The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-06-05

between capital and labor.
There i no natural antagonism between
capital aud accumulated labor and present
lsh7r On the contrary, there j. a natural
mutually OF interest; either is comparative
ly helpless without the aid or cooperation
~ the other. The existing antagomism w
artificial, and arises from the want Of an
equitable standard for the distribution Of
tneir combined productions. This w the
element now disturbing the relations be-
~ eefi thep, and i indeed the root and e--
sence OF al monopoly and slavery Ana
right here the remedy must be applied. 80
laEs restraining railroads ana other mnnop
0les, no shifting Of taxes from 0ne article
20 another; 40 repeal Of tariff laws or other
III device can al Ird anv permanent
reIei. | care not how cunuinEly taxes are
laid, b7 whom interest or rents are pait;
thet must All n the end, ~ borne by tug
producing classes.
II railroad corporations, manufacturing
companies, contractors, merchants aud utlrr
producers aud distributors Of properly and
Proiucts are compelled u pay 70 lO per
cent f0r the money IVY capital employed. they
must either deduct 1t FROM those in their
mplpv. or collect IL from those VINO pur-
very essence Of folly to charge any Of ttles-
parties with extortlon and oppression, nm
less II can be shown that their nee gains
exceed the rate Of interest Or capital, which
thiAk no intelligent person Will clam that
they, As a whole, are receiving While the
accumulsuve power Of money so greatly ex-
crrds the rate Of increase IN the naturai
wealth, as II now does, the present antag1-
nism between capital and labor must cOu-
tinue
But when the rate Of interes. that viii e.
feet The equitable distribution Of their joint
productions IL ascertained and adopted, it
Will restore harmony and prosperity, and
for ever end the present conf ct of interest
Ehicn otherwise must continue until tng
producing classes, in all departments Of use
full occupations are reduced 10 a condition lf
practical serfdOm, or the power 81 capita
over thrown, aud possibly its Just rights Sc
riousiY endangered, it not utterly disre
gssded.
But the question arises, how are We 60
determine the true rate Of interest Oh mon
ey? reply that the census reports show
that the increase in natural wealth has nut
I'D the past exceeded 81 per cent per arr
mum, and there is no presumable prObsbu
Ity 81 a greater rate Of increase N the fu-
ture. Now, ] think All impartial minds viii
agree that the industrial classes are iaiTh
entitled ID one hsf their surplus earning
u the increase 70 the national a.tb, which
would make me rate Of interest On money,
hlt one and three-fJITths per cant au-
nun
1 will now examine the goli base fallacy,
whi-n the Tribune, iR common WIN tle
Nv Jrs H9rlf, Journal ~ Commerce and
IT, name sake N that ctY, ann all other
journal. .1 The interest w tle crafty specu-
.stors, chrstisn bankers. patriotic bead
holders, aut Ealt gamblers. 81 strongly ann
per-ist-t iy commend to the pr0iucin z
classes or tax payers, as the the only pana
cul fIr tle financial Fr1nE- and expressions
wAlC. treF are nov soldering.
The erroneous idea that the value OF mon-
eY Irhares IN iJs mate AL Independent NJ tht
law instiiltDg L, and making legal tender
IN the payment OF debts, u n0 new theory.
Ii has all the merit. antiquity can give wv it
Tor il has been entertained and ptaClced oy
al barbarous nations, as well a. by the
enemies ~ liberty ana Justice, Az MI. times
and under 81 forms If government. lt has
but one history which is soon told wrong,
oppression, poverty, degradation and eu-
Siavemeut 0f The producing classes. IL has
destroyed every republic tnat ever existed,
and hss been the means by whi3h yrants
in all a-es have reduced their subject TO
poverty, and held them ia sabiscuOn.
After gaining their political 'ldepen1ence,
the fathers unfortunately adopted ths aris-
tocratic policy, ana by enIvrins the
whole money power Of the nation g. the
keeping Of a few crafty spectators, bank-
ers and usurers brought upon the country
the curse of bankrupting rates Of interest,
and tuctuatng depreciating, and finally
worthless currency. BY means III which
these crafty Spectators have been enabled
90 draw to themselves the substance ~ tle
people. and centraliz the wealth anl ppIt-
ical power of the nation in lew Souless
corporations aud avaricious bond holders aid
Insurers These parties have now absolute
control Of the financial le. station Of the ma
ron, ana they viii IN the future, a. IN the
past, control it with aR eve single to their
own aggrandizement, regardless of che rights
III he producing classes. Notwithstanding
al the people have suffered, they demand
still greater CONCESSIONS, and that their nm
Just and oppressive schemes shall be fast
ened p-rmsnenue On the backs of the tax
payers. Having, al they fancy, by thr
Scheuck repuditIng villany, turned their
currency bonds into gold, at a profit 20 them
and burden upon the taxpayers 0f nut
less than seven hundred millions Of dollars
thew are nov engaged IL a crusade sgainsi
the legal tenders w peoples money,demand
ing their with travail and the substitution Of
the n0tes IL their bank which, while furnish
ing an interior currency, cost tie people
over rigrt pr cent. or twenty-five million
daiars annually On the amount now Nh cir-
cusFion, but which, II they are successful
in driving the lega. tenders from circulation
will som b. trebled. Fur the restriction
on the bank circulation val be removed.
and We shall have as much as eight tun-
dred TO one thousand million dollars of these
notes n circulation When the gold inter
est goes into the vaults Of the banks and the
pockets Of the usnrers and holders Of non
taxed bonds, and the whole money Intere,-
Of the nation Is under the control Of a few
crafty spectators and shrewd bankers, With
power to make such division of the products
~ industry and enterprise as their avance
may dictate, we shall hear nothing more
about q redundant, irredeemabe and 1uctus-
ting currency or specie resumption. The
latter Is Al best and under all circumstances
but n deluslon, for the banks never did,
never will, or never can, under any system,
redeem their circulation in coin when gen
era! demand is made upon them.
For the purpose Of showing the results,
will now contrast the practical '-orkings Of
the two systems. For this purpose ! viii
estimate the value OF the property, real and
personal, In the nation az twenty-five bill
ION dollars, and assume that average rate
Of interest on money is now As much a. nine
per cent. have the authority Of those
who have carefully examined the subject
for saying that as much as sixty per cent q,
or thirteen billions two hundred millions
dollars Of the wealth or property III the na-
lions is now owned by capitalists who loan
their money or rent their DIT perty to the
enterprising industrial classes, which would