The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-07-30


loss Of credit, and to conpiete bor improve
ments has been compelled to mortgage be
canal and her canal lands, and the labor q
. coming generations.
Millions OF money are now paid in inter
est to foreign nations on our Government
and State debts. Besides. in all our larg
seaport towns, many foreign capitalists hav
agencies or banking houses for drawing
bills OF exchange, dealing in stocks, dis
counting notes at enormous rates, ETC., ant
10 this way immense fortunes are accumu
lated from our labor. These capitalists ex
erclse a great influence npon our money
market. When our people shall have ar
ample national currency, at low and uni
form rate of interest, these capitalists and
agents will disappear Money brokers and
STOCK jobbers, who nOw live by fluctuations
In the money market, will abandon an ocou-
patton no longer profitable.
The value Of money being made uniform,
all kinds OF stocks will maintain a uniform
value, determined by the per centage inter
est which they will yield, and the time they
have to run before the payment of the prin-
cipal. II they bear higher rate of interest
than the legal one, of course they will be
above par. All the State Stocks which the
States have reserved the right to pay before
maturity, will be paid with money borrowed
at one and one tenth per cent. Even if the
bonds Of some Of the States have number
OF years to run, these States can much more
easily pay five, six, or seven per cent. inter
est per annum upon them during the period,
than they can under the present monetary
system, because the value of their labor and
products will be increased. The same will
be true Of all private bonds and mortpag ges
having number Of years to run. A few
years will extinguish all these old loans,
and then there will be nearly uniform rate
OF interest on all Obligations throughout the
nation.
From what was said in the Intr 1uction,
It appears that the farmer or planter is very
dependent upon the mechanic for bis imple-
ments of husbandry, for his house, furn ture,
books, ETC., etc. The mechanic is certainly
not less dependent on the farmer for the
materials Of his food and clothing, and these
are indispensable to his existence. There is
no such thing rs independence among men /;
tney are and must be helps to each other.
Although all useful trades and occupations
are mutually beneficial and necessary, yet in
most nations Jealousy exists between TIE
agricultural and manufacturing interests.
But in reality the natural tendency of the
prosperity of one is to increase the prosperity
of the other. The object Of both is to sup
ply themselves and each other with food.
clothing, and the other comforts of life. If
an ample supply of money were at all times
IN circulation, at uniform and sufficiently
low rate Of interest, both the farmers and
mechanics would find ready market for
their products ant the prices Of their pro
ducts would naturally adjust themselves 50
that both parties would receive an equitable
share Of the proceeds Of their labor. Each
would be justly contributing to the welfare
OF the other, and each would be benefited by
the labor of the other, anu would receive an
equitable proportion of the products, be-
cause the representative power by which the
distribution was made, would not be capable
by its income of engrossing the products Of
either party. But SO long as the income
power is the all-absorbiDg power which takes
the larger portion of what both these parties
earn by their labor, third party that holds
this legal power of income, will take without
labor the larger share of what the others
produce. While the poverty of producers
is supposed to be caused by over production,
and the sale Of too many products, the evil
will be attributed to laws iavoring ono class
Of producers to the disadvantage Of others.
But when the real cause Of the oppression,
that is, the monopolizing power Of money
over all the productions Of labor is perceiv-
ed and rectiied, the various branches Of
productive industry will harmonic, and pro-
mote one another's welfare.
Some may not understand how the rate
Of interest On money affects the compensa-
ton Of labor Suppose the owner Of small
farm is obliged TO work early and late for
q mere subsistence. He has little or no
means to spare for the education of his
children. and in fact cannot give them time
to attend school. IL this man should be
told that the high rate Of interest at which
money is loaned deprives him and his family
Of the comforts Of life and the means Of edu-
cation, be would very naturally ask "How
can that be! | never borrow and pay in
terest, nor do lend money and receive il.
terest The payment Of high rate Of in-
terest by others do not affect me; it does
not diminish my crops. raise food for
my family, and the produce that | can
spare | sell, and buy such other articles as
we need, and the stOrekeeper does not charge
me any interest. | have enough to do to
live, without troubling myself about the
interest on money" He is indeed aware
that many people live with far less labor than
be does, and have many more comforts, and
this be attributes to their good fortune. He
does not grasp the subject sufficiently to per
ceive that the interest on money is q stan
dard or governing power, which compels him
to contribute his proportion Of the products
required to support all the non producers in
this country, and probably some Of the eapi-
talists Of Europe. He does not see that q
large per cent. is taken from The price Of bis
products BY the purchaser, in order to en-
able the latter to pay bis interest and live By
the purchase and sale and that, for the
same reason, when be purchases, a large per
cent is added to the price Of every article
produced BY the labor Of others. This
difference in price must be sufficient to sup
port all who live on income without labor.
STORM SIGNALs.-There is 10 end 70
the applications Of scientific discoveries
or Of Improvements in the arts. The
science Of electricity and the art Of
telegraphy will doubtless find a new
field Of usefulness in telling to agricul-
tural districts the approach of storms
observed at observatories stationed on
the seaboard and other suitable local.
ties. The project includes the sending