The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-06-12
WHAT Is MONEY s.-No. XI.
BY WN. Il. sYLVIs.

i was NY intention to devote one OF
more articles to & historical review Of the
money question, and BY comparison, SHOW
the superiority Of psper over gold. But Al
that ground has been pretty we'll covered BY
the late speeches Of Generals Cary and
Butler, | will postpone, for the present
what have to say on that part of the sub
ject, and explain our plan for new none
tary system.
] ask the reader to pause here, and read
carefully, the Cary and Butler bills hither
"a printed in this paper. Both Of
these bills provide for q currency made ex-
elusivsly Of paper, and based upon, and
Secured to the holder by .-e pledge Of all
the taxes, customs, wealth, resources, and
power Of the country"
The Butler bill provides for the issue Of
S350,000,000 paper money, to be called
certificates Of valpe," for the immediate
use Of the government and people, to be
paid by the government to the people fol-
services rendered and supplies furnished
and By the people to the government, for
taxes and duties. This is based upon the
suppositiou that the annual expenses are,
and for some time to come will be. about
$3.50, 100000. Therefore that amount Of
money will be passing from the people to
the government, and from the government
70 the people, every year. The present
greenbacks to be called In and destroyed in
manner to prevent shock TO the business
Of 'ae country.
To further provide for sufficient cur
rency for the people, this bill takes "from
the -4donal banks all power TO issue note.
to circulate as money" leaving them mere
~ banks Of "deposit, loans, and discoants,s
and that every person, holding . six per
cent. gold bearing bond, shall have therighI
to deposit il with the government and re.
ceive 90 per cent. of It's face. or $50 FOL
every 500, in Certificates Of valae,'' with
the right to reconEert the money into the
bond at pleasure, after thirty days.
The government pays him (the depository
six per cent. in gold on the bond, and b.
pays the government 65-l00 10 gold, fol-
the use of ths money while he holds il.
Let me illustrate this.
Mr.. Jones is the owner Of 81 900 bond;
be deposits it with the governments and get,
5000 in money, which e kseea one yeal
and then returns it, and takes ibis bend
The government pays him six per Nee. o.
the bond, this would be $50. He pays th,
government 65-lO0, or one cent day on
each 500, this !, .uld be 49, So. This tn,
government would deduct from the $50, and
when, at the end Of the year, be would re
turn the $500 be would receive his bono
and $27 Is, this being the difference be
tween what the government paid him, snt
what be paid the government. In othe
words, it reduces the rate OF interest OF
borrowed money, from present very higi
rates, to little over three and half pc
cent, and on that portion Of the public deb
converted into money, 70 q little less thai
p per cert.
As every person who has bond coul'
borrow money directly from the govern
ment, Of course the occupation Of Wal
street, and the whole horde OF money shaver
would be gone, and the country would hav'
sound and abundant currency; self
adjusting currency. There could be nsith
er too much nor too little money. When