The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-07-16
CORREaPONDENCE.+


TIVE DO nos hold sarseaves rsspcndcat for any opil
ion expressed BY our c0Teseonaani.;l l.a \
FROM IkLNOIS.o 4fa a1r
CHtcAeos July III, 1870.
To the Editor Of the WoRknanAx's ADFooArs. 'i' i'
L am glad TO see that you continue I
battle valianay 10 The labor cause. II
not bowsssr. simply because your pape
expresses itself in favor of the labor intes
ests, nor that it, is the Official organ o
the labor organizations Of this country
but approve Of it because it is spreadin,
. geodly amount Of information toschins
the legal and financial causes which ar,
undermining the rights Of labor and plac
ing the nesks of the great industrial Glasses
beneath the wheels of the Juggernaut car,
Of corporate capital. I wish through you,
columns to direct The attention Of labcrer,
to that bundle Of abominations called u,
''Garfcld Currency Bill" 1t has been
cut down some, but nevertheless IL will
probably pass under some form. 1t is sim
ply an ingeniecs device to Get rid ol
another large amount Of the peoples mo-
ney and to slids in ppon them the double
interest-taxipg. bankers -robbing sys-
tem., The Trsbsae, gith its accustomed
Proclivities for bank-steals. is cut every few
days in its favor. at will add" says the
Tribune, ''to the State and natienal -reye
nues some 80, 200, 900. The extinguish-
ment Of SAC, 900 ,OOO8 per cent eerti6.
Gates would save 81 ,380, 900. sos 600 600
cank circulation at per cent. tax would
yield s950,OOO; deposits $500, 900, and
other internal taxes would swell The amount
to 50, z0O, 600 gain to the National Treas
ury. Then.it would furnish in State. county
aud municipal taxes some $4,000, 900
more" But continues the Tribune 6-
nancier, ''it may DO said that the capital
which will be required to establish these
new banks 10 taxed now and therefore
nothing will be gained. Bat tbis is moi
true. To start new bank requires Ger
tain amount Of bonds and greenbacks neither
of which now pay any taxes--the bonds be
ing exempted and the greenbacks not re
turned to the assessor" irl
Tax-paying capital, ha?? What kind
Of capital is that which reproduces in the
form of bond in the hands of capitalists
all that hrs been eaten up or destroyed BY
war, and through the magic power Of gov
ernmental machinery is still preserved, as
bond and money to again eat trout the peo-
sf Iss.iv lsss's9ss l!s .ess ysf ss Hp's n.e
But while this two-fold interest system
has no tendency to furnish good money,
it can exhaust resources, in interest, dis
counts, taxation and depreciation Of prop
erty Of the masses who earn it and transfer
it over to those who do not.
But is said, indeed, that this beautiful
system win raise large governmental reve-
nues. Is tax-gatbering the sole object and
aim of government? If it is, then the Iri-
b'0ae theory may be correct and Garfield .
Bill'' is Just what we want.
But for one, / confess that am skepti
cal upon all tax-gatberipg blessings. The
government may wiring out any mount of
taxes, but | do. not perceive where these
genial influences bless the people with any
thing more substantial than empty purses
and empty granaries.
In the end, who pays all these tax-gath-
ering bills--banksrs, brokers, gold gam
Llsrs and stock jobbers, or the people ? We
answer labor pays the whole of it. 1t
comes out Of it in the shape Of taxes State
and national-in double interest on money,
in discounts on paper, high freights and high
manufactured goods, whether Of home or
foreign production, and low agricultural
products. Thus with al Of its complica-
tions-it is simply a law Of distribution
whereby under the name Of revenue, inter
est, and profits, the larger portion Of the
peoples annual earnings are gathered into
the boards Of Office holders money changers,
bankers, brokers, gold gamblers, stock Job
bers, and other thieves, under the cover of
national revenue and financial laws, and
such papers and such figuring as that Of
the Tribune are the instrumentalities used
to hide all this stealing from the people.
An honest presentation of the Garfield
Currency bill would stand thus
ONCE hol'ers banaers, brokers, ROId gam
b'ers, stock -jObbeEs and other thteves, to
| the people debtor, for $I04, 500 900 stx per
cent. gold bonds kept in existence for the
| benefit Of the financial classes, st an an
nual interest. s627O, ,OCO
ums say per cent, 4,IsO,OOO
| To sos 900 900 bank circulation, $50 900
To increased coss Of frsighs, profts, Be-, 900
Credit by Interest bond on $4e.-
900 900 three per ceat con-
| Ne. stsainEs from the people BY
tie Garfield curreAcy bill. s., S,59oOoO
We figure the interest on the bonds at 6
per cent. instead of four aud the currency
ON the face amount, though the whole could
not be used. Tbs estimate is not too large,
taking all the modes of extortion which
comes from the system Il is perfectly i'm
material whether the bond brings six or
four per cent. Under governmental and
bank management all will be extorted out
Of them which can be done. 1t will come
from decreased circulation of money, de-
creased price of products sold and increased
interest and increased price Of products
bought
1t is easy therefore 70 determine the rea-
son why the Tribune favors the Garfield
Currency hill-it is because it's prOprietors
believe they can obtain by it the lion 8 share
Of the steal. The T'lbme has always been
in favor Of such national blessings, but lc
the labor Of the country put their feet upOr
all these tax-sathcring schemes 1t bode:
no good TO them, but untold evil and mis-
cry. l.. L. DEWoLP,