The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-05-28

The Safety Fund win probably be com
pared BY some to the assignats Of France
or to the Continental money issued by the
United States during the Revolution. But
they are no more alike than good produc-
tive soil and q desert. There il as much
difference between the paper assignats is
sued BY France and the paper money to be
issued BY the Safety Fund, as between Two
PssPetual mortgages, OLs bearing interest
ana Toe other bearing no interest The first
would be good, the second worthless. IT.
as neretofore stated, the French Govern.
mems mad secured the payment Of the as
mgpAes ssued 10 ber citizens by mortgages
On protective landed estate, not exceedinc
half its Ial1e, and when payment was de-
manded had funded them with government
bonds bearing yearly interest, they must
nave continued good. Both the mortgages
and The asaignats would have been repre-
ssns:savss Of Propsrtyrsad the yearly pro-
dnctions Of the land would have secured the
snnnai interest, and man fhem safe. Ths
assignats became worthless because thnv
wsre noe representative Of property. II
ths Gcwerument of tbe United States. in
stead Of issuing the Continental money, had
established Q Safety Fund, anu had lent
money FOR mortgages on productive land
worth double the amount Of the loan, and
had provided notes bearing interest 70 fund
the money such paper money would have
been representative Of property, and in
variablY good. The Continental money
not being representative Of property, Of
course proved WORTHLESS. Had our Gov.
srnnent instituted Safety Fund, ID would
have had an abundance Of money for the
transaction Of all business; we should have
saved the many millions we paid to France
nr representative Of our own property,
and besides should haveprevented the great
injury suffered by the country from the
scarcty Of money and high rates Of inter-
est. which then so much retarded business
and production.
The objection may arise that if the
loans Of the Safety Fund be confned 10
tssowners Of the land, il will place IN their
haads great mOnopOlizing power, and in
stead Of difusing wealth in aecordauce With
the labor performed, win give it to the
landbolders But little reflection viii
make it evident that the abundant supply Of
money and the reduction Of the rate Of in
tsrsst viii be Of equal benefit to thOs who
are without property. and depend On their
daily labor for support. The owners Of
land Will obtain loans from the Fund, either
10 purchase property, discharge debts, o.
Pay labor and oil the money borrowed for
these purposes viii 60 into circulation, and
DO used BY others. The owners of land
will not borrow money to keep, for they
would lose the interest on it, and paying
interest," ON their mortgages to the Safety
Fund. Every farmer, owing money on
mortgage of bis farm, and paying seven Der
cent. interest will probably borrow money
from the Safety Fund and pay the debt.
The difference between seven and one and
one-tenfh per cent on bis mortgage viii be
I'm favor Of the earnings Of his own, or
others labor ou bis farm the interest will
absorb but comparatively small proportion
Of the products. The receiver for the pay
msnt OF The mortgage cannot obtain high
sr rate Of interest than that charged by the
kand: hs- must either Purohase Prepsrty
with the money, or lend It to individuals at
one and one-tenth per cent, or to the Safety
Fund at one per cent. interest II be finds
that be can rent out land to others for
term OF years 30 as to secure one and one
tenth, or one aud ODe-quarter per cent, in
terest, Of course be will purchase the land
in preference to funding the money and
The lsborers who have the use OF land at
these low reHts, viii soon lay up the means
% buy farms for themselves. .: