The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-02-26
Another and still prcatsr av;Lof tha :,

"au " now sought TO hasten permanent
gu the oouLtry Is, that $333,0O0, 900 Q
these bonds are employed in banking, upol
which the bankers draw $40. 900, 900 i
coin, Or $50, ,0OO, 900 in currepev Annually
and receive from the government $500, 600,
VVO IN circulating notes, which they loaI
70 the people Of an average Of ten Der cent.
or S3O, 900 900 annually: making a tota
annual income Of $50, ,OOO. 900. From
winch must be deducted one per cent. tax Of
tneir circulation and five per cent. ineOm,
Ax. leaving as their net annual income $54
100000. The major part, If not all N,
bonds were purchased prior to 3Otb Of .June
1860 up 70 which date the average pre
MUM o. coin was 62.6 per cent. makins
the Original cost Of the $333, 900, 900 0
bonds $2O5, ,00O, 900 in coin, upon which
the net annual income of the bankers is owe,
twentysix PER cent in currency.
ltis aadsniably true that If the govern
ment had ismed .A300. .A00. 900 GrAeaAaolL.
in lien Of the bonds deposited to secure the
redemption Of the bank currency, il would
have saved every dollar Of the interest On
them except the one per cent tax on the
circulation, and at the same time Il would
have furnished the people with a better cur.
rency. lie bankers, not satisfied With this
enormous bonus, have the effronterv 70 A.
mand the withdrawal Of the ereenbscks no,,
IN eircciatiOn,. and the substitution Of tbeir
own currency. If successful, We shall aOes
have as much as $1,000, ,OOO, 900 of cur.
rency in circulation and then, when The
profits arising from furnishing the currency
60 into The vaults Of the banks and nockefs
OF the usurers, we shall hear nothing motq
about imitation until the next break down.
Ibis, besides imposing an unnecessary
and unjust burden Of $50, 900 anuually
on the taxpayers, will at the same time give
the bankers and bondholders the monopoly
Of the money interest Of the nation, which
VIII enable them to regulate the rate of in
terest IN. all business transactions. and to
make such division Of the products Of labor
among themselves as their avarice NAV die
late; to tax the producing classes till they
become as helpless as the ay in the spiders 3
we6-tax the manhood out Of them
Ehe plea Of the national bankers and
their allies from whom alone this demand
comes) for the withdrawal Of the leealtender
currency Or peoples money, and tie substi
tuition Of their notes, is, that they were wd,
measure. Let the 6aseksrs and 5onakoldey,
remember taGt the intsress-6saynq O6li0O
t'ons Of tho government Were a sOar neO
sssre also.
70 give an idea Of the extent Of The
power Of this money oligarchy over the labo.
and property of the country, we will esti
mate tie valne Of the property, real and
personal, in the nation at 81 900, 900 900
q much as sixty per cent, or $12, soc, 600 !,
OOO, Of which now belong to less than I've
per ceut. Of the population, who loan their
moaey or rent their property to the produe-
ing classes The average rate Of interest il
not less than nine per cent At this rate
the yearly payment by labor to capital, as
interest or rent, would be $l,I34, 900, 900,
while the annual increase in the national
wealth would be but $70O,0OO,OOO. II i.
this unfair distribution Of the products Of in.
dustry and enterprise between capital and
labor, sanctioned and sustained by our un
Just monetary laws, which causes the ineGual
ties and most Of the other evils in society
1t IN this that over-taxee the mental eneryie,
and physical powers of the toiling masses
and condemns them to lives of unreauiteG
and unmlhgated toll and while these un
righteous laws Of distribution remain in forct
iaborers cannot BY any system Of combina
ton or cooperation secure their rights. II
the rights of labor are to be recognized and
respected. a change is indispensable and
the present necessities of the government
afford favorable opportunity for efecting
tins desirable reform.
fHr TRUE AMERICAN MONETARY SYSTEM.
Before presenting the remedy for existing
evils, 1t becomes proper that we should state
clearly our views Of the present situation,
and the line Of policy proposed to prepare the
way for the introduction Of the remedial mea.
sure contemplated.
We have, for the preservation Of the
government and the protection Of the com
mon interest, contracted an enormous na.
ti0nal debt. Our government being insti-
tuted not to confer artificial rights or exclu.
sive privileges on any class, but to protect
all in their natural rights, the burden Of thil
debt should be so managed as to bear equally
on all classes and interests. But as oul
monetary and revenue laws are now framec
and administered capital is not only exempt
ed from all the burdens created BY the war
but Is largely benefited by the national Gala
nifty. The injustice Of this is manifest
While we are in favor Of keeping th,
utmost good faith with all parties-the tax
payers as well as the holder Of the govern
rent securities enter our RARNEsr Pho
TEST against any departure from the origina
contract. BY funding the public debt il
long bonds, or in any way increasing tht
gold-paying and non-taxed obligations Or the
government. We are in favor Of discharg
ing that portion Of the debt heretofore con,
tracted, which is is by the law authorizing
its creation made payable in gold, in tha
commodity, and Of liquidating it at the ear
liest practical moment but we insist that al
other forms Of Indebtedness, including th,
6ve-twenty bonds, shall be paid at tb,
earliest option Of the government in th,
legal-tender paper currency or lawful none,
Of the government that the bank currenc'
and the present legal tenders (greenbacks
shall be withdrawn from circulation. an,
there shall be issued in lieu thereof, as ID
exclusive circulating medium Of the nation
paper currency made legal tender IN III
payment Of aA debts, pssJ(ie and prtvat.
duties on import incladed, and declared III
Iaxf'd money Of tie Uaitsd Stotes, an,
convertible at the pleasure of the hOlde
into government bonds, bearing an iateres
Of three per cent per annum, payable /,
ldsOfsI money The bonds 70 Be Hke,Ois
convertible into thts La0fia money at III
option efthe holder.
This system is adapted to the theory
of our institutions sovereignty 10 the peo