The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-11-05

@oVUfU4HSW Wv t@
Dor or service performed in their pro-
duction-the servant, and nor, a now,
the master and oppressor of labor.
To provide currency two plans are
are proposed.
First, the specie basis fallacy, by
which the sovereign power to make
money and regulate It's value is dele
gated to a class Of Inscriptions specu-
latOrs aud avariciOus Shylocks, with
power to make such division of the
products of industry between capital
and labor as their svarice may dictate,
thus to rob the whole producing ele-
ment Of the nation at pleasure. This
system contemplates the Withdrawal Of
the legal tenders or peoples money,
which cost the taxpayers nothing by
way OF interest, and the substitution
therefor of the bank currency, which
cost the people full six per cent. includ-
ing the cost Of collecting. the interest
on the bonds deposited by the bankers
over aud above the taxes paid by the
banks. Just as fast as the legal tende. .
are withdrawn their places will be
filled with the notes of banks, and we
shall soon have as much Is eight
hundred million dollars Of them in
circulation, which will cost the tax
payers forty eight million dollars more
than a like amount Of legal tenders.
Notwithstanding what Senators, would
be Senator'S, Congressman and editors
have to say about the revenue derived
by the government from these currency
shops, the only tax they pay for the
enormous bonus granted them, is one
per cent. per annum on the average
amount of their outstanding circula-
ton.
The still greater evil of this system
is that it gives these parties the power
to regulate the rate Of interest in all
business transactions to Encourage
or PROSTATE all legitimate commerce
and useful enterprise, and to wrong
fully take from the industrial enterpris-
ing classes the just reward of their
labor and talents.
Second, The PEOPLE, OR LABOR RE-
FORM PARTY's SYSTEM, sckich contenp-
plates the withdrawal Of the notes Of the
banks and the issue of Government
currency directly to the people, made a
legal tender in the payment Of Ga debts
pubic and private; declared the lapfsl
money Of the United States, and convert
ibls at the pleasure Of The holder into Gov
synr,srt bonds, bearing three per cent, the
bonds RkesOise convertible into l1vf4l money
at the option Of the holder.
This system will furnish a currency
Of uniform volume and value with the
necessary hexibility to adapt it to the
of trade, and under the
control of the people who produce
and distribute the values to be repres-
ented and exchanged. 1t will be self
for should the rate of interest
in business transactions rise materially
above that paid on Government bonds,
the bonds would be exchanged for
money on the contrary should money
become too abundant, and the rate fall
below that paid on the bonds the
money would be converted into bonds.
The adoption of this system will not
only save the forty-eight millions Of
dollars to be rung from the hard earn
ings Of labor and handed over 70 the
bankers under their system, but it
will so regulate and reduce the rate Of
interest in all business as to save to the
enterprising producing classes over five
hundred million dollars annually. Thus
it viii do more to emsnoipate labor and
encourage the development Of our re-
sources than all the Free Tr4 7e and
Protective Tariff laws that ever have
been or can be enacted.
Fellow workmen, we have thus en-
deavoured to give You the real issues
involved in the present political con-
test. On the one side are arrsyed
all who live by speculation and the &C.
cumulations of interest, and on the
other shonh be all those employed in
production and legitimate COM
merce, as well as in the useful callings
and professions If you believe
that the government should be
administered wholly in the in
terest Of capital, and for the benefit
ofthose who live by speculation with
out regard to the nights or interests OF
those who produce and distribute the
wealth and pay the taxes, you should
deposit your vote on Tuesday for the
nominees ofthe caucuses they control.
led.
But if on the other hand, you believe
that the laborer is entitled to the Just
rewards Of his industry, and that the
Government should be administered on
principles Of equity, then you should
vote for the nominees of the Labor Re
form Party without regard to personal
preferences for or against particular
men.
The Tin-Pail Brigade.
Some Of the PARTISAN press, in referring
A. Al Al L u D.