The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-01-21

currency are the most enterprising,
prosperous and prOgressive-that the
contraction of money and the contrsc-
ton Of power have always gone hand
in hsnd-that England keeps mo-
ney abundant and cheap, that her
people may compete successful y
witt all other nations-that Just
in proportion as we have reduced
our currency have we parlysed bu-
siness, and that there is no rem
edy for US but the one which we ad-
vocate. He says most truly "what we
want is more money to relieve the peo-
pie as we'll as the manufacturers, and
less tariff to release the people hence
| assert that with more money and less
tariff, a new era Of prosperity would
dawn upon US. Put the provisions Of
this bill into operation, and then labor
will be III active demand over the en-
tire length and breadth Of the Repub-
lie, and at fair aud satisfactory wages.
Old enterprises that are now languish-
ing and Improbable, would revive and
yield a fair profit; new enterprises
would be inaugurated, and eur products
and our wealth would be soon doubled.
The weight of taxation would hardly
be felt,and we then could pay our taxes
OSt Of oar profits now we are com
PEELED to pay them out of our capital
In voting for this bill you vote
for cheap money. which is essential to
the prosperity of our country; you
vote that labor shall be in demand, and
that the laborer shall be better paid /;
you vote that the mechanic and the
farmer shall obtain remunerative prices
! SEE sor me s,y products q thN'S labor; yos
vote tur making the payment of the
public debt matter Of speedy and
easy accomplishment; and finally, you
vote that the people shall be prosperous,
contented and happy, and that the Re
public shall maintain its faith and
honor"
Besides the evils Of contracted cur
rency have become SO vast and threat
ening that capital itself has caught the
alarm, lest it shall suffer in the general
disaster and inevitable overthrow, and
the recoil come back with deadly
force on itself They see that by raising
rents too high nobody can pay them
that they ask so much for their m ney
nobody can hire it-that in word,
they are killing the goose that lays the
golden egg.
These evils have been exposed with
much zeal and ability, and the remedy
clearly pointed out by Mr.. Wallace P.
Groom, the gifted editor Of the New
Y ork Mercantile Journal, who months
ago uttered the following words which
MIR. IngersOl says ought to be commit
ted to memory by every man in this
country as a financial axiom: ain the
interchangeabihty lat the option of the
hOlder) Of national paper money with
Government bonds bearing fixed rate
of interest, there is a subtle principle
that will regulate the movements of f.
nance and commerce as accurately as the
motion Of the steam engine is regulated b.
its governor" Mr.. Groom laid the plan
before many Of the leading bankers,
bank officers, merchants of New York.
representing some two hundred million
dollars, and by common consent they |
signed the following petition, which
was duly (but in vain) sent to the Sec
retarY.
To he Hon. George S. Boutwell,, Secretary OF
the q. S Treasury.
In view Of the fact that there is no opportu-
nity offered to the public, at the present time.
for converting the Don-interest bearing prom
ises of the Government into its interest bearing
"bigations, except by purchasing g. S. bonds
on the open market at ! premium:
The undersigned respectfully request the
Honorable Secretary to submit for the cOnsid-
erstion Of the present Congress, plan for tn
redemption or conversion of the present Legal
Tender Notes. 10y Issuing therefor (at the option
OF the Lolder) bonds. Of he denomination of
me thousa,d dollars and is multiple, to be
made payable on demsrd il the said Legal
Tender Notes which shall be held for the pur-
Duse OF such Tt-cOnversOu the bonds to bear
interest az the rate Of 'hree and sixIy-fve one
hu' dred,hs 10 s. .O0) per cen. per annum.
Aud also that permission be granted to the
National Banks to CONT said bonds in the re-
serve required to be kept by law.
This shows that capitalists are learn
ing at last that capital is not in the ma
ture Of things hostile to labor-that
they are mutually dependent on each
other-and that money and work must
strike hands in effecting this vital re-
reform. Mr.. Groom adds:
I'VE do not believe that the continuation of
the National Banks is desirable, or even justi-
f BILE. still 50 long as they are allowed to exist
and arc compelled to hold legal tender re-
serve, it is quite proper that it should bear IN.
tere1t al indicated in the above quoted petition
The nam point sought to be es ablished by the :
adoption Of the above plan Of redemption is
that Of interchange bility in oTd-r thereby to !
demonstrate the peculiar advantages that must +
q necessity accrue to the commercial and in
dustrial interests of the country, through a 4
lni ormly steady money market, =. N 5derateIy !,
oW rates p interest, which Iu!d result there
from. $