or since.
Imitation, after a sufficient issue to reduce
the rate Of interest 10 the government stand
ard, would apparently be an itnpossibiity.
During ne process the wages of labor and
prices of the products of labor would be
largely enhanced, and until that standard
was reached but when that level was found
il is difficult TO see how it could be disturbed.
10 reduce the rate of interest 30 govern
ment standard Of three per cent. it must ne
cessary become 50 plenty as to be diffused
among the masses, when consumption
- - - 4 l..
in similar ratio-thus creating an addi-
tional demand for labor at high remunerat-
ing rates; for in doubling the demand for
labor do we not double it's price And thus
render thereafter dessitution and Starvation
from want, impossible?
The theory which the moneyed interests
advance and persIstently urge, that return
TO specie payments wouta reduce the price OF
provision and the necessarIes of life; and
although il would reduce, also, the wages of
labor and products Of labor, would be
blessing TO the producers, is pla disable, in
deed. That reduction in the price of gro
visions and the necessaries of life would be
blessing, il truth all must admit; but,
that a reduction 10 the wages Of labor and
products Of labor. would also be blessing,
is not 50 clear. Ii is subject that should
be investigated by all producers.
Az experience is deemed the most reliable
teacher, the writer would submit some of
his own experience. and state that a number
Of years since, be built considerable nam-
Der Of tenement houses, in which, during 90
winter before the wal, were all the rooms oc
eupied, aod for many Of them that we're oc
cupied the tenants were unable, in whole or
in part, TO pay their rent, and as the agents
were instructed not 70 dispossess any for in
ability to pay, il resulted In serious loss to
the owner, and suffering to the tenants.
But commencing with the first winter of the
rebellion, the houses were constantly full.
and alrhOu.h ~ increased rates, the rents
eere promptly paid monthly 10 advance
and reported BY the agents on given day,
almost without exception, until McOuIloch's
contraction policy deprived he occupants o.
employment, and both last winter and the
present. there are vacant rooms, and rents
unpaid, In all the buildings, the tenants hav
ing used mp the surplus they had durins
those years deposited in the savings banks
The agents report that during that perioo
the occupants were better clothed and fed |
laid up money in savings banks, and gener
ally improved In morals and responsibility, |
until the change mentioned.
Should the convertible and reconvertibl. |
system ycG advocate b. adopted by congress, |
it appears 70 the writer there would be no |
further use for benevolent institutions o.
charities Of any kind and that all possessed |
of their n.ental and physical faculties woula |
be independent, for they, like the lsraelites
In the wilderness, could gather enough in |
the morning TO last the whole day, and il |
they gathered more il would spoil On their |
hands-in other words, two or three day's |
labor would provide for their necessities
for week when the remainder Of their
time eeald be devoted to elesating and en-
nebiing their manhood; and when the neces-
sity For ooveting our neighbour property IL
would mot man leara 70 do unto
Dshsrs - he would have others do unit
him ~
it appsars % tho sritsrs jon are O. gagea
u the most hply work that ever sngak cd ths
attention Of MN that pFosidsnce . guid-