The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-01-23

u1M84A8GNUEYW VT INC mAUE~ O0E EUNUAD u4Eu
does not and cannot guarantee that its gol'
and silver coinage viii be received n en-
change or payment outside its own jurisdic
tiens Treasury certificates coined By th
i government would De q fixed, uniform, ade
\ quate, stable, permanent, safe, insxp0rtabl'
national currency, ard being secured upof
the entire property OF the nation would b.
an unerceptionsble legal tender while thl
Governments endnres.
| While the legal value Of q gold dollar IA
always the same, the sudden withdrawal cs
one half the amount In circElation by for
eiRn demand reduces the exchangcable
values Of all the products Of labor, inTol
ing produscrs In q loss which they could
not sustain with an equsble, uniform, mex
portable currency. What we desire 10 bnt
one currency, and that based upon the en-
| tire national wealth, which is substantial
aad not upon few millions Of gold, which
OF all earthly things is the pot unstable,
shifting, and evanescent. When the legal
tender or greenback law was passed many
VINO voted for it did 80 only because the
emergency OF the hour demanded ID, and
With full conviotion that on the restora-
tion Of peace return n shs old order Of
things wbdla &c possfDle. TIRE people &C
qniess5d for the same reason, although they
mad 80 often suffered from irledeemable
bank issues that they had strong prejudices
/ against all kinds Of paper money. The
I greenback, though imperfect in form, has
educated the people to believe that a paper
money can be made as safe a. gold, ard ad-
equate to the demands OF internal trade
and commerce; a money Of undonbted
credit, which will expand and contract with
the expansion and contraction OF trade.
They believe that with an ample supply On
such money it would not be in the power Of
gold gamblers, bankers, and usurers to
make currency plenty or scarce as their Gu
pidity might dictate. Middle men who have
capital could not 90 readily form " rings"
and determine what price the farmer should
receive for bis produce, and what the con
sumer should pay for the necessaries Of
life.
The fundamental mistake in the legal
tender act was that Rreenbacks were not re-
ceivablc for custom duties and for all other
purposes. These exceptions have placed
the Government and the people too much at
the mercy Of Wall street, that great national
gambling he'll, which should be cleaned out
as efectually as Christ emptied the ancient
temple OF gold gamblers This cleansing
process would be effected by making gold
in law what 1t IL in fact, a commoditv.
By the provisions of my bill national bank
notes are called In and Cancelled and their
places necessarily supplied with actual mo-
ney. This disposes Of those desposic in
stitutions, which are powerful element ia
controlling elections in the interest of CAP
Itslists. The despotism OF an organized
"a or.ol ~
was ever African slavery.
By the withdrawal Of the national bank
currency, and the immediate payment Of
the bonds now redeemabie in lawful morey,
TIE volume of currency would not be -
great ae when the contraction scheme was
inaugurated, and womld then be insult cient
for the absolute needs o. productive indus
try. When other bonds are redeemuble pay
them in the same mann, T., or If the holders
prefer give them other bonds drawing an
interest OF not more than three per cent,
and convertible into lawful money onp re-
sentstion at the Treasury. The money
should in ike manner be conv nvertible into
bonds in SIMS Of not less thar 800 This
convertibility principle win give that elias
ITCHY or fexibility to the circulation which
banks OF issue are supposed to give. When
there is a plethora of currency, q sup
ply beyond the 7egnirements Of business, it
it will be changed into interest bearing
bonds, and at seasons of the year when
wheat, corn, cotton, tobacco, and other pro
ductions are to be exchanged the beads
would be converted into money. Will any
member on this floor undertake to say that
q currency based upon the entire wealth Of
the nesIoD, receivable for all purposes as a
legal-tender, and which can be converted in
an honr into N interest bearing security,
viii Or can depreciate
BY this convertibility clause and fixing
the rate OF interest Congress will perform
an imperative constitutional duty which it
has never undertaken to discharge, namely,
regulate the value Of money"
The value Of money 10 determined py the
rate OF interest which il accumulates. The
rate OF interest on money deterlc nes what
proportion Of the Joint earnings OF capital
and labor shall 80 to each. As capital is
only accumulated labor. It is plain hat IL il
receives greater Interest THAI tns increase
Of wealth BY production, labor is robbed
OF its just reward, and is in . state or vas-t
salage. Taking agriculture as a safe basis o :
calculation, it will be found that our ma
~A~@A@A WcoA~1 nEG lLtt9M4C0 III y 1OE- 8cFl9-
OF years fra Jtion oFer three Der cent. ne
annum compounded This enables us to fx Q
rate Of interest which labor can paw without
exhaustion. The interest which money COM
mands determines the rent which the poor
man must pay, and the wages ne must re-
ceive for his labor.
AT the present time, the Government be-
ing borrower Of money ut an interest
largely in excess OF the growth OF wealth
oy productive industry, and thereby fixing a
still higher rate Of interest on capital not
invested In Government bonds, the results
are that no houses for laborers are being
built but they are being crowded closer and
closer together in uncomfortable apartments
at exhorbitant rents. Few men will be
guilty of the financial folly Of erecting ten
ements for workingmen, or building manu-
factories, or opening up farms, when they
can make more BY putting their surplus 10
bonds and be relieved from the ANNOYANCE
OF experimenting employees, paying taxes
and insurance, and collecting rents II
money 10 scarce and high ths farmer gets
less Tor bis produce, the labOrer receives
less wages and pays more for bis bread, be-
cause the intervening capitalist determines
what the producer shall receive and she con
sumer pay. Rows OF stone-front building,
10 our cities are 0fgener evidences Of how
labor has been swindled 0ut or ito honest
dues team Of the frugAIity and industry of
their own owners.
With money ut rate Of iuterest CORES
ponding 70 the growth Of we Alth by pro-
ductionJ overgrown fortunes without labor
would he -ew. Thoss who SOW will reau.
and many Of those who are living BY their
wits will be turned into manufactures and
workshops and upon farms 50 earn their
bread BY their own labor.
TIE system proposed by my ball cannot
y controlled by capitalists. The machina