The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-23

Sl0O,OO0,OOO Of lpgsl ' -, ISSUANCE u
debts, public and private. sru ~ al
on imports, and interest," oAcePt duh,
debt, and contracts made - ~ tae publ
able in gold, for a period oEPe.clallypG
and and convertible into any S y" |. \
may hereafter be issued By tS Sso sa tAs
ment, at par, at the pless M govern
holder. After ten years r n,1 q As
notes redeemable in coin. a. , on De
y. Treasury Offices, and ra !. S;erIalH 0
the government in payment !, y y
mands Of whatever nature. IT, I. II 4
would then be on a specie i b''; '0Ie
therefore, as valuable as coin ' s"S @d
more convenient, but few hoiao ouu DEM
then wish to exchange them 4. VOID
Let this plan be adopted, and A., \. CO..
provision being made for ths J. p'0Pe
of mutilated and defaced cu, sAcaaRs
well as for the increase Of ~ sucy'
In exact ratio with the incrassS"u lletcl
population, every ten wear = u o.
taking of each census, And q y
have the most perfect monetarv :. g. "
that has ever existed. twill IL ',%ea
ger an demonstrations, fuctu.S..O Ol
irredeemable currency, such 1. No.
have. It will be based On n. y M a0'
property Of the nation, speci. ;.. slos
and will therefore be the safer '.S
Of exchange that the people IN mum "
1t will not be irredeema6le. 4, /, ~
be redeemable after a cert In TINA NV
it will be no longer a fiuctuaGnso' =.
rency, for its amount beinR Iim;,sI ~
the constitution, it can not " ~',g
changed. 1t would therefore \. 'ng
measure Of values in every sense ~ %s
word. uT
We will now suppose that .D.l
amendment to the constitution MIN I
passed. Congress will then pa., i
for the issuance Of 500, OOO.OOO or1'
notes, and repeal our present NJ
tender and banking acts, which l ~
are an imposition on the whole Os," 1
Of the United States, the banker, '' "
bondholders, alone excepted r.
government can also pass An a.,
provide for the issuance Of sIOOa M
900 of new u. 8. 4 per cent bo.S
principal and interest payable n NJ
but subject to taxation, the SAM
all other property. Let these bond, I
redeemable after five years, and M.
of forty, at the pleasure Of the pOv.,
ment. The government can t6eu u
in the present legal tender DOn
amounting to about e40O,OOO,OOO "
pay out%n equal amount Of the NJ
issue to replace them Then Cdllhh
bonds Of 1852, amounting to aOo-
$500, 900, 900, and pay them Of VI
the legal tender notes. These bst
are principally held in Europe no,
and holders will not wish to retain on
legal tender notes which bear 10 iDis
est, but will seek to exchange them /,
our new issue of bonds bearing v
cent. interest. The government a \
continue this process Of calling h "
present 8 per cent. bonds, and puvR
them of, and selling the new bond
until the whole amount suthOrizel \
law shall be disposed Of, and The ennr !
amount of our debts that ia payable 4
legal tender notes will be Cancelled
Let us see now how much will Y
saved to us as a people by this plan.
We will have changed $500, OOO,p0
of our present debts, 'on which We
paying 3 per cent interest in gold
q non-interest bearing debt thssb
saving $50, 100000 annually. View
have. changed $lOO,OOO,OOO Of r
bonded debts on which we are Ml
paying 6 per cent. interest, into deb
on which we will have to pay butiE
cent, thus effecting fu5sher avng
$50, 000, 900, or q clear saving Of "
o0O,o0 annuallyin gold. Besides u
we must bear in mind that the press
party in power, intend to withlnEG
present legal tender notes from crs@
ton, thereby adding the intsrua
$500, 900, OO0,or 100000, making
total of $50, 100000 annually Id
will be saved by our proposition
But let us take another view Of n
subject. We propose to Issue 'a
100000 to be used as a circulating ~
dunn. The interest on this sum d
per cent. il 500, 900, 900 annually nTa
to the people in the way Of intsFSi
Each Of these several sums Of inisrA
placed at compound interest, " 10y
become due, will in twenty year,, o
per cent, amount to $2,l46,OOO,O@ ~
almost enough to pay our Prad
bonded debt. Besides this il will
lock the wealth that is now inVeseiH
bonds held by the government i0
national bankers We want DO PM
eyed classes here, and banks OIL S
are based on the idea that becaas
man is wealthy, he is entitled tOPS1
pEivileges- We have as nation, ga
mineral and agricultural WeAln 7
we want capital to develop our F'"e
ces. We want to start manulaclHp
Of all kinds to give employment U%
laboring classes. We want 10 reen
lish our shipping and commerclL
terests, and this can only De
by lowering the rate Of lnF"
on money. W
The ocean is the great hlgh"
nations, on which the merchsnu
nations meet to compete for tne re-
portation Of the products OF ine y
ent nations. 1t must be evldeG'
thinking men, that the nation n.y.
furnish money at the cheapest n
interest, to its citizens, enables w
build ships at less cost, and cOn'e8
ly to do the carrying trade q
rate than the citizens OF QUE
favored nations. So long 90 We
our capitalists to keep Their IN
locked up in bonds, free from a. Is'h
and allow them to deposit then "
as security, and again use " 49,
Of their capital as a circulating ~ a.,~
Of exchange, on which they c1. ~
high rate Of interest, we need , "
expect to see ourselves PrOsY .oss
people. There is only certsin - n