The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-06
Written for:the ADVOCATE
Inc nm1nu0u UaTncIu UuIT1nvy Dill
And the Funding Act.
BY L. E. DE'woLF.

THE SALE OF TIE LABOR CLASS TO THE BOND
HOLDERS BROKERS, GOLD GANBLERs,AN STOCK
JoBBEBs
An important lesson on hard times.
The causes should be well studied by
the people. If they would defeat this
bond and bank sale Of the nation they
must not confirm it by the election of
another stock jebbing and gold gam
bling Congress this fail.
SYNOPSIS OF THE GARFIELD CURRENCY BILL.
This bill provides for the issue Of
$54, 900, 900 national bank circulation
in place of the greenbacks TO new
banks, or to those transferred from
States which have had more than their
share of the steal under the act of 865
to those States which have not had
their due proportion.
2nd. $45, 900, 900 of per cent. GER
tifcates are to be redeemed and can
celled. Cancellation at the end Of the
month to an amount corresponding to
the increase issues to the new banks.
Sd. Redistribution Of s25, 100000
Of the three hundred million dollars
of the present bank circulation to be
withdrawn from banks in States that
had more than their share, under the
bank act of 1865, commehclng with
banks which have overs 900, 900 cir
culation but not until the $54,O0O,OOO
shall have been issued.
4th. The banking, alias free stealing
under cover Of gold redemption. The
Secretary Of the Treasury is authorized
to issue bills to the amount of so cents
on the dollar on the amount of per
cent. bonds deposited with him the is
sues to be redeemed in specie at the
bank counter.
THE FUNDING ACT A NECESSARY COUNTERPART.
The first section provides for the lis
sue by the Secretary Of the Treasury
Of $2OO,O0O.OOO coupon bonds of the
denomination of $50, or some multiple
of that sum, redeemable at the option
OF the government after ten years, in
coin and bearing interest semi-annually
in coin at per cent. Also 5000, OOO,-
600 Of like bonds, payable in fifteen
years after date, bearing interest at
4 I-2 per cent. Also a sum or sums
not exceeding $1,00O,OOO,00O Of like
bonds, payable in thirty years after
date, bearing interest at 4 per cent,
and the principal Of the whole paya-
bic in gold and exempt from taxation
by the government National and State,
or otherwise, not to be construed to
authorize in any manner, the increase
of the national bonded debt.
Sec. 2. Provides that bonds shall
not be sold less than par for coin, the
proceeds to be applied to the redemp-
ton, or in exchange for the fve-twenty
bonds and at par, and for no other pur-
pose, gives 10 Of one per cent. to pay
expense, brokerage, &c.
Sec. 3. Provides that the Secretary
at the expiration Of the several periods
of 10, Is, and 80 years. may cause the
bonds to be paid, to be listed by dates,
beginning payment of bonds Of each
class last dated and numbered. No
tice to be given and interest to cease
after tie expiration Of three months
from date Of notice.
Sec. A. The Secretary is authorized
to redeem the fve-twenties when due
by their terms, in coin, obtained from
sales Of bonds or out Of any coin in
the treasury which can be lawfully so
applied, the bonds to be specified by
class, date and number in the order Of
their issue. Notice of the payment to
be made to be published ninety days,
and interest to cease at the expiration
of such period.
Sec. 5. The Secretary, or any assis-