The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-27
ag urkiunman's Aarutatt
CHICAGO AND PHILADELPHIA,
sArURDAY. August q, $50
CONTINUED from the First Page |

widespread, and terrible disasters O
the period before the war can never b.
quite paralleled under any system will
Or without coin redemption, which il
under the wing Of the National Gov
eminent. And not one of the politi
clans or financiers who have clamoreC
for a return to specie payment, eve
talks Of getting back to mere speci
currency, or to State Bank system al
before the war, any more than of restOr
ing the uthern confederacy or re-en
acting the fugitive slave law.
But though in no danger of re-
lapse to the chaos of wildcat and Stat
Banks, we are now having fastened OF
us money system designed to be per-
manent, and cunningly devised, and
controlled in the interest of capita
against labor. A law was passed Las
session tor an increase of the NatiOnd|
Bank circulation to the extent of fifth
millions to fill the place Of interest beat
inc notes to be retired. Why were nc
greenbacks issued and bonds redeemek
with them, and thus over three mi
lions in coin annually saved? Thk
selection Of Bank circulation for il
crease and the debate upon 1t, showeb
clearly that a majority Of our publfc
servants regard the 'Ireenback clrcul
ton as the temporary, and the Natlonh
Bank circulation as the permanek
currency Of the country.
No one claims that the National Bad
notes are in any one respect better p
cheaper to the Government than Creep
backs. They are redeemable only y
legal tenders-are printed and given II
the Banks at the expense of the pe0Hlt
and have no one quality or convenieret
superior TO Greenbacks, while lackihg
their legal tender character. As ~
Government makes and secures bJtt
calculations it might just as well as 10
compose the whole currency of Gretn
backs, and with them redeem 5 re
bonds, and save six per cent gold IN
terest on the aggregate circulation. IA
the currency bears no interest, and Ihe
RIGHT TO issue it is worth six per cdht
gold interest, a surrender Of that rikht
10 the extent of three hundred milliRns
is in effect the same "a the tax payer
as the payment by the GOvernmen1 o.
$4,000, 900 IT gold annually to III ese
banking curporations--wholly wltlfu'
honest consideration, except tax on
the bank circulation Of one per ctalt.,
Amounting 10 levied metely
''to save appearances" as a deed often
expresses a consideration of one d llaI
when made in fact for "other valuable
considerations" or "irom natural love
and affection" What these othel un
named considerations have been which
have caused the retention and ex BAN
sion Of the National Bank issues inc'
the war, at such enormous colt t
the people, may be guessed whef WI
call 10 mind the statement Of Gef era
Butler, that between seventy and eight,
Congressman are stockholders III Ma
tiOnai Banks, and therefore get thei
several proportions of the eightee
millions Of the peoples gold ANNUAL,
distributed among the bankSE an
whenwe reflect that sixteen hundr4 Il an
fifty National Banks scattered thfOugf
49, tAA-natiqn- combined TO keSb an
increase their enormous SuhSldleE, WI
WELD a power in the politics vi Til
Republic greater and more eflectiv
than that Of the aristocracy in tie pc
itics of Great Britain. The party |whic
resolutely maintains that eighte Pm mi
lions annual gold subsidy will nevt
want money to carry on importd int N
tional elections. That is why 'khls"
"thus"
Now is the time for the peopf to O
ganize and act for the destruction {
this gigantic parasite. 1t is Tut ha
grown. If we wait until its pbwer
doubled, consolidated and groEn SUI
ple-and efficient by use, it Wi dom
nate over every business INTEREST an
business man throughout the land, a
the Bank Of California has do be owe
the people Of that State, until Hardly
MN who has anything to lose Will dar
raise his voice against It.
Nv estimate of the annual publ
cost Of the National Bank sistem
based on the proposition that NE SO
bonds are redeemab'e in Cred nbackr
The bondholders rest their dam I
gold redemption-nOt on the latw whic
expressed the contract, tor 1t , clcarl
against them-but Or the II Yet thu
Congress has recently interpreted III
contract by Joint resolution in the
favor and against the peopF. Tn
resolution was a dishonest attempt
forestall popular decision and hction o
a grave question of the fLtWle polio
was made by men large number {
whom were bondholders or blink stoc
holders, and therefore partihs to tn
contract they thus interpreted in the
own favor and against their Arinciple
lis a new promise, without cPnsiders
ton and procured by trauI l-wOul
not be binding II the transaction wer
between man and man, and sInot bInC
ing On the public Conscience (which
the s"le arbi;er between the pIople an
their creditors. NJ prrty prIposes re
lief against the cORtrGCt. Ii Mas gross
ly usurlous. a court Of equity wonl
relieve a debtor under simi kr circum
stances hy finding the gold value {
the loan, and allowing legal loin intel
est on that sum, applying Of \ be surplu
of interest paid to reducl Jon Of tn
principal. BY that rule, al six pc
cent interest, estimating thai the Gov
eminent received an averake Of sixt
cents il gold for those be hds, ther
would now remain due and Unpaid les
than thrty-nine cents on fhe dollar
But it is not proposed that tthe natio
shall claim such relief. The only clair
on behalf of the people against tn
bondholders is that the hon IFS shall b
paid according to the contra let unaffeC
ted by the of6cious and dish nest act
Interpretation.
But though the reducticrlof the M
tional Debt three hundred millions b
the retirement OF the National Ban