The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-05-27
THE vALLANDI0HAM REsOLU.
TONS

THE vALLANDIGHAM REsOLU.
TONS
Since wiring the foregoing article We have
read she resolutions adopted recently at Day
ton, Aippantly styled BY the politicians " The
New Democratic Departure" We have only to
say that, while most, if aot indeed all, of thoss
in relation to the management Of the public do
main and purely political questions meet our
hearty approval, those relating to money and
finance meet with our most unqualified con-
demnAtion. This is particularly trus of the
18th, which endorses she specie basis hereey,
which is she root and essence OF I'll the wrongs
the prod ucing classes are ssfssiAg. as well % Of
all monopoly. .l f.. 5a
Our readers will bear witness that We have
for years repeatedly said shat our opponents
would grant every demand of the working class.
ss except the power TO control the money, and
while the few retained this power they could
keep the many in state of dependence and
subsection. 1t is not against the use Of the 50
| called precious metals as money that we war,
| but against the SPECIE BASIS FALLAcY-agafnst
the delegation Of the sovereign power to make
money and regulate the value thereof to priv
legged class Of banking corporations, through
which, by means Of extortionate rates sf iaisr-
est and the expansion and contraction of the
currency, they enabled TO control the value
Of oil the property in the nation; to make every
other interest, however Important, subservient
! 20 their cupidity; 70 tar the producing classes
until they shall become as helpless al the Hy in
the SPIDER. web-to tax their manhood out OF
them. We have tried this cunningly devised
scheme for srobbing labor Of its just rewards
ever since the organic alton of the government
and the uniform result has been the oppression
aud degradation of labor. and the bankruptcy
the whole producing and enterprisiDg element
Of the nation once il every ten years
The workiDgmen have discovered that every
dollar of interest paid for the use Of money for
any purpose whatever is coined out Of their
sweat, and that this ID the thief that has been
stealing the products Of their labor and silently
but surely transferring them 70 the vaults Of the
backs and pockets of the usurers; that all be-
yond such Just rate as viii effect the equitable
distribution Of the products Of industry and en-
terprise between capital and labor is lsgalised
robbery, for the government il bound to insti-
tute money 30 that it shall distribute property
and products to labor and capital according to
the labor OF service performed in their produc-
tiou. The workingmen have also ascertained
from incontrovertible data that the increase in
the national wealth does not exceed three per
cent per annum, and they have made sufficient
Advancement in arithmetic 70 know that when
the rate OF interest on money equals or exceeds
the rate OF increase in the national wealth, the
effect is to give to capital the whole surplus
earning Of the combined products Of capital and
labor.
The producing clssses-or the payers Of inter-
est and taxes-haVe painful knowledge Of she
fact that The bankers, bondholders and money
lenders generally are receiving on their capital
at least three to fourfold the rate OF increase IN
the national wealth, and they have the intelh
gence TO know that while this state of things
continues they mnst remain she hewers Of wood
and drawers Of water. The politicians who can
conflict between capital and labor, no inequality
and injustice 10 our financial laws, or who have
no remedy to offer for the ection of existing
evils, must be woefully ignorant or faithless TO
every principle of justice aud honor, and un-
worthy Of the confidence or respect Of the
people, whom they propose to mislead and be-
tray In speaking Of " the capital of CONSOLE
dated wesIth, without which no country can
flourish" the author Of the resolutions IN
doubted!y refer red to the perpetustion Of the
national banking system and the payment Of the
whole Of the national debt in coin-for these
are the foundation Of all consolidated wealth
and that it was the privilege and right Of these
institutions to increase and consolidate their
wealth to the utmost extent authorized by law.
In speaking Of fair and honest means they could
men who see no injustice in the present
} monetary system and financial policy can have
no sense OF equity or natural justice.
We have the satisfaction Of informing these
, gentlemen aud all others who presume 80 much
on the ignorance and credulity of the people
that they greatly underrate the intelligence Of
the industrial classes on these questions, and
their disposition and determination to assert
! and maintain their natural rights to enjoy the
, fruits Of their labor and talents
What the producing classes are entitled to
what they demand and will have, despite the
wicked Vaccinations Of bankers, bondholders
!. and cunning politicians-is the payment Of the
national debt under and in strict conformity
with the laws under which it was originally CON
! tracted--and in no other way-and that while
We are to have any circulating medium other
than the so-called precious metals, it shall be
issued by the government directly TO the peo-
pie, and endowed with all the legal attributes
Of money, and not doled out to them through q
system Of selfish corporations
: After careful review Of the whole scope
and spirit Of the resolutions, SO far as they re-