The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-11-25

OorroW money 70 erect buildings thereon
There is no escape from these disastrous
alternatives under existing fiscal schemes
BY which the monopolists OF money arr
enabled to extort the present rates Of in.
| terest
Were the fiscal system advocated by
the labor reform party, in operation, Chi
cago could be rebuilt under such condi.
tons as not only to maintain its former
pre-eminence as the business centre Of
the mort west but its lot owners wou ID
be enabled 70 rebuild their burned build
ings and retain their property. The low
est estimate OF the amount necessary to
rebuild the city Is seventy-five millions
OF dollars. To add this amount 10 the
present valuations OF property and expect
the rentals to pay the interest thereon.
at present rates would be 70 transfer
Chicago to St. Louis and Milwaukee.
With money at three per cent interest.
which it would be under any inst svs.
tenn Of finance, the present lot owners
would be able to rebuild their buildings
This is apparent to the capitalists and
their hireliug press; and therefore the
plan which has been suggested of gov
eminent loan OF greenbacks is met by its
unmitigated scorn. The Times can find
no other word than "foop to express it,
contempt of any plan which will furnish
Cheap money to the lot owners The
Tribune does not want the government
10 enter into any such paltry business.
II is worthy Of notice, however that
neither OF these papers had a word of
condemnation Of the plan of a loan az
y :. bonds to the people, at Der
cent, 10 be manipulated and converted
INTO money by the brokers. In truth.
the Times advocated this method in an
editorial article
The Tribune thinks the government
ought not 10 loan its funds to the people
IN distress. All tavors Of this kind are
70 be exclusively kept for national banks
and railroad corporations
Think Of newspaper defending the
loan OF over three hundred millions of
dollars to the national bankers. and of
its credit to the amount of hundreds of
millions Of dollars TO tue railroad man.
ayers, but condemning in utter disgust
proposition to loan a tew millions to the
unfortunate people of Chicago. y
~ rs NOT vnar n uues NOT want Tie
government to engage in money broker.
age, but il wants this sort Of husine~
limited to corporations We also utterly
oppose all government brokerage, but we
say also that government SHOULD NOT
abdicate its solemn duty Of making money
to the money sharks Of this country, bat
should establish such system as viii
enable honest people to keep out Of the
clutches VI Wall street, to get money at
reasonable rates of interest. The Tribune
and Tines do not want to see Cbicago
abolished. and they perfectly know that
It cannot be rebuilt with money At ten
per cent interest, without great deprecia-
+! ton Of values.
They therefore tell the people who
own lots, but who have 10 money to reA
build, to sell them, sell them for wha,
they can get.
Do not stand in the way of the i'm.
provement of Chicago Mr.. Lot owner
Consider yourself wiped out Get on,
of the way and make room for some
man more fortunate than you, who has
money. He will give you a half or !
third Of the value Of your lot, and LEI
the buildings rise. In your future pow
erty and distress take comfort in the
thought that Chicago is rebuilt. If the
people of Chicago do not now demand
a system Of finance which will destro,
the money monopoly, reduce rates o
interest from ten to three per cent; /
they do not become labor reformers. q,
we suspect they will, then there was no
enough of manhood left in them 10 b,
developed with a respectable energy, BY
any event.