The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-06


one hundred dollars, who shall issue
therefor certificates of deposit made
in form as the Secretary Of the Treas
ury shall prescribe, and said certificates
of deposit shall bear interest at a rate
not exceeding 2 II per cent. per an
mum, and any amount Of gold coin so
deposited may be withdrawn from de-
post at any time after thirty days from
the date Of deposit, and after ten days
notice, and Oh the return of said Ger
ti6cates, provided that the interest on
all such deposits shall cease and deter
mine at the pleasure Of the Secretary
of the Treasury, and not less than
twenty-five per cent. Of the coin de-
posted for or as represented by said
certificates of deposit, shall be return
ed to the Treasury for the payment Of
said certificates and the excess beyond
25 per cent. may be applied at the dis
erection of the Secretary of the Treas
ury to the payment and redemption Of
such outstanding bonds of the United
States, therefore, issued and known as
five-twcnty bonds, as he may designate
under the provisions Of the 4th section
of this act, and any certificates of de-
post issued as aforesaid may be re-
ceived at par with interest accrued
thereon, in payment for any bonds au-
thorized to be issued by this act.
Sec. 6. Provides for the numbering
registering and destroying of the
bonds purchased, or to be purchased,
and held as sinking fund under the
act Of February 1862, and all other
bonds purchased by the Treasurer, the
amount SO destroyed to be deducted
respectively from the amount Of each
class Of the outstanding debt of the
United States, in addition TO other
amounts that may be applied 10 the
redemption or payment Of the public
debt, and an amount equal to the inter
est on all bonds belonging to the sinking
fund shall be applied as the Treasurer
shall from time to time direct to the
payment of the public debt as provid
ed for in section 5,of the Act aforesaid
and the amount so to be applied is
hereby appropriated annually for that
purpose, out Of the receipts for duties
on imported goods.
Such then is the amended Garfield
Currency Bill'' and the Funding Act.
The ancients painted the goddess of
justice blind, not to represent the i'm
partially of the goddess, but to over
shadow with mystery, the gross hu-
man origin of the Themistes or
judgments pronounced by the king I'M
der a claim Of divine inspiration or
dictation of the deity.
Thus it is with the goddess who pre-
sides over finance. She has surrounded
her golden altar with SO many craven
images, swamp angel devices, and ill
omened birds ofprey, on coinage, cur
rency and bonds, and with those in
genious devices, under cover and color
of gold interest bonds and specie-re-
demption laws, she has completely
hidden from the peoples Vi VS. the
meretricious and lustful goddess of
unlawful and unrighteous gain, which
thus distributes her favors SO unequal
ly and so unjustly to the corporate few,
but against or away from the ignoble
but industrious, useful many. But
there are my stories behind this gold
gambling, stock jobbing proyidential
may dazzle the eyes of the vulgar mul-
rirGde whom it enables ~ rob, which
the good Of the community requires to
be removed, that the mysteries of
wrong which it shrouds, may be
stript start naked and exposed TO the
public view, that the wrong may ap
pear.
When this il properly done, IL viii
be clear seen, that these infamous
acts were passed at the instigation Of
those capitalists, whose heads planned,
and whose interests, AZ cOntradistin-
guished from TIC veal, dictated every
sentence and every word. No legisla-
tive acts, not even the ordinance of
secession so justly entities It's author
to the execration of the American peO-
pie, as those above named.
However low may have been the
average intellect of Congress, there can
be no reasonable doubt that in the en-
actment of these two hybrid laws of
the capitalists, they willingly and de-
signedly sinned against light and
knowledge with their eyes wide open.
For they we'll understood the history of
the fve-twenty bond and the green
back-they knew, too, that the bond
was payable in lawful money. They
also knew that by their enactment the
greenback furnished large portion Of
the money circulation of the country,
and that in spite of the clamOr of the
bankers and Of their agents. the com
mercial press is stigmatising il, n an
irredeemable currency, ard IN spite Of
the inveteratc prejudice of the people
against paper money derived from the
use of the bankers wild cat trash, and
notwithstanding Congress had attempt
ed to, and had deprecated it by crea-
ting enormous amounts of gold interest
bonds for the capitalists, and by repu-
dating the greenback in the payment
of the tariffs to raise gold out of the
people for the favored bond holder,
notwithstanding allofthese untriend-
ly influences, the greenback stands to
day in the minds of the people, and in
fact the best and cheapest and most
reliable money ever instituted in this
country. Why? Because money is
useful in the exchange of property and
not in the costly holding in the vaults
Of banks of vast amounts of gold for
its redemption, or for sale to govern
ment and people to pay gold interest
bond robbery under a slightly institu
ted system, and it no more needs re-
demption than deed or a horse needs
redemption. So long as it is tally
and the only legal equivalent for the
horse, the bond and other property, it
will perform the functions Of relia-
bic money in the exchange Of property
Tho orronnhnnk - thnrnEnrn IN nrin cinln