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

backs, and that our necks are not yet
callous enough to bear whatever yoke
our agents put on us. The credit Of
Great Britain rose when she compelled
her creditors to take three per cent for
bonds bearing higher interest and
if we,i strict accordance with our con-
tract, make our debt easily suPportaDls
and therefore sure to be kindly borne,
our bonds will have . value denied to
those compounded of ''repudistion and
extortion."
CHARACTER AND EFFECT OF THE NEW CUE
The effect of this system, when the
outstanding notes and bords are all
converted by purchase or payment into
the three per cent legal tenders, will Dc /:
lst To give US q currency superior
to anv we ever had in these important
particulars -
ID 1t will be legal tender for all
purposes whatsoever. twill pay every
debt, tax, and impost, buy every COM
modify, and rule every money transac-
ton, with the power Of gold.
(2.) It will be stGbse currency. It's
constant convertibllity into bonds bear
ing q fixed rate Of interest will give
both it and the bonds value as stable
as that Of the Consols Of Great Britain.
This quality being obtained it will be Of
no more importance,so far as the adapta-
bility of the currency to all the uses Of
the people goes, whether dollar Of 1t
will buy exactly q dollar of gold, than
whether it will buy exactly q bushel OF
wheat. Gold will remain. as now, Q
mere article Of commerce and OF no
more influence on commerce than sny
other article, except as it is the meas
ure of values in about half the countries
with which we trade. If the American
measure of value, the paper dollar, and
the English, the pound, keep about even
proportion to each other, ss they do
now. our foreign trade will not be IN.
iuriously affected by the fact that the
measures are not the same-any more
than our trade with France in silks is
affected by the fact that our measures 0;
LENGTH are not the same as hers. And
f our legal tenders, and the English
pounds, should vary in proportion to
Zach other, euch fluctuations affect
chiefly our foreign trade which is not
one iftieth part az great as our home
trade. But if we had q currency, rer
deemable in specie, as the Republicans
propose it would be necessarily expand
ing and contracting, not because OF the
fluctuations Of the business 1t is used
to transact, but because of the export Of
our gold TO settle adverse balances OF
our foreign trade The whole super
structure of domestic business would
thus be necessarily racked by move
ments of its foundation.
(3.) 1t will be an elastic currency
contracting and expanding to fit the
fuctuating demands of trade. At sea
sons when large amounts are needed,
bonds will be converted into currency
to meet the demand-and as that falls
off, the surplus will be reconverted into
bonds. 1t will always be sufficient, new
er excessive.
"a 1t will establish moderate and
nearly uniform rate of interest. Al
much will be issued at once rs will com
mand investments preferable on the
whole to government three per cents
1t will thus establish the average rates
paid by business men at about FIVE pei
cent. instead of nine, as now. Once
established, these rates will be compar-
lively uniform, because, as they tend tC
rise, more GU rency will be issued, and
- tat Tend o "a re viii o.
eycf AZ ged or rouas.
4ts. E4eE w So =. -l,-- ri fhis 7.
icv u iessening TIE or-1e III Ee deot-
Assuming that it will take one billion
Of currency to reduce interest and
meet present demands of trade, the
people will then pay forty-two millions
Of dollars interest, instead of one hun
dred and thirty millions Gn currency
as now. The currency will increase
probably in equal ratio with the popu-
lation-say q per cent.-twenty-6ve
millions Of dollars the first year. Ifthe
people pay the interest of the bonds
and apply the yearly growth Of curren-
cy to extinguish the principal, the whole
debt will be paid in about thirty years.
Or if they apply the natural growth Of
the currency to the interest Of the bonds,
the whole burden Of the debt will be
less the first year than the burden OF
the present National Bank subsidy
alone, and this increase Of the currency
to keep place with increasing pOpuls-
ton will, in few years, pay all the in
terest, and gradually extinguisb the
principal.
But we will be told the legal tenders
will be debt outstanding when all the
bonds are paid. They will be no debt,
in any proper sense of the word. The
government will be bound then to do,
what it always has been bound to do,
but has never done-furnish the people
all their money, the messurer, exchang-
er and distributor of all their values,
1t will be necessary to keep up the per
capita circulation, and maintain its sta
bility and elasticity by some suitable
means. The people will have got good
money stable. elastic, establishing low
and uniform interest, and thus promot-
ing happiness and industry by distribu
ting equitably the increase Of the land
between capital and labor. The curse
If the debt will thus turn to blessing
by teaching us how to escape the usury
which has robbed and degraded the
masses Of all nations from Israel to
Great Britain.
My remarks, fellow citizens are al
ready so protrscted that | have time
only to glance at two topics on which |
would be glad to speak at large-the
tariff and the land grant policies Of the
Republican and the Democratic parties
THE TARIFF.