The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-09-03

intenued ana designed 70 make II q 6overI
ment "of the people, for the people, and b
the people," they intended that oil lau
should Be equal, just and impartial; the
designed to abolish all exclusive, privilege
classes. and to establish, repressntstiv
government purely republicsn in form. an
democratic in principle. Il sas distincl
understood in the early days Of the RI
public, that sovereignty resided in th
people, that they we're masters, that th
representatives were the servants Of tb
people, from the messenger 10 the Presi
dent. from the page to the Legislator. an
from the clerk to The Chief Justice. t. a
every servant or representative should fee
sensible Of the charscter conferred upoI
him, and the trust reposed in him, ant
.tat be should discharge the duties pro
nrty, honestly, and faithfully.
1t is to be regretted that many departure
from time to time have occurred from th'
republican simplicity which marked os
early pcgess. These s6oaN Be- .acsstst
without delay, and ut any sacrifice; and
the man who would not make a reasonahl,
sacrifice for the general good, fsl!s hort o
the great principles Of patriotism and chris
tianity. ..t...
As " Eternal vigilsnos is the price O
liberty" and as power is always stealiul
from the many to the few" it behooves the
people to guard with ceaseless watchfulnesl
their rights and privileges, their civil and
religious liberty, and above all, their inher
ent sovereignty; holding their servants Of
representatives to a strict accountab bility,
visiting any betrayal Of trust with condigu
punishment.
1 wish were 10 my power to deny the
fact, that for many years our National and
some Of our State Legislatures have enact
ed many laws for the benefit Of favored
few, and for the creation of privileged cor
porations and classes, and have frequently
imposed unnecessary and oppressive taxa
ton, to the almost total neglect of the work
ing and producing elements, who comprise
the great mass ofOur people. This course,
il continued, will gradually sap and abridge
their powers, will leave them nothing bat
the shadow Of a republic, and will. in sub
stance, establish an Oligarchy or aristocracy
You have requested my views generally
and called my attention specially, to the
following important subjects, viz: The Ma
tiOnal Currency, the National Debt, the
Public Domain, the Coolie Trade and War
Expenses.
1t is selfevideut that the proper regula-
ton of the National Cnyrency-the great
medium Of Commerce and of al business
is a matter Of vital importance.
Under our present system, the Nation ia
paying many millions Of dollars Of interest
annually to banks, upon bonds owned by
them as the basis Of their paper issues. The
notes issued by these corporations not only
bear no interest, but are made the source
Of revenue to the banks, who loan them out
upon discounts Of mercantile paper. Thus,
whilst the Government receives no profits,
the banks obtain double interest, aud de.
clare enormous dividends Many Of tbese
have. since the war, divided
over one hAndrSd per cent. amongst their
Y A, state a. fFairs vbioA Lea.
to resgltst lasts sizing and 80 unjust, certain
" demand correction.
The financial question is the most im-
Portsnt with which a Government has to
deal. That our present financial system is
decidedly defective, is plain 20 the most
investigator. That the time has
arrived to make the proper and necessary
changes, and place our national finances
upon an equal, just, sound and permanent
basis, cannot be denied, and the question
arises, shall we have a specie or
paper currency?
II is fact not generally understood, but
perfectly obvious, that W bile gold and silver
are the recognize currency Of the world,
such Is the limited quantity. that 10 every
all nations have been compelled
to resort to the use of other materials than
the so-calIe5 precious metals, for curren-
cy or circulating medium. What would
have been our condition in the late civil
war, bad we relied upon gold and silver
only as a currency. and not resorted to a
circulating medium Of paper, known as ''ie-
gal tenders" and 'greenbacks"? This
question answers itself We would have
been bankrupt. as there we're not gold and
silver enough in the country to supply the
demands Of the Government for six months
II is, therefore, only necessary to examine
The subject cursorily to perceive that the
specie basis system Of finance ID fallscious
and delusive.
1t is an established fact, that al the gold
and silver coin in the country is inadequate
for transacting its commerce hence thers
must be some other measure Of value OF
circulating medium. and no material for il
seeus more easily procured, and BY The
common consent Of mankind, ID more suit
able and convenient than paper. The Gen
eral Government certainly possesses nc
power to authorize others to do what canno
be done by itself. If it can confer upor
the National banks the power to issue Pc
per money based upon the National bonds
then it seems reasonable that il also posses
es the power to issue legal tenders upon th,
same 0aeaB~ Il nB WOuAu kfeehfy BimptHy ~
accounts, cheaper the cose of money TO th'
people, and all lost or destroyed notes woule
inuTe to the benefit Of the Government
l agree With You that Congress has y,
legal authority to delegate its power 70 as,
individual, corporation or State, "to eeir
money and regulate the value thereof.
This is duty Congress itself must perform
and should It fail to do so, it violates th,
most sacred trust which the people hav'
con6ded to its keeping. That sovereig,
power can coin money out Of any articl
it may choose to select, is too manifest +
be controverted. 1t 10 not the intrinsi
value Of the material, but it il the stamp
the impress and responsibility of tb
Government, which constitute it money
and make il . medium Of exchange. An
this stamp or impress is as necessary o.
gold and silver a it is on any otbe
fubstapce; neither would be money with
out Il. Nations have, at different times
adopted different substances for this pul
pose. The Chinese used mulberry bark