The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-27

words eve the people," they certainly
intended and designed to make it Govern
ment " Of the people, for the people, and By
the peoples" they intended that all laws
should be equal, just and impartial they
designed to abolish all exclusive. privileged
classes, and to establish a representative
government purely republican in form, ahd
democratic in principle. 1t was distinctly
understood in the early days of the Re
public, that sovereignty resided in the
people, that they were masters, that the
representatives. were the servants Of the
people, from the messenger to the Presi-
dent, from the page to the Legislator and
from the clerk to the Chief Justice. That
every servant or representative should feel
sensible of the character conferred upon
him, and the trust reposed in him, and
lat be should discharge the duties pro-
npLy, honestly. and faithfully. i
Ii is to be regretted that many departures
from time to time have occurred from tho
republican simplicity which marked our
early progress These should be arrested
without delay, and at any sacrifice; and
the man who would not make reasonable
sacrifice for the general good, falls short Of
the great principles Of patriotism and chris
tianity.
As " Eternal vigilance is the price Of
liberty" and as "power is always stealing
from the many to the few" it behooves the
people to guard with ceaseless watchfulness
their rights and privileges, their civil and
religious liberty, and above all, their inner
ent sovereignty; holding their servants or
representatives to a strict accountability,
visiting any betrayal of trust with condign
punishment.
wish it were in my power to deny the
fact, that for many years our National and
some Of our State Legislatures have enact
ed many laws for the benefit of favored
few, and for the creation of privileged cor
porations and classes, and have frequently
imposed unnecessary and oppressive taxa
ton, to the almost total neglect ofthe work
ing and producing elements, who comprise
the great mass Of our people. This course,
if continued, will gradually sap and abridge
their powers, will leave them nothing but
the shadow of a republic. and will. in sub
stance, establish an oligarchy or aristocracy.
You have requested my views generally,
and called my attention specially, to the
following important subjects, viz The Ma
tional Currency, the National Debt, the
Public Domain, the Coolie Trade and War
Expenses.
1t is selfevident that the proper regula-
ton of the Auional Cxrrency-the great
medium of Commerce and of all business
relations, is a matter of vital importance.
Under our present system, the Nation is
paying many millions Of dollars Of interest
annually to banks, upon bonds owned by
them as the basis of their paper issues. The
notes issued by these corporations not only
bear no interest, but are made the source
Of revenue to the banks, who loan them out
upon discounts Of mercantile paper. Thus,
whilst the Government receives no profits,
be banks obtain double interest. and de-
-cIzIS e1OruUds uIvldenuS. Many OF these
institutions have. since the war, divided
over one hundred per cent. amongst their
stockholders. A state of affairs which leads
to results 50 startling and 50 unjust, certain.
" demands correction.
The financial question is the most i'm
portant with which Government has to
deal. That our present financial system is
decidedly defective, is plain to the most
superficial investigator. That the time has
arrived to make the proper and necessary
changes, and place our national finances
upon an equal, just, sound and permanent
basis, cannot be denied, and the question
naturally arises, shall we have specie or
paper currency?
1t is fact not generally understood, but
perfectly obvious, that while gold and silver
are the recognized currency Of the world,
such is the limited quantity, that in every
emergency, all nations have been compelled
to resort to the use Of other materials than
the so-cslled precious metals, for curren-
cy or circulating medium. What would
have been our condition in the late civil
war, had we relied upon gold and silver
only as currency, and not resorted to
circulating medium Of paper, known as ''le-
gal tenders" and 'greenbacks" This
question answers itself. We would have
been bankrupt, as there were not gold and
silver enough in the country to supply the
demands of the Government for six months.
II is, therefore, only necessary to examine
the subject cursorily to perceive that the
specie basis system Of finance is fallacious
and delusive.
1t is an established fact, that all the gold
and silver coin in the country is inadequate
for transacting its commerce hence there
must be som9 other measure of value or
circulating medium, and no material for it
seen more easily procured, and by the
common consent Of mankind, is more suit
able and convenient than paper. The Gen
eral Government certainly possesses no
power to authorize others to do what cannot
be done by itself. If it can confer upon
the National banks the power to issue pa
per money based upon the National bonds,
then it seems reasonable that it also posses
es the power to issue legal tenders upon the
same basis. This would greatly simplify its
accounts, cheaper the cost of money to the
people, and all lost or destroyed notes would
inure to the benefit of the Government
4
| agree with you that Congress has no
legal authority to delegate its power to any
individual, corporation or State, " to coin
money and regulate the value thereof. "
This is duty Congress itself must perform !;
and should it fail to do SO, it violates the
most sacred trust which the people have
con6ded to its keeping. That sovereign
power can coin money out Of any article
it may choose to select, is too manifest to
be controverted. 1t is not the intrinsic
value of the material, but it is the stamp,
the impress and responsibility of the
Government, which constitute it money,
and make it medium of exchange. And
this stamp or impress is as necessary on
gold and silver as it is on any other
substance; neither would be money with