The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-11-06

required to ray their deposits, at any one
time during that period, and this without
redeeming in specie dollar OF their circu-
lation. II specie should be generally oe-
manded, the laws could not enable the
banks to paw their notes and deposits IN
coins, nor individuals 70 pay their notes
and debts in coins.
The principle upon which the contracts
between the banks and the people are made,
may be illustrated by supposinS the govern
ment to fix q value upon ten silver spoons
belonging to John Doe. and make them
tender 10 payment of debts. As they are
not sufficient in amount to form currency
John Doe Is empowered to make twelve
paper spoons on the credit OF each silver one,
all Of which paper spoons be is to redeem on
demand with silver spoons. He retains the
ten silver spoons, and loans at seven per
cent interest the one hundred and twenty
paper spoons, charging interest ON them al
seven per cent, and resolving in excnange
for them good Endorsed notes payable 10
two, three, OF four months in silver spoons.
All he paper spoons loaned to the people
are paw able In silver spoons on demahu al
John Does Office, who has but ten SILVER
spoons to Day the one hundred and twenty
paper ones. n the holder OF ten paper
spoons, should demand and take to ten
silver spoons, John Doe would be oollgeu
to make the Endorsed notes whi5h be nah
received from his customers for paper
spoons redeem the remaining one hundred
and ten paper spoons which he had issued.
All these were based upon paper, ard must
be paid again in paper il tiey are pal1 at
all. Still, be would receive from the people
interest upon a hundred and ten silver
spoons which he meyer owned. and this oy
means of legislative charter granted to
him because he was the owner OF ten silver
spoons. IL the legislature would not sane
ton the balancing Of these debts With
paper, the people could never pay Deem
silver spoons the Endorsed notes they owed
him nor would Doe be able to redeem hi;
paper spoons with silver spoons. The drawer
of the ten silver spoons would have en-
crossed the whole tender upon which al
the contracts were founded.
In general, debts are contracted Tor land
labor, and products but none OF tn. se IS
tender in payment of debts. Debts ara
payable 10 a tender established BY law, but
are generally paid 10 bank-uotes which are
used as a substitute for the tender. Ad-
hitting, then a silver dollar to possess in-
trinsic value equal to its nominal amo atr
how is it possible for it to make twelve re-
representatives. OF itself, and make each one Of
the twelve 40 valuable as itself, when at the
same time any one Of the twelve has power
to demand and take the silver dollar, anc
thus to leave eleven destitute OF any basis Of
silver, and incapable Of being paid in it
II paper money be allowed TO pass as re-
preventative Of specie, there should be
silver dollar for every paper dOlllr. Other
wise, the paper money cannot represent
specie. A silver dollar cannot be repre-
sented BY two paper dollars, each Of which
would be as valuable as itself, more thar
the owner Of one acre Of land can gave two
deeds, each for the one acre, to different 10
dividuals, and make both deeds good. Th'
first deed must take the entire acre. II tn
second be Of any value, it must be made 81
BY offsetting the consideration gwen in pay
ment for the deed, and not the land which
the deed Purports to secure. II Papel
money be allowed to circulate, it should not
be under the pretcnce that il represents
what il does not and cannot represent
TO BE CONTINUED