The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-05-15

BY VIM. II. srLYIs.

The reat mistake made was that the
greenbacks we're made payable il gold; they
should have been separated entirely from
geld, and made mon, : absolutely. The per-
petuity Of the government should have been
their corner stone. Upon their face should
have been written "This Is fhe money Of
the United States, and is receive ble for al
debts. public ard private" But, urfortu-
rately, congress made two kinds Of money,
one for the government and che Tor the peo-
pie. Il made gold-its worst ensmy-the
cornerstone Of the greenback, aud it made
two classes u debts, one payable IA gold add
the other in gTeenbacks. immediately there
began a war between gresnbscks aud gold,
and lust rs soon as the war closed there be
ran a CIV from Wall stTeet-tbat national
deu Of thievrs--for a return to specie pay
ments this cry was taken up by bankers
and brokers al over the country. Pretty soon
it was given out that the Supreme Cont
would declare the greenbsck law unconstitu-
tioual But Tor TINS there would lave been
no pause IN the prosperity Of the country.
II, in 1867, the sudden flow Of gold out Of the
country caused the panic Of that year, why
ala not the same result follow in 1866,
when the rate OF interest IA the Bank OF
England rose to 10 per cent. and large
amounts Of gold left the country
All vii remember chat id the latter part
OF s66 we had general prostration Of
trade, from which We have not yet recover.
ed, but We bad 40 real panic. Why tins
difference Il was because We had got rid
Of the looa, Or STATE hal Ks Previous 10
1857 We had a paper currencv based upon
gold, and ISSUED by irresponsible parties I,
and, when N that year il was discovercd
there va no gold % redeem this 'wild mo
ney," the paper became suddenly worthless,
a market basket foil would not buy break
fast. The gUld having disappeared, and the
paper being good Tor nothing the country
was without any money at al, and Tor near
Is five years the na ton Was involved IN ut
Ter financial ruin, aud want, misery, aud
seIAlled poverty stalked through the land
If these results aid not follow a suspension
Of specie pay menI ia le62, uor at Sny time
since, was because our grrenbacks were
issued by tue government. They rested
upon a foundation stronger .han gold they
remained good when there vas not dollar
Of gold 10 be had. In tLis fact We have \
most boweiiul argument 10 favor of paper
money bss, upon the credit 81 the govern
snent, and entirely separated fromgold, for.
even though theS were a promise TO psy in
gold, the absence OF gold did not destroy
their value.
The grcenbscbs carried a. safely through
the war and saved the lie OF the nation !;
and, after the close Of the war nothing saved
Us from such taancia ruin as the world
never saw, but our greenbacks. And had
congress separated them from gold entirely,
and given as enough 10 do the business Of
the county, the industrial and commercial
Interests 81 The nation would have remsines
undsturbeJ
IN these insiauccs vi a sudden tIw of gold
out Of the county, ard the fact that for q
long time past tLtre has been more gold 60
ing out " Tile c.uttry than vas produced
% being brought IN ID It, We find The
strongest argument against gold as a materi-
Al for money n our money was all made
NC paper, and gold was reduced 70 q simple
article Of commerce, the same as iron, wheat,
cotton, corn dc, the Bank Of England might
raise her rate Of interest to tilty per cent.
and every ounce II gold IN tue country
might be tai IN away, Il would have no effect
whatever up our country.