The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-07-30
editor OF the wonKrxoxAS's Advocate.

Ine Teorla ulstrlct, mas Deen enHgnt-
ening and astonishing Congress with
disquisition on the nature of money"
Then follows an extract from what
Mr.. Ingersol. said in reply to Mr.. Gar
field, of Ohio, the Tribune tive
can imagine that Garfield was paral-
lied by the shock Of so much light on
the nature Of money, and left speech
less, as there is no record of an at
tempt to reply, or that any other MEM
Der attempted to refute the truth OF
the assertions" But, says the Trt6-
une, editors are not SO easily rendered
speechless from the effect of Congress-
ional gas, and therefore without trepi-
dalton we take issue with the gentle
man from Peoria. "The fearless editor
then goes on to enlighten the people on
this great question of the properties
and powers Of money, by repeating
the usual rubbish and gas about a re.
deemable currency on goId basis such
as the agents and attorneys Of money
brokers have always used, and such as
newspaper editors are obliged to use
in order TO retain the patronage of the
money brokers. If you can spare the
space, / wish you would publish the
rubbish set forth in that paper to en-
tighten the people. 1t will readily be
perceived from it's fearless exposition,
that 1t never has occurred to the edit
or that there are any other persons than
money brokers and these editors who
are capable of c0mprehending the
properties and powers of money and
indeed if money is to be based upon
the various, vague, incomprehensibie
and unsound foundation laid down by
that paper, we will be forced to admit
that the editors, who are as fearless as
be Of the Tti6sne are the only persons
fit to be the expounders Of such theo-
ries. "The literal sense is hard to
flesh and blood. But nonsense can
never be understood" Dryden.) I
will, Mr.. Editor, if you can spare the
space, submit few plain and simple
propositions in regard to the proper
ties and powers of money; not for
the purpose of enlightening the learned
editor Of that paper upon that great
question, but merely to inform him
that the properties are so simple, so
plain and so inexorably true, that at
least four and-a-half to five millions OF
citizens who will be called upon to
vote at the next election for a member
of Congress from the Peoria district as
well as all other districts, will be very
likely to demand that the candidate
who shall receive their ballots gives
assurance of his capacity not only to
comprehend the propositions, but that
he may be depended upon in using
bis abilities as a legislator to carry
those propositions into effect.
will first inform the Tribune editor
that the National Labor Union organ
ration will be likely to nominate can
didates to the next Congress, and that
there are many questions to be submit
ted. The Tribune will be at liberty to
join that party if he so desires, but his
advice upon the questions, especially
the money question, will not be called
for, nor will he be consulted. Twill
therefore in this article confne it to
the question of money.
lst. In regard to the payment Of the
public debt. We contend that the Gre
alton of the debt was very great DO
litical blunder. 1t never should have
existed. But now, as by universal con
sent, it must be paid, and as there is
written contract specifying the mode
of payment, and the Supreme Court
of the United States has deliberately
adjudged that the contract is valid, and
had the sanction oflaw; that leaves the
question of payment very plain; where
the contract specifies payment in gold;
pay in gold the same as if pig iron
had been the contract. Where the
contract calls for paper money, that is
as plain as the gold or pig-iron con-
tract Then we say, wipe the debt
out as fast as it natures not in issu
ing new promises to pay, but pay in
money, genuine money, no promises to
pay about it, no redemption certificate
to be given. / will not take up space
in celebrating this proposition with
view to anticipate the denunciations
of paper money having no value, &c.
We contend the debt can be paid as
fast as it natures, and paid according
to the contract And the effect Of
paying the debt will be to relieve the
producing classes of the present taxa
ton which consumes all the rich pro-
auctions of the country.
End. Paying the debt may put an
amount Of money into circulation suf-
ticient to carry on the business of the !
country, and it may be nad at a lower
rate of interest than banks and money
brokers now demand. If however, a 4
rate of interest continues greater than I
the natural rate of increase in produc-
ton; that will determine whether or /
not the people have money enough. /
And when money cannot be borrowed .
from banks or individuals, upon the |
offer of sufficient security and at a rate |
of interest which the borrower can paw
for the use Of the money, then the Sc
curity can be offered to the Govern
ment and it will be the duty of the
Government, the peoples agency, to
take the security when satisfied that
It is ample, and issue to the applicant
The money tokens which will be the
representative Of the property the
will hold, say at the rate
Of fifty cents upon one hundred Of &C.
,urlty, and to issue the money at the
mere cost Of making it. That is to
say, the cost of printing the paper up
On which the Government shall i'm
press the token Of sovereignty that
t represents one halt of the value Of
he property conveyed to the Govern
nent In other words tho Gova-n ,