The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-02-26

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or forty-one per cent fer the decade, being
slight frsctioa over three and one third pei
cent per annum. And as this Was the
most prosperous decade we have had since
the foundation Of the government three and
onethird per cent per annum VIII be found
quite up 10 the average increase. 1rl riaii
With this ats Of interest ON money. oApi.
tal, whsre il oo-opsratss with labor, will alb
sorb all the surplus earnings Of their COM
bined prOduetion. The. iliustice Of this
Will be' admitted BY all hirminded men
-nPitalSs and laborsrH Nhat, then,
shall be sid Of the present monetary sys-
tenn which gives to capitala rate of interest
ut least three fold the aggregate rate of in
creass in the natioral wealth
OUR PAST AND PRESENT MONETARY SYSTEMS
THE cmRR on MoHoPoL1EA
There are but two pure forms of govern
mest-the aueocsstie and demomstic !; NIL
other gystsus are mcaiGcatiops Of the one or
the other Of these. The former is centrali-
sation the latter, diffusion. The laws
ladapted 10 the former must be such as will
centralise the wealth and pclitical power in
the individual sovereign and those Of the
latter should BE-, such ~ will .diffnse
and Distribute theM squitfby among the
people. Every monopoly ssd al exclusive
privileges are granted ID the expease Of the
people. and are inesmpatibls with, sad sub
yersave Of the democratic principle Of
government.
Our monetary laws. unlike our govern
ment. srs fcundsd ON Che arissocAtic prin-
ciple, that the isw shcula rule the nany.
The many tOl for Tie .fes0. TLair history,
rom tie foundation OF the Republic, is one
of repeated wrongs and usurpations, all hav-
ing direct tendency 10 the subversion Of
demo~asicFepublican inseitu6cns, and the
establishments Of Q moneyed ariaocracy to
rule over and despoil the producing classes
Of their distance. Alter gaining our poll
teal Independence, we unfortunately en-
grated into our system ideas Of money de
rived from the anseocratic governments OF
Europe, and ever since this mcueyed aristo-
crscy have bean striving fx fhe mastery Of
the government and people. The institu-
ton Of money On The psiocipse Cf is value
and usefulness as q medium Ofexchange in
herring in its material. coupled with the false
notion that the so-cslled precious metals
possess ssms isasinable pssPsrty whish
fits them above Ill other substancs for the
material Of money, has been the cause Of
most, If not all, our monetary troubles The
quantity Of tbese metals being insufficient
to meet The needs of The bUsimsss Of the
peoPls compelled Us to adopt the spscie
basis fallacy, and % delegate the sovereign
power to make money and regulate its value
to irresponsible banking corporations, BY
which they have been enabled to control the
value Of al the property in the nation, and
regulate its disribasiOa between capital and
labor. This power they have welded With
an eye single TO their own interest, regard
less alike Of the rights and interests Of the
government and people. They have ex-
panded aud cOntraeted the currency raised
and lowered the rates Of interest encour-
aged or prOstrated legitimate enterprise I;
suspended and resumed specie payment 1t
pleasure, in defiance Of constitutions and
laws, and compelled the legal sanction Of
their Suspensions, and in ever possible
way made public and private interests sub
servient to their cuPidity. The advocates
Of specie currency, to be consistent, should
confne the circulation to the so-called pre-
cious metals alone, for the specie basis the
ory is ct best and under oil eircumstaaces
but cunning fiscal oontrivance to defrand
the industrial classes of the due reward of
their labor. It is just as impossible to have
q steady uniform currency under this sys-
tenn as 10 construct pyramid upon its own
apex. T
The breaking out of the rebellion afford
ed the occasion for the full exhibition Of the
Unsuitable avarice Of these money autocrats
Having, through unwise and vicious legis
lation, to great extent control Of the mo-
nsy interest Of the naion, they seized with
avidity this opportunity to render their
power over the government and people alb
solute. Their first act made il manifest
that they did not intend to share with the
patriotic industrial classes the burdens and
sacrifices Asoessasy for the preservation Of
the government, but to enrich themselves
at the expense of the people.
The bonds Of the government, bearing
SIX per cent, were st that time at premi.
um Of twenty per cent The government
at FIRST asked for the loan of few millions
of dollars, and the bankers and usurers de-
manded and obtained q much higher rate.
They then inaugurxted systematic crusade
against the credit Of the government, until
they purchased that class Of securities
known rs fve-twenty bonds, which bear six
per cent interest. payable 10 coin, and the
principle Of which is by the terms of the
law payable in lawful money, ut the option
of the government after five years, at the
following rates, for the years ending Both
Of june respectively: .,rr..-
When AMT Of Price In Aunt received