The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-09-03
FRoaa ora. Ewasc, o. osao.

LAHcAsLxR, OHIo. Aug. Is, 1870
ksesRs- TKEs xI1IcK Asd CAmPpxLL, Cincinnati,
| Ohio.
GKNrLRMKH: Your letter Of 28th ul-
timo, forwarded to me from Washing
ton, has been duly received, in which
you recite the measures Of public pol
icy proposed by the National Labor
Uaton, and ask my opinion on them. /
have given them attention and reflec-
tion for year past and in my iudg-
ment they are just and necessary meas
ures Of public policy. / shall coDfine
myself in this letter to presentation
OF my views on the financial plank a.
being at once the most urgent, bene6-
cial, and violently opposed, Of the
measures OF your organization.
The most delicate and important
function Of Government,is the money OF
the people, the measurer and distribu-
tor of all their values. If too little bs
In actual circulation il commands in
terest and tends to establish rents a.
compared with the current value of the
property rented) so high as to absorb
for the few who own it and other PR
duotive property Il, the increase and
eventually all the substance Of the land:
leaving to the masses a meagre subsis-
ence out Of the wealth they create.
Low as we consider the average inter-
est in Great Britain il has been much
larger than the average Increase of
wealth, and h.s with taxes steadily
stripped the laborers Of All the fruits
Of their toll, save bare subsistence:
so that, though they aud their fathers
have added to the fixed wealth Of the
Island twenty thousand millions of dol
lars in the last hundred years, they live
more wretchedly now than ever here
tofore. So sbject and hopeless is their
degradation that an English writer,
Hayes, in his "ISociaI Condition Of Eng
Land says, Ossce a peasant ia EsglGnd
and man canaOt hope that he Or his ehi1-
drcn viii ever be any thing other than
. mere laborer for weekly hire" Ii
On the other hand, more money Ae-
issaed and kept afoat, interest falls, and
with 4 the sOtual rents of all property;
and this may be carried 10 such an er.
treme Of imitation as TO make accumu-
lated wealth nearly valueIess as source
Of income, by reducing too low its n
terest, which is its share Of the increase
which it and labor combined produce.
This were oppressive to the owners Of
accumulated wealth and injurious to
the masses, because destructive of the
chief incentive to industry and thrift.
II is for the interest Of capitalists, in
cluding all who live by the rent OF
money, lands or other accumulated
property, rather than by labor, to have
the volume Of the money small, for in-
terest is then high, and incomes from
all productive property IN effect great
er, than when money is plenty; while
the masses who live by labor, are In
terested in having the volume larger so
that interest may be low, because labor
gets all the increase, except that which
goes for interest or rent TO accumulated
capital
The Government, ne the agent Of
both classes whose interests thus con-
fiict is bound to furnish the standard
measure and exchanger Of values, and
50 establish it's volume and circulation
AZ to bring about Just, and as far a
possible, stable rate of interest, and
consequent division Of net profits be-
tween capital and labor. "A more SOW
ereign function, more imperative and
important duty does not belong to Gov
eminent. 1t affects all the springs Of
industry, progress and happiness of
the people. To fail to perform tha.
duty is to fail to be peoples govern
ment. To hand over that power to the
few who compose one party to the d.
VISION, is 10 license them 10 rob the
many who form the other party. II
the capitalist class control the money
functions Of the Government, and dc
tate the rate Of interest and CONSEQUENT
rule Of division Of the joint property,
1t viii always take the Turkey and leave
to labor the Croac
Between the death of the Bank Of
the United States in 1887 and the IN
GINNING of the rebellion our Govern
ment never attempted to control the
money of the people. 1t coined gold
and silver. which was always insult
cient and incouvenient for q currency,
constantly contracting by expectation
to settle unfavorablc balances without
any reference to the demands Of our
immensely greater domestic commerce,
which coin, formerly paper currency,
OF larger volume issued by hundreds Of
State Banks incorporated with the
greatest conceivable diversity of Iegis-
lative safe guards and IoophoLes-the
charters being dictated. and the circu-
Iation controlled by and for the interest
Of money dealers, not the people.
Their notes, however, we're all redeem
! able, directly or indirectly in coin; the
, average ratio Of coin to paper held for
purposes Of redemption being about
one to four This was called ga specie
basis" SO 1t was, but the foundation
had only one-fourth the superficial area
J Of the top; 50 every now and then the
. structure tnmbled over. The plan work
ed well rs long as the public generally
trusted 1.-THE country prospered-aud
the system was popular because ths
I currency, bad and ia regulated ~ il
was, was better in respect Of convent
I ence - well 40 stability and suficiency
u Of volume than the specie currency
But hen, BY design or accident, Con
. 6dence was shaken, a. BY the fAilur,
u or the Life and Trust Company II
Z 1S57-the whole system fsLl and burieG
q In it ruins all the industries and ensr
y TConRinund an a.. Four4h Pal