The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-05-21

its money, bearing no intersst, for the mort
cages bearing interest We have shown
that money to maintains its vaIes must not
only represent property, but must always
be capsule ct being loaned for uniform in
come. Ii ID therefore necessary to prOvide
nc. only for the issue, but also for the fund
ing Of the money. No governmentscan 70
gulats the value Of money unless il prOvide
means for funding it this being the only
way in which the interest uuon !. can be
kept UNIFORM.
. The first Of the following obligations viii
be the money Of the institution the second
win be mote bearing interest Cor the fnnd.
ing of the money: KS
No. MONEY. dated -.
800 $500.
The United States will pay to the bearer Rye
hundred dollars in q Safety Fund Note. on de-
mand, ct the Safety Fund Office, ia the city Of
-. s4..El.,- D.
No. SAFETY FUNDNorE. Dated =
- $500. $500.
One year from the 6rst dAy Of Nav next, or
at any time thereafter, the United States viIl
pay TO A. B., or order, 10 the city of -, Ave
hundred dollars; and. until such payment is
made, win pay interest thereon on the first day
OF May in each year, at the rate Of one per cent
per annum.
The money will bear no interest, but may
always be exchanged for the Safety Fund
Notes, which will bear interest. Those who
may not wish to purchase property or pay
debts with their money, can always loan it
! 10 the Institution for Safety Fund Note.
bearing an interest Of one per cont per an
mum. ssThersfees the money win be alwAya
good for il win DO the legal tender for
debts and property, and can always be in
vested to produce an income .u-tr.
The money being losned At one and one
tenth per cent, and the Safety Fund Notes
bearing bat one per cent, the difference
Of ten per cent IN the interest will
induce owners Of money 10 land to individu-
ais, and thus prevent continual issuing and
funding Of money BY the institution.
The Saiety Fund Notes IRE made payable
year after dats, to prevent the unnecessary
trouble of funding money for short periods.
It is not probable that the institution viii is
sue notes for . less amount than $500.
People having small amounts viii seldom
wish to fund them. They will loaan to in
dividuals or psxchae properly. If, hOwev-
er, it be deemed desirable to fund small
amounts, they may be received, and credit
ed in small book, as in savings banks, and
the interest paid upon these credits as upon
Safety Fund notes.
Having given an outline and brief expla-
nation Of the proposed system Of currency,
we will proceed 60 show that the money yis-
sued by the Safety Fund wiz possess all tie
properties, and be capable Of performing all
the functions of money. We have said 10
our description of money that il must be q
representative If property. The Safety
Fund money being based on productive land
ed estate TO double It's amount, viii be a
undoubted representative of property. Sc
eond, money must have power to accumu-
late. The provision made by the Safety
Fund tor funding the money win secure IN
income beyond all contingency. Third, il
must have power to measure valas. The
Safety Fund money win not only possess
this power equally with coins, but it viii
possess the additional quality Of being uni.
form and perfect measure. By establishing
an uniform rate of interest, the dollar will be
Of invariabls value, and cannot be made to
fiuctuate more in the measure of property
than the yard stick in the MEASURE Of cloth.
Fourth, it must have power 10 exchange va
lue. Being instisuted BY the General Gov
eminent as the legal tender, and it's income
power established, MI persons win be com
PEELED to receive it in exchange for property
and labor We have elsewhere shown, that
any portable substance possessing these pro-
perties will be money. The Safety Fund
money will posses all the properties adapted
to it's use as money that belong to coins, and
can be more easily transmitted from one sec
ton of the country to another, The effect of
its adoption will be to annihilate all differ
ence q exchange between Different CONNER
cial points. or to reduce it to the merely
nominal expense of letter postage.
TO BE CONTINUED.