The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-16

a. eEGM ~ a Moea-eARTIzAA.
The financial question is now the
great question Of the day, and upon its
solution depends our prosperity rs @
people. We have just emerged from
q terrible civil war. In that war, we
lost the lives Of over half . million Of
the flower of our population, and over
one-third the value of all the property
in the nation. That war was caused
by the failure Of our public men Of all
parties to agree upon, or explain the
real nature of the American Union.
Slavery was the question used to array
the people in the North and in the
South against each other. Ii was not
the cause, but merely the pretext for
the war. The pretext has disappeared.
but the real cause yet remains. Our
public men differ as much now, with
regard to the nature of our Union. and
the ends for which it was formed, as
they did before the war. One party
still seems to regard it as mere con-
federacy Of States, and the other rs q
consolidated nation, with . govern
ment possessing almost absolute pow
ers. The first party can see nothing
but States rights, under the Constitu-
ton. The second, sees clearly the
rights Of IN aristocracy, or governing
class, in favor Of which our financial
policy is now conducted. Between
these swo parties, the natural rights of
the. great majority of the American
people as indsysdxoh, Is entirely ig-
nored. 1t remains, therefore, for the
people of the United States to take the
matter in their own hands, and assert
their rights at the ballot box. 1t is
time that the nature of our Union, and
the objects for which it was formed,
should be fully understood by all par
ties, the governor as well as the gov
erned.
The Constitution Of the United
States is q plain document Fris pre-
amble declares that il was made by the
people Of the United States, in order
to form . more perfect Union, establish
| justice, insure domestic tranquility,
and promote Ae general soegare. =
It was then submitted to the States
for ratification, and was not binding
upon any State until ratified by nine,
and then only upon those SO ratifying
it. The Constitution of the United
States then, is a contract between three
parties, viz The people of the United
States considered in their primary
character as individuals the States
as organized communities, and the
government of the United States
which came into existence by virtue Of
the compact, with certain definite pow
ers, grated to it by the two creating
parties, which parties reserved to
themselves respectively, either as in
dividuals, or organized communities,
all powers not expressly granted to the
Government in the bond, the Consts-
tuition Of the United States. Under
our Constitution there il such thing
as individual rights, as State rights, and
Government rights, plainly recognized.
Having thus given our idea of the
cause Of the war, we will now pass on
to the consideration of the subject of
our article.
| On the 25th day of February, 1852,
the Congress of the United States
passed an act making United States
Treasury notes " A legal tender for al
debts, public and private, except
duties on imports, and interest on the
public debt" The Government ther
issued $3.50, 900, 900 Of these notes and
paid them out as money. United States
500 s per cent. bonds were afterwards
issued and sold for these notes at par.
Afterwards, more legal tender notes
were issued, and then more bonds, n
required by the necessities Of the Gov.
eminent, until, at the close Of the war,
we had about $3.50, 00o, 900 Of various
kinds Of United States Treasury notes
in circulation as money. In the mean.
time, the National Banking system
} had been introduced, and we had an
additional $500, 600, 900 Of that cur.
rency, making q total circulating cur.
rency of at least $1,000, 600, 900 in
1865. Since that time, it has been
contracted until We now have about
$3.50, OOO, 900 of National Bank notes,
and $500, OOO,0 900 Of legal tender and
fractional currency as q circulating
medium Of exchange.
We have a bonded debt Of nearly
5000, 600, 900, which, by its terms, ID
made specially payable in gold. We
have also about 81, 900, 00O, 900 Of 500
6 per cent. bonds which are payable in
lascfM money OF the United States. Az
the illegal Tender Act" had been
made q law Of the land before these
bonds were issued, and as that act made
Government notes illegal tender for NIL
debts public and private, except duties
on imports and interest on che pw6iic
debt, , there can be no question but that
the principal of those bonds is payable
in legal tender notes. The only ques-
ton that is worthy of being discussed
in this connection, is " To what extent
has the Government q right 70 issue
notes to pay these bonds ?" We hold
that we as q nation, have the right to
expand our currency TO the same ex-
tent that we have contracted it In
order to sell these bonds, we had to ex-
pand our currency, and this enabled
the foreign capitalist to buy our bonds
at heavy discount For instance, in
1884, when gold was quoted At 200. an
English capitalist had $l00, 900 in gold
which he wished to invest in our
bonds. He sold his gold and pur-
chased 5000, 900 worth of our 500 6
per cent. bonds. In six years, We have
already paid him, in interest, s72, 900
in gold. We have right now, &C