The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-08-27

OF the products OF industry, AMI enterprise
as well as in the useful c4llings and profes
sions. is the true and only source Of wealth
ID. There are but two purposes t.
which the products of industry and enter
prise can be applied. One is the paymen
Of the rent, or interest on the capital EN-
ployed, and the other is payment Of labor
I'd. The rate Of interest on money i,
the governing power in the distribution o
property or wealth, and determines wha
proportion of the products of industry shall
be awarded to capital for its use, and wha
to the laborers for their productions.
4th. All interest paid for the use o
money, whether on public securities or pri
vate obligations, must Il the end be borne
by labor, and is as much a charge
upon it as the taxes paid for the support Of
The government.
9th. When the average rate of interest
exceeds the aggregate rate of increase in
the national wealth, the inevitable result is
to centrallze the property or wealth in the
possession of comparatively few non-pro-
ducers, and TO impOverish the whole pro-
ducing element of the nation. All beyond
such rate as viii effect the equitable distri
button of the products of industry and en-
terprise, between capital and labor, may be
styled legalized robbery.
1t is demonstrate that the aggregate rate
OF increase in the national wealth has not
been over B l-3 per cent, while the rate Of
interest has veraged as much as per cent.
The adoption of the recent funding scheme,
and other kindred financial measures by
Congress, will net in the future reduce the
rate Of interest in ordinary business trans
actions. In the future, then, as in the
past, our wonderful resources must remain
sealed treasuxe, and we continue depend
ent upon other nations for articles of prime
necessity.
1t is monstrously absurd to assume that a
manufacturer in the United States can paw
8 to l. per cent. on the capital employed
in bis business, and compete successfully
with the foreign manufacturer, who only
pays to II per cent; and it is equally
ridiculous to conclude that labor can be
generally and permanently benefited by a
tariff, however high, or even by the prohi-
bition Of Imports, 90 long as the rate Of
interest on money remains SO greatly in
excess of the aggregate rate Of increase in
the national wealth.
The reduction of interest to an equitable
rate, will do more to revive industry and
encourage enterprise, in the development
of our resources, than all the tariff laws
that ever were enacted. With money in
stituted on the principle Of justice, equality,
and common sense, upon which our gov
eminent is founded, no sound reason can be
given why money, which is me standard of
distribution to capital and labor, should
command higher rate Of interest with us
than in the most favored governments Of
Europe.
In all our financial and industrial legi-l~
ton, We seem to ignore practical business
sense. Admitting that all monopoly and
every exclusive privilege is granted at the
expense Of the people, and at war With the
spirit Of our institutions yet, with an
aggregate national wealth Of not less than
twenty-five billions Of dollars, and with not
over two hundred and fifty million dollars
coin in the country, we propose to resume
specie payments.
The practical effect Of which would be to
give this coin, constituting but one per
cent. Of the national wealth, the power to
regulate the value Of the other ninety-nine
per cent, and transfer the sovereign power to
make money and regulate its value, from
the Government to system Of Banking
Corporations, clothing them wirh power to
rob the producing classes at pleasure.
1t is difficult to conceive how it would be
possible to create by legislation, more
powerful monopoly, or to invent a scheme
more Unjust or oppressive to the nation.
The Constitution of the United States
empowers, and makes it the duty of Con
firess ito coin money, regulate the value
thereof, and Of foreign coin" This positive
power and imperative duty Congress can
not lawfully delegate to any bank, corpora
ton, individual, or State. When, however.
this privilege is granted to private associa-
tons by Congress, in defiance Of the Con-
stitution, and the people are taxed 20, 80,
40 or so millions Of dollars per year for
the use Of a currency which it is the duty
Of the Government to furnish them without
one dollar of taxation, it becomes an out
rage upon the rights and liberties of free
and sovereign people, too mOnstrous and in
tolerable to be borne.
The theory Of one currency, redeemablC
in another, is but a cunningly devised
scheme for enriching the few non producers
1T the expense Of the working classes.
Nothing can be more false than the gener
ally received opinion, that finance is a sub.
ject mysterious in its nature, ard above the
comprehension of any but favored few
The fact is, that any system Of finance
which cannot be understood by man Of or.
binary intellgence,is delusion and a snare
cheat and fraud, concocttd by avaTict
and king craft, to deceive the toiling masses
\ Money should always be coined Or made
out of that material which is least intrinsi
cally valuable as an article of commerce
and the most convenient for the purpose de
signed. 1t il The sovereign stamp or i'm
press Of the Government, and not the value
Of the material, which constitutes money.
We have tried the specie basis fallacy
and other cunning fiscal conhivauces of the
shrewd bankers, who have in the past con
troled our financial legislation, and are nov
debating tie financial policy If the Govern
mcut, and adopted protective and revenue
tariffs alternately for over eight years with
out permanent, beneficial results.
The arrangement of commerce. paraliza
ton of enterprise, prostration Of industry
and the bankruptcy Of the industrial anc
commercial classes have, unfortunately sue
ceeded, once il every ten years. This rou
tine Of legislation may be repeated 70
eighty years to come, with no better results
Tor The reason that it is dealing with effect
, rather than causes. The money monopol,
is at the bottom, and is the main canse 0
MI orr industrial commercial and tinan