The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-08-26

bus speech that ''the financial condition Of
the country is the work of the Republican
party Tie stockholders Of 1,7OO national
OauNs' the bOndbolders the men whose
money aud securities have doubled through
currency contraction the stockholders Of
giant corporations, enriched and mauni6ed
ny tariff bountles and land Vrants-tbese
are, generally, leaders Of the party. and.
ike Jay Cooke regard these measures debt
and all, as National blessings" This i
natural. Why should they be discontented
aHd seek change of finance measures 2
They are now holding high festival. "Doth
the wild ass bray when be hath grass Or
loweth the OK over bis fodder %
But bow few are these men compared
with the great body Of patriotic citizens who
support the Republican party Ninety
nine hundredths of the people are interested
exactly alike On al these questions-almost
all the men IN actual business-almost every
man except those who do nothing but gather
interest on their own money Investments, or
hang On The favor Of heir party. And the
sense Of fair play is 80 strong with Amerl-
caH5 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 bs 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 or
bold it al its present volume until, by con
tractiou,it reaches par in gold. This involves
continued high interest, and continued
appropriation by the non-produoers, through
usury, of most of the net increase which all
the property in the country. and all the labor
combined produce They intend, too, to
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 il fair to figure results on as high an
interest as that for the whole debt, il 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 as
now. There's not much relief in that
Let US see what we will pay III the
debt be funded in fOrty-yesr FIVE per
cent. bonds. 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 10
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, viii be ten billions. or
four times the present neDt; and our
children will owe seven billions, two
hundred and ten milOns,or more than
three times the present debt.
DEMOCRATIC FINANCIAL NEW DEPARTURE.
From this whole o. 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 oppress
and enslave our children; and 80 estab-
lish and regulate the currency az 10
greatly reduce interest, aud thus dis
tribute the net increase OF wealth fairly
between labor and all forms OF capital.
| They propose ths, the general gov
ernment shall furnish all The money Of
The people, 10 an issue which Ehall be O
legal tender equally with coin for all
public and private debts whatsoever,
except where the contract expressly
calls for sperie; aud with II redeem tine
$40 bonus and, TO prevent an undue
expansion OF the currency, issue three
Der cent. bond which shall be exchange
able at par tor legal tenders at any time
and into which legal tenders may,at the
option of the b lders, at any time, be
converted.
It il not at all likely that the curren-
sy would fall so far below par in gold
that any bond would be redeemed in a
lees valuable currency than that the
government got for il. lfsuch instances
occur, the hardsip will not be great.
/ however. Take the bOndhOlders of
1864, who, according 70 Jay Cookies
tables.eave a little less than forty cents
in gold for their bonds; they have al
ready received slX per cent. on their in
vestment, and got the principal returned
to them, and still have the bonds. So
if the currency in which the bonds are
redeemed were TO fall to even TO 90
cents III gold on the dollar, which ia not
to be anticipated, these gentlemen will
not have suffered much by their self
sacrificing purchase Of the bonds at 40.
| know whole families who have suffer.
ed more by the war, and by the legal
tender act.
But there is no probability that this
policy will depreciate the currency at
all for any length of time. Our 5-2O's
have been below par in Europe; not
because Of lack Of faith in the resources
or stability of our government, but be-
cause it is well known the people re-
gard them as Justly payable in green>
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 10 take three per cent for
bonds bearing higher interest and
if we, ,in strict accordance with our con-
tract, make our debt easily suPPortabls
and therefore sure to be kindly borne,
our bonds will have q value denied 70
those compounded Of "rePudiation and
extortion."
CHARACTER AND EFFECT OF TUE NEW CUR
RENCY.