The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-02-06
Movements Against the Ballienasss and
H0nAh0lders.

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Bondh0lders.
We clip the following excellent editorial
from the New York Herald, and cheerfully
give Il place In our editorial columns. We
rejoice to nnd the first paper liz America
endorsing our principles, and the men who
have the boldness TO champion them in the
halls Of Congress
We see in the speech Of General Butler
on the currency and national finances the
expression Of opinions which ART widespread
among the mass Of the people The same
conflict between the buIlionists and the
bondholding capitalists on one hand, and
the industrious classeses on the other,
which existed in England few years ser
the wars with Napoleon ended 10 being de-
veloped here. The former clamored for
sp' Gle pay ments in order that their bonds
and capital might be increased in value and
that money might be made dear through
contT action, as our bondholders and onto
specie-payment theorists do now. BY q
scarcity Of mocsy the great capitalists are
enabled TO get higher rate Of interest and
TO increase their profits enormously at the
expense Of the Industrious classes. Hence
we see the selfish motive which p. ompts the
clamor for restricted currency and forced
specie payments Ia England, at the period
referred GO, the people wanted an ample
currency and cheap money. The subject
was widely discussed and efforts were made
to secure these. The subject occupied the
attention Of Parliament, and we believe it
was Mr.. Atwood who proposed measure IN
that body, similar to that Of General Butler,
for an inconvertibe currency and for utiliz-
ing the public debt. But the measure wss
defeated the bondholders and large CAPT
.alists were more powerful than its advo-
Gates. II remains TO be seen If the people,
who want q cheap and an ample currency I,
will prove stronger than the resumption bull
lionists under our popular form Of govern
ment.
There is an extended organization, though
not noisy one, throughout the country,
particularly in the Western States, in favor
Of General Buffers monetary system, or q
similar one. We refer to the labor unions.
There are, probably, more than half mil
lion enrolled members in this organization,
besides the vast number aft Eating with It.
Mr.. Cary, Of Cincinnati, it will be remem-
bered, was elected to Congress by that 1t
has already exercised considerable influence
in the elections elsewhere, and it il spread
ing TO such an extent that our public men
are constrained to respect its power. Gen
eral Butler seems to have made himself the
representative Dan Of THIS organization and
its views, and, probably, he looks forward
to using It as an important aus lry in the
coming organization of parties. At all
events the conflict has commenced here, as
it did in England after the wars with Napo-
leon terminated, between resumetionists and
0ondhoding capits lists and the masses Of
the people who want cheap money. IL Gen
eral Butler, Mr.. Gary, the labor unions and
others hold extreme views with regard to an
abundant and inconvertible currency, the
bondhoders and the rest who clamor for re-
sumption Of specie payments may thank
themselves for it. They are the Shylocks
who have overreached themselves by unrea-
sonabe demands. The attempt to force re-
sumption by Mr.. McCullOch through con-
traction Of the currency, in behalf Of the
bondhOlders and capitalists, alarmed the
people and created a powerful reaction both
in and out Of Congress. Ii the resumption
theorists and the government would let the
currency alone, a, d thereby pacIfy the pub
lie mind, agitation would cease, bus mess be
undisturbed, aud the country would giow up
to specie payments, il that be desirable, in
healthy ana almost imperceptible manner.