The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-08-19
IT CAUSES RAPID CONCENTRATION or

IT CAUSES RAPID CONCENTRATION or
WEALTH.
We see, fellow citizens, in these finance
measures the chief cause, not only of the
depression Of industry generally, but also
of the wonderfully rapid aggregation of
wealth in the hands OF few and the gen
eral reduction Of comfort Of the many. For
every fortune Of an hundred thousand ten
years years ago, there are ten of q million
now. Girard and Astor were pigmies to
Vanderbilt and Drew. The old National
Bank and Nick Biddle were but q child
with his ''miser-bOx," compared with Tom
Scott and the Pennsylvania Central.
The enormous increase of fortunes is due
to the fact that interest paying and other
subsidized investments increase beyond the
average per cent. of increase wealth and
thus rob the mass of both property and
labor of their due shares Of the wealth they
create. Every large fortune is snow ball,
which gathers faster and lays bare larger
breadth with every turn. Because Of every
million added to the wealth OF Stewart, an
hundred families fall from comfort to want
The undue gains Of the rich at last come
chiefly from the poor. The burdens are
shifted from class t. class, until they finally
rest on the masses who can escape them
only by sinking into pauperism.
RELIEF WILL COME, BUT NOT FROM THE RE
PUBLICAN PARTY.
From the evils these measures are in
f1icting the people must have relief-and by
political acton-relief from the ST $780,
900 annually squandered as subsidy to the
national banks-relief from the greater
part of the one hundred and forty-6ve
millions of interest and exemptions annual
" borne on the 5 20 bonds-relief from a
meagre and ill-regulated currency, which
steals for the idlers all TIE toiIers earn, and
paralyses the industry it is created to serve.
To what party will you look for this relief
Not to the Republican party? This f.
nance system is theirs, and they are proud
If it, Mr. Sherman boosted in his COlum-
bus speech that 1.-THE financial condition Of
the country is the work of the Republican
party" TIE stock holders Of 1,700 national
banks; the bondholders the men who's
money and securities have doubled through
currency contraction the stock hclders o
giant corporations, enriched and magni6ed
by tariff bounties and land grants-thest
are, generally, leaders Of the parry, and
ike jay Cooke, regard these measures deb
aud all, as National blessings" This i,
natural. Why should they be discontented
aad seek change Of finance measures
They are now holding high festival. "Dott
the wild ass bray when be hath grass Vi
loweth the OK over his fodder I"
But bow few are these men compared
with the great body of patriotic citizens whc
support the Republican party Ninety
nine hundredths of the people are interested
exactly alike on all these questions-almos'
all the men in actual business-almOst every
man except those who do nothing but gather
interest on their own money Investments, OF
hang on the favor Of heir party. And the
sense of fair play is SO strong with Amer
cans that many Of them would be the first
to demand reform if the effect of existing
measures were fully understood.
PROPOSED FINANCE POLICY OF REPUBLICANS
In considering the policy to be adopted
respecting the finances, we are fortunately
not in the dark as to what the Republican
party proposes. 1t is part Of their policy
distinctly expressed in the act to strengthen
the public credit, to reduce the currency OF
bold it al its present volume until, by con-
traction it reaches par in gold. This involves
continued high interest. and continued
\ appropriation by t1e non producers ,saf3u- /
4sGry, of socs = tae uss increase vl'cl VI
E .ta JT1IEat. n 80 .v.- "a .s-a,, ~ ii .-,i.-
combined produce They intend too, "
fund the whole twenty four hundred millions
Of bonds, notes, and greenbacks into new
long bonds exempt from all taxes state and
national, and give to national banks the
whole currency. AS they have not YET
been able to sell their five per cents. at par,
it is fair to figure results on as high an
interest as that for the whole debt, if funded
under their auspices. The result of this
policy, if carried out, would be to increase
BY four hundred millions the present interest
bearing debt BY converting greenbaeks into
bonds. The people, Notwithstanding the
reduction Of rate Of interest, will then have
to pay an aggregate of one hundred and
twenty millions Of gold interest instead
of one hundred and fifteen millions az
now. There's not much relief in that
Let us see what We will pay if the
debt be funded in forty-year five pei
cent. bonds. l think it will be admitted
after all we have borne Of war and
taxes, that this generation ought not to
do more than pay principal and interest
of fourteen hundred millions of the
bonds, leaving a thousand millions to
be paid, principal aud interest com
pounded, by our children. If that be
done, at the end of the 40 years the
amount zoe will have paid, compound
interest added, will be ten billions. OF
four times the present debt; and our
children will owe seven billions, two
hundred an1 ten millions or more than
three times the present debt.
DEMOCRATIC FINANCIAL NEW DEPARTURE
From this whole sy stem of finance,
past, present and to come, adopted and
proposed by the Republican party, the
Democracy OF Ohio announce a new
departure-One which will relieve the
people OF much Of their burden Of taxes;
leave no heritage of debt to Cypress
and enslave our children; and SO estab-
lish and regulate the currency as to
greatly reduce interest, and thus dis
tribute the net increase Of wealth fairly
between labor and all forms Of capital.
They propose that the general gov
eminent shall furnish all the money Of
the people, in an issue which shall be a
legal tender equally with coin for all
public and private debts whatsoever,
except where the contract expressly