The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-09-03
ducfiOd. In support Of these declarations,
we present the following:

we present the following:
1st. Physical and intellectual labor, en-
ployed in, production and in the distributio
of the products of industry, an1 enterprise
as we'll as in the useful callings and profe'
siOns, is the true and only source Of wealth
I'd. There are but two purposes Z
which the products f industry and entel
prise can be applied None is the psymeu
Of the rent, or interest on the capital en-
ployed, and the other is payment Of labor
Sd. The rate Of interest on money
the governing power in the distribution O
property or wealth, aud determines whs
proportion Of the products Of industry shaI
be awarded TO capital for its use, and wha
to the laborers for their productions.
4th. All interest paid Tor the use o
money, whether on public securities or pri
vate obligations, must in the end be born
by labor, and is as much a charg
upon it as the taxes paid for the support o
the government.
5tb. When the average rate Of interes
exceeds the aggregate rate Of increase il
the national wealth, the inevitable result Il
to centralize the property or wealth in th'
possession of comparatively few non-pro
ducers, and to impoverish the whole pro
ducing element of the nation. All beyonC
such . as will effect the equitable distri
button Of the products Of industry and en-
terprise, between capital and labor, may b
styled legslizsd robbery.
IL is demonstrable that the aggregate ratt
of increase in the national wealth has no,
been over l-3 per cent, while the rate o
interest has averaged as much as 9 per cent
The adoption of the recent funding scheme
and other kindred financial measures by
Congress. will net in the future reduce the
rate of interest in ordinary business trans
actions. In the future, then, as in the
past, our wonderful resources must remain
a sealed treasure, and we continue depend
ent upon other nations for articles Of prime
necessity.
1t is monstrously absurd to assume that q
manufacturer in the United States can pay
Q to II per cent on the capital employed
in bis business, and compete successfully
with the foreign manufacturer, who only
pays 3 to 3 IL per cent and it is equally
ridiculous tV conclude that labor can be
generally and permanently benefited by a
tariff, however high, or even by the prohi-
bition Of imports, so long as the rate Of
interest on money remains So greatly 10
excess Of the aggregate rate Of increase in
the national wealth.
The reduction Of interest to an equitable
rate, will do more to revive industry and
encourage enterprise, in the DEVELOPMENT
of our resources, than all the tariff laws
hat ever were enacted. With money in
'tituted on the principle of justice, equality,
md common sense, upon which our gov
ernment is founded, NO sound reason can be
given Why money, which is the standard Of
distribution to capital and labor, should
higher rate of interest with US
han in the most favored governments Of
Europe.
10 all our financial and industrial legisla-
ion, we seem to ignore practical business
'ense. Admitting that all monopoly and
Every exclusive privilege is granted at the
'xpaAss af the panIlla- skd at war with the
spirit of our institutions yet, WIN an
aggregate national wealth Of not less than
twenty-five billions of dollars, and with not
over two hundred and City million dollars
,Oin in the country, we propose to resume
specie payments.
The practical effect of which would be to
give this coin, constituting but one per
cent. of the national wealth, the power to
regulate the value of the other ninety-nine
per cent, and transfer the sovereign power to
make money and regulate its value, from
the Government to a system of Banking
clothing them wirh power to
rob the producing classes at pleasure.
1t is difficult to conceive bow it would be
possible to create by Legislation, a more
powerful monopoly, or to invent a scheme
more unjust or oppressive to the nation.
The Constitution Of the United States
empowers. and makes it the duty of Con
6ress ito coin money, regulate the value
thereof, and Of foreign coin" This positive
power and imperative duty Congress can
aot lawfully delegate to any bank, corpora
ton, individual, or State. When, however.
this privilege is granted to private associs-
Ions by Congress, in defiance of the Con.
stiiution. and the people are taxed 20, 80,
40 or so millions of dollars per year for
the use of q currency which it is the duty
Of the Government to furnish them without
one dollar OF taxation, it becomes an out
rage uDon the rights and liberties Of free
and sovereign people, too nonstrous and in
tolerable 10 be horne.
The theory Of one currency, redeemable
in another, is but n cunningly devised
scheme Cor enriching the few non producers
at the expense of the working classes.
Nothing can be more false than the gener-
ally received opinion, that finance is a sub
iect mysterious in its nature, and above the
comprehension of any but favored few.
The fact is, that any system Of fnsnee
which cannot be understood by man Of or.
dinary intelligence,is delusiOn and snare,
a cheat and a fraud, concocted by avarice
and king craft to deceive the toiling masses
Money should always be coined or made
out of that material which is least intrnsi
cally valuable as an article of commerce
and the most convenient for the purpose de
signed. 1t is the sovereign stamp or i'm
press Of the Government, and not the value
Of the material, which constitutes money.
We have tried the specie basis falIacy,
and other cunning fiscal coutrivances Of the
sbrewd bankers. vho have in the past con
troled our financial Legislation, and are nov
debating the 6nancial policy of the Govern
weut. and adopted protective and revenu.
tariffs alternately FOR over eight years with
out permanent, beneficial results
The arrangement of commerce, paraliza
ton OF enterprise. prostratlon Of industry
and the bankruptcy Of the industrial sst
commercial classes have, unfortunately sue
essdsd, once in every ten years. This rou
tine Of legislation may be repeated io
eighty years to come, with no better results
for tie reason that il is dealing with effect
rather than causes. The money monopoly