The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-13

pie, but in the hands Of bond holders, bank
ers, brokers, gold gamblers, stock jobbers,
and all other classes Of government officials.
WHO are the gamers and who are the losers
under this extraordinary gold base govern
ment financial management tie bondhold-
or, banker and government official, or the
peoplef We unhesitatingly answer, the
Former, and nobody else. Why? Because
the reduction of the circulation, reduced
largely the price of property, and the prof
table pursuits Of useful business, but not
the discounts on business paper, nor the
interest on bonds and money. The premi
ums on gold have not been reduced by ac-
tual value, added to the money and bonds,
but by adding TO their interest, bearing &C
cumulative power. Thus SIX dollars annual
interest, with wheat at So per bushel, will |
gather three bushels for the interest money; |
interest increased by contracting the cur
rency, until the demand for money will
make business men willing to pay ten per
cent interest instead of six, and by this
reduction of means for the current ex-
change Of property, the wheat may be re-
duced from 81 per bushel down to 81 per
bushel, and in the agricultural portions of
the country to much less sum. Now ten
per cent inte rest at the latter price will
gather ten bushels Of wheat instead Of three.
Now, Mr.. Secretary crystalize the circula-
ton, and hold it down to this point, and
Mr.. bOndholders and other interest mongers
will, under this governmental financial
management, continue to gather ten bushels
Of wheat, where, even under the labor-rob
bing banker system, honestly administered,
they would gather but three bushels, and
under really honest peoples money or
paper money, which does not discriminate
in favor Of the capitalist, and against the
people, it would not gather one bushel an
nually. And when the question above
propounded and partially answered, shall
have been duly considered, then we would
like to have the people extend their inqui-
ries little farther, and to examine some
what carefully into the justice Of this re-
ductlon Of the currency circulation down
to 5000, 100000 and less, and then the
putting of the control of the whole into tne
hands of the bond Holders, bankers, brokers,
gold gamblers and stock jobbers, while the
\ government holds the exalted position Of
stake holder, keeping tally, and ad-
mlnistering some Of the trivial and unim-
Portant rules established by the gamblers,
and copied into, and authenticated by the
government in the form Of quarterly reports
10 the Secretary Of the gambling board,
alias Secretary Of the Treasury, alias
Comptroller of the Currency. But with this
money circulation thus situated and con-
trOlled, and then take into consideration
these important facts, that all this period Of
time the National, State, municipal taxes,
and railroad tariffs requires all this circu-
lation to be used and stored considerable
portion of the year, and especially, when
under the governmental management, the
payment Of these vast revenues, national,
state and municipal, amounting to some
$500, 100000 annually, has to be made
during the winter, when the farmer is
obliged to market bis crops, and without
making any additional provisions for the
increase Of the circulation to meet the
withdrawal and locking up Of some So to
500 100000 in the public treasures.
Does this large curtaiment Of the circula-
ton benefit the interest supported capital
list or the people whose products are so
largely deprecated by the government pro
cess. England and France make ample
\ provisions for such contingencies, but not the
corporate capitalist bound Republican Amer
lean government Capitalists will not per
nit it, In 1901 the taxes paid by the PEG
pie Of Great Britain exceeded $500, OUO,-
900, in 1916 $4,000, 900, and from that
/ period to 1850, it averaged over $3.50, O00,-
600, over 100000 each week Now
the withdrawal Of this large amount from
the pockets of the people each week, and
locking it up in the pubic treasury is an
operation directly calculated to affect seri-
ously the movements of business, and pro
visions should be made T prevent the large
operators from making these taxes a special
occasion to fleece the people, as is now done.
In the British exchequer at the beginning
Of the 18th century deposits we're kept after
the manner Of keeping accounts by the
WIN Niiti Guoibuittss Nudt 10 b1 TAR
lies on sticks split and notched as the
loaves were delivered or the public reve-
nue. was deposited. These constituted the
British exchequer bills until the present de-
vice Of exchange bills was introduced by
Montague, Earl of Halifax, who at the time
the great financial difficulties occurred at
tendant upon recoinage, and the Bank Of
England's issues Of paper in large amounts
pretended to be issued on gold, which the
bank did not have nor pretend to have, but
which in fact were issued upon the theory
that the gold wou'l not be called for, and
I the bank did not b.. Re it. From that period
however, to the present these exchequer
\ bills, SO useful then, have continued to be
used bene6cially. Without this evchequer
system as conducted between the govern
ment and the bank of England, leir finan-
cial system could not stand, nor could these
enormous income burdens be collected from
or borne By the people. The interest on
the public debt is about 1921 900, 900 this
added to the ordinary government eXpendi-
lures swells the amount to $3.50, 900, 900,
and sometimes $500, 900; the receipt
Of this vast sum into the treasury is anticI-
pated by the issue Of exchequer bills, that
is the government obtains the money from
the bank, pays the government demands at
maturity, and issues to the bank its ex-
chequer bills for the amount, and returns
the borrowed funds out Of the taxes collect
ted. The advantages Of this system over
our specie tax extorting system are, that
large amounts do not lie idle in the treas
ury, large floating debt is carried at much
lower rate Of interest than it could be fund
ed, and the whole or the greater part of the
annual expenditures is actually paid out to
the people before they are called upon by
the tax-gather to pay their taxes.
Under the French system there are eighty |