The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-09-25

Not ling since We saw in the Tribune
cotton currency construction, but as the e.
nancial sage Of this cnrrupt sheet generally,
every few days, grsces its columns with
Dat contraction Of all that 1t has previous
" advocated, we did not deem the vagAry Of
sufficient importance to give it passing no
tice. Since then, however, we have seen
the same idea repeated elsewhere in the Re-
publican papers, so much % as to create the
impression that there is a systematic effort
being nut forth BY such means, to divert the
attention Of the public away from the Bout
well gold gambling and stOck-jObbing sys-
TEN. We viii, therefore, give the Tribune
the benefit of having q thorough airing in
our columns. The Tribune claims that the
South has, at least, half million bales more
cotton this year than last, yet that the Lon
don houses indicate that the quantity sup.
piled is only about half what it was last
year-that the cotton mills of Lowell are
running on half time, or entirely stopped
largely from want of cotton that there 10
panicky or nervous feeling in eastern COM
mercal circles at the alleged disposition to
withhold the crop SO late as to derAnge 70.
reign exchanges, and thus produce stsgua-
ton in all branches of trade. Then the NOR
al certainty that the greenbacks shipped
south will be held BY the south from mere
love Of greenbacks, has, II is claimed, "Al-
ready been very marked upon eastern and
northern money markets." and has much to
do with dull times. 1t would not answer for
the Tribune to tell the honest truth, that
the government policy Of paying gold had
boarded some twenty OF twenty-five millions
in the treasury, run up the bonds some if-
teen per cent. turned a large share Of the
currency into the gold gambling and stock
jobbing channels, and has Withdrawn so much
from circulation that neither the products OH
the west or south has gone forward in their
usual manner, as they would have done but
fer the government gold gambling and stock
obbing forging policy.
At tais point bright idea bit the editor(
as to the appreciation of the currency by
Ibis contracting means. He says, ''thoughI
Other things being equal, such a contraction,
of currency would ell nance it's gold value
ard reduce the premium on gold, and bring
us nearer to specie payments. But the TriS
bttne fails to tell us that this process has rul
up pr,Diums on gold. Wbyl because tn
bonoholder fixes bis own terms on the pricA
of the bond, and that the contraction of curl
rencysnd the increased price Of gold demandh
iOcrtasdd circulation, thus decreases prOdud
ton and increases importation which must
be paid in gold and bonds. Hence the eDO4
nous taxation Of some five huDorCd million3
in tie shape Of National and State taxes ana
interest, has so piled up products in thu
hands # the law-sustained capitalist clasA
that there is very little money for business,
and very little business for anybody b,t
bankers, assessors, collectors and marshallA
It is no use, Mr.. Tribune, to tell the pu5Ii2
that the money arrangements are from th&
sou'h boarding greenbacks. That is all bosA
II money is used to pay for cotton, land, o
building railroads, then il will circulaA
among the people. When it is used for stoc4
jobbing and gold gambling, then it circulat%
only among these high governmental digDi-
tares. The government, therefore, must e.
ter the arena either as purveyor or felloI-
equal. But whichever position it occupite,
business is deranged and will continue uni
this gross inlquity shall be wiped out by Il e
united voice of an outraged people.