The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-09
CHICAGO AND PHILADELPHIA,
SATURDAY. April Q. 1870
THE FUNDING BML-THE CROWN
ING ACT OF PERFIDY.


commencement Of our late troubles
down to the present hour, presents one
Of the darkest pages in the financial
history Of any civilized government.
Every measure adopted save that
authorizing the issue Of the legal ten
ders or peoples money has been die
tated by cold, calculating avarice, and
construed wholly in the interest Of
capital. While the patriotic masses
were cheerfully filing the ranks of the
army and furnishing the supplies, the
heartIess Shylocks were spider-ike en-
ployed il their secret chambers weav-
ing a web to involve and practically
euslsve them this, too, in the name Of
liberty, patriotism, and religion.
Capital, which is protected equally with
life, has not only been exempt from
all loss and sacrifice for the mainte-
nance Of the government, but has been
largely benefited by the national cal
amity, its power over labor and prop
erty quite doubled.
In the discussion of this question we
propose to treat it from a purely bust
ness standpoint
There was issued up to the 30th of
June, 1868, Of what are known as
500 bonds which bear 9 per cent. coin
interest, and the principal Of which is
payable in lawful money (greenbacks. }
AT the option Of the government, after
five years, the sum Of 81 1884, 46, $50,
the interest on which, computed from
the date Of the several issues, and in
Guiding the bonus paid to the bankers
to the LIST of January, 1872, would
amount to 500, 1899 For this en-
tire issue the Government realized but
sl,235, s79,4I6 in coin. Previous to
the war, or just before the credit of the
Government was affected by it, our
bonds bearing 6 per cent. were worth
l.22 cents on the dollar. Had the
capitalists taken bhis whole issue at this
rate, the amount issued would have
been but 81 ,Ol3,Ol5,919. The interest
on which, computed from the date OF
the several issues to the st of January.
1872, would amount to $40, 975 ,9Ol.
Total interest and principal of that
time, 81 asa, 99l 800. Deduct 1884,
463, 900, the interest and bonus 70 the
bankers already paid, and you have as
the amount due tothe capitalist at the
time named, $4s9, 527, 92o. This is all
their capital would have yielded them
if the rebellion had not occurred, and
we feel warranted in saying that il
their relation and duty to the Govern.
ment be properly considered, and all
the circumstances connected with the
transaction carefully weighed, there il
not Court of Equity on the globe
that would award them one dollar
more. If, instead Of taxing their In
genuity to invent fallacious arguments
in support Of the swindling schemes Of
the bankers and usurers, the represent
tatives Of the people in our National
Legislature were to consult the interest
and wishes Of those who really saved
the Government, and who now pro-
duce the wealth, and pay the taxes of
the nation, they would at once provide
for the withdrawal of the bank cur
rency, and the substitution, in lieu
thereof, as the exclusive circulating
medium of the country, a paper cur
rency based on the whole wealth Of the
nation, made legal tender in the pay
ment Of all debts, public and private,
declared the lawful money Of the
United States, and interchangeable, at
the option Of the holders, for Govern
ment bonds bearing 8 per cent, pay
able in this lawful money. This would at
once absorb the entire balance Of this
portion of our interest bearing debt,
and, at the same time, furnish a more
stable and uniform currency than we
ever had or ever can have under the
specie basis fallacy. 1t would also
regulate and so reduce the rate of in
terest in all business transactions as TO
save 20 the producing classes over two
millions of dollars daily. This has
been frequently demonstrated in the
columns of the ADVOCATE, and never
seriously challenged, and we assert
cannot be successfully contrOverted.
1t is claimed by he authors and ad-
vocates Of the bill now pending in Con-
gress, for funding the debt, that it will
tighten the burdens of the taxpayers.
Now, we propose to show that the ar
guments in support of this proposition
are mere sophisms; that they do not
rise to the dignity of speeiO~s fallacy.
The most cursory examination of its
provisions will show that it contem-
plates not only the funding of the
whole $l,854,8 $50 principal Of the
6-2O bonds, but also the $3.50, 900, 900
OF legal tenders now in circulation, into
bonds bearing II per cent. clear of all
taxes both interest and principal pay
able in coin, and running for forty
years, and the surrender of the whole
money power Of the nation to a priv
legged class of banking corporations, BY
which they will, in the future as in the