New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-01
FINANCIAL HERESIES,

Mr.. John Magwir7, who signs himself ''lIx-
ecutive of the Rational Labor Reform
party for the State Of Missouri" has re-
Gently adlresse,. :. letter to Presiden. Grant,
and obtained its publication in Woodruff,
Clattin & Co g Weekly. The latter firm, it
viii be remembered, are the Wall street fe-
male brokers, and the senior partner, Miss
Victoria c. Woodhull, announced herself as
q candidate for Grants office in 1872. We
reproduce the letter of Executive Ma
gwirc,' as a sample of the crude financial
notions that frequently fnd their way into
print:
ST. LOUIS, Mo-, February s. 1871.
To his ENcellency u. $. Grant, President OF the
United States
SIR-On the tenth day of February, 1869,
the then President OF the National Labor
Union organization, William II. Sylvis
made a written request that before yon
delivered your inaugural as chief magistrate
of the nation, the princi Piles and objects OF
the National Labor Reform party be laid
before YOU; and accordingly, on the seven
teenth February OF that year, letter was
placed in your hands briefly stating some Of
the evils the producing classes complain OF,
tHt tuC'S nave W LII
producing the amount necessary to be
handed over to those who hold the bonds Of
the United States and collect by taxation a
sc,ni-annual interest, and in addition thereto
are obliged to pay rate OF interest for the
use of money necessary to transact the busi-
ness which al~orbs all its profits. In that
letter the mode was pointed out whereby
the debt could be liquidated, and the nation
not only relieved from the heavy burdens of
taxation 10 pay interest, but furnished with
4 sufficient amount Of lawful American
money to carry on their business at as low
rate OF interest as is paid in Europe.
The principles of the National Labor Re
form party are comprised in two PROPOSE
tions, namely: the soil and the cufseucy-a
sutticiency Of the former to every citizen, as
his right, to save him from being a pauper;
and sufficiency Of the currency, issued on
the security Of his wealth, to every citizen
needing it, without cost, to enable him to
transact his business without the bufthcn
Of uSury.
herewith have the honor to inciose to
You an address delivered in the city of St.
Louis. in 1870. indicatory of these views,
which respectfully suggest as being incon-
trover:ible. Your Excellency has in your
late message to the Congress fully vindi-
Gated one OF these great principles namely:
the land questions: and If, daring the term
ot' office, yo,, shall have rendered no other
service to your country than this signal
one, You will nevertheless have established
your reputation as national benefactOr.
You have correctly stated that the granting
Of the public lands to corporations is un-
constitutional, and herein you have eX-
celle.l in public service any of your prede-
cessors. Upon the other lnOmentous ques-
ton, l have the honor to make you the fol
lowing suggestions, which. If correct, mex
orably demand that you withhold your ap-
proval Of the funding bill lately enacted by
the Congress.
The scheme of funding debt due by a
nation is essentially mOnarchical-one OF
those resorts to which that form of govern
meut has recourse in order to enhance the
interests of its arlstocracy, mOneyed, cone
mercial or landed. at the expense of the
great body OF people; and very speciOus
fern Of tyranny it is-outwardiy fair, but
subtle and undermining. How easy to ex-
claim: The debt is as much as all its sub
stance is worth, and the nation will there
fore be compelled to bequeath the payment
of at least a portion of the debt to posterity
who will reap the advantage of the occa
sion which created it equally with ourselves.
in the same manner as if one of its citizens
owed an amount equal to his property. and
therefore Graves time to pay his obligations.
Ii an individual is indebted to an amount
more than he can pay, he is insO!vent; and
so of a community OF individuals called a
nation or a people.
There is herein an essential difference.
however, between an individual! and com
munity: the one may become bankrupt,
even though his affairs are guided with pru
dence and ecOnOmy-G people can 1terer
reach that condition except through the in
auguratiOn OF uSury or Interest, the pay
ment whereof is made the pretense of pre-
serving their credit by funding their indebt-
ednesS. The true funding bill for the
American debt is to issue a national cur
rency equal to the amount due in currency
the outset of the debt would have been to
issue national currency in lieu of borrowing
from the citizens currency which was only
local; and to pay the gold debt, issue the
national currency to an amount equal to
the purchase of it's gold commodity when
due, just AS you buy cotton, corn, hemp, to-
hacco. houses and lands with the national
issue now.
But men fare up and say, What! do as
the French did with their assignats and
Americans with their continental paper;
issue money that is not redeemablc in gold
and silver until it becomes not worth the
paper it is made of? If the American people
issue no more currency than is needed to
pay the debt. they will want every dollar of
it TO transact their commerce with there
will be no depreciation of its value, but it
vii! necessarily close and arind up the issue to
national banks, which they dolc out to the
commercial vcnts of the country at a dis
connt that eats Out the heart of the enterprise
and i1dusty of the nation. Here is the
stumbling block and here is the difficulty:
it IS the usurcrs that seek to beguile the peo-
pie and raise an outcry against a system
lhat is pure and practical, and above all.
honest
If President Grant will veto the atrocious
funding bill, which imposes upon the people
a burden for the benefit Of our noneyed
aristoeracg, they must in time bend and
fall under he will effect what President
jackson aimed at and only temporarily ac-
complished, viz: the overthrow Of the only
enemy of American institutions, to wit: the
consuming and subtle system Of uSuiy es-
tabiishcd on Il grade in this republic so
high as would overthrow any monarchy in
old Europe. JOHN MAGWIRE,
Executive of the National Labor Reform
party for the State Of Missouri
San Francisco has eight fire and marine
insurance companies. with an aggregate
capital Of $4, l33.G00 and surplus OF s. ,2O3,-
lib. The net cash premiums received last