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

u
before the wal, any more than Of rsstor-
ing the southern confedsraOy or re-en-
acting the fugitive slave law. v. ...
But though in no danger Of a re-
lapse to the chaos of wildcat and Stste
Banks, we are now having fastened on
us a money system designed to be per
manent, and cunningly devised, and
controlled in the interest Of capital
against labor. A law was passed last
session tor an increase of the National
Bank circulation to the extent of fifty
millions TO fill the place of interest bear
ing notes to be retired. Why were not
greenbacks issued and bonds redeemed
with them, and thus over three mil
lions in coin annually saved? This
selection Of Bank circulation for in
crease and the debate upon 1t, showed
clearly that a majority Of our public
servants regard the Greenback circula-
ton as the temporary and the National
Bank circulation as the permanent
currency of the country.
No one claims that the National Bank
notes are in any one respect better or
cheaper 70 the Government than Green
backs They are redeemable only in
legal tenders-are printed and given TO
the Banks at the expense Of the people
and have no one quality or convenience
superior TO Greenbacks, while lacking
their legal tender character. As the
Government makes and secures both
circuIations it might just az well as not
compose the whole currency Of Green
backs, and with them redeem $40
bonds, and save six per cent gold IN.
terest on the aggregate circulation. As
the currency bears no interest, and the
right to issue it is worth six per cent.
gold interest, a surrender Of that right
\ TO the extent Of three hundred millions
is in effect the same TO the tax payer
as the payment by the Government of
ais, 900, 900 of gold annually TO these
banking corporatiOns--wholly without
honest consideration, except a tax on
the bank circulation Of one per cent,
amounting TO -, levied merely
ito save appearances, as q deed often
expresses a consideration of one dollar
when made in fact for "other valuable
consideration" or "irOm natural love
and affection" What these other un-
named considerations have been which
have caused the retention and expan-
sion Of the National Bank issues since
the war, at such enormous cost TO
the people, may be guessed when we
call to mind the statement Of General
Butler, that between seventy and eighty
Congressman are stockholders IN Ma
tiona, Banks, and therefore get their
several proportions Of the eighteen
millions Of the peoples gold annually
distributed among the banks; and
Whenwe reflect that sixteen hundred and
fifty National Banks scattered through
out the nation, combined to keep and
! increase their enormous subsidies, will
WELD a power in the politics of this
Republic greater and more effective
than that OF the aristocracy in the pol
itics of Great Britain. The party which
resolutely maintains that eighteen mil
lions annual gold subsidy will never
want money to carry on important Ma
tional elections. That is why ''lhis" is
"thus."
Now is the time for the people TO or
ganize and act for the destruction OF
this gigantic parasite 1t is but halt
grown. If we wait until its power is
doubled, consolidated and grown sup
ple-and efficient by use, It will domi-
nate over every business interest and
business man throughout the land, as
the Bank of California has done over
the people of that State, until hardly a
man who has anything TO lose will dare
raise bis voice against it.
Nv estimate of the annual public
cost of the National Bank system is
based on the proposition that the $40
bonds are redeemab'e in Greenbacks.
The bondholders rest their claim to
gold redemption-not on the law which
expressed the contract, for II is clearly
I against them-but on the fact that
Congress has recently Interpreted the
contract by joint resolution in their
favor and against the people. This
resolution was a dishonest attempt 10
forestaIl popular decision and action on
a grave question of the future policy
was made by men large number OF
whom were bondhOlders or bank stock
holders, and therefore parties to the
contract they thus Interpreted in their
own favor and against their prlncipa s
is a new promise, without consider a
ton and procured by : d-would
not be binding if the Transaction were
between man and man, and is not bind
ing on the public conscience, which is
the sole arbi,er between the people and
their creditors. No party proposes re-
/ lief against the contract. 1t was gross
I " usuriuus. A court Of equity would
relieve a debtor under similar circum-
stances by finding the gold value Of
the loan, and allowing legal coin inter
est on that sum, applying of the surplus
of interest paid 70 a reduction OF the
principal. BY that rule. at six per
cent interest, estimating that the Coy
eminent received an average Of sixty
cents ia gold for those bonds, there
would now remain due and unpaid less
than thirty-nine cents on the dollar
But it is not proposed that the nation
shall claim such relief The only claim
on behalf Of the people against the
bondholders is that the bonds shah be
paid according 10 the contract unaffec-
ted BY the oficious and dishonest act Of
Interpretation.
But though the reduction of the Ma
tional Debt three hundred millions by
the retirement OF the National Bank
Notes and the issue of Greenbseks in
their stead would be a great relief, that
measure would not come up to the OBJ
vious and urgent wants of the country
We need a larger currency, and one
of stable value, to bring down and
keep steady the average rates Of inter
est, and equitably distribute the increase
/ r. ,ool,h hotwaan labor and caDlkAl