The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-08-26
attkinatu.,H'9 A@a'ac'tt.
CHICAGO, AUG. 20, 1871.


10th II and the bonds value as stable
ns that of the Consols Of Great Britain.
'Tbis quality being obtained 1T will be Of
no more importauce,s so far as the adapta-
bility If the currency TO all the uses Of
The npople goes, whether a dollar Of 1t
will buy exactly a dollar Of gold, than
whether it will buy exactly bushel of
wheat. Gold will remain, as now, a
mere article Of commerce and OF no
more influence on commerce than any
other article, except as II Is the meas
ure of values in about half the countries
with which we trade. If the American
measure of value, the paper dollar, land
the English, the pound, keep about even
proror:ion to each other, as 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 o.
length ave not the same as hers. And
if our legal tenders, and the English
pounds, should vary in proportion 70
each other, such fluctuations affect
chiefly our foreign trade which is not
one ifticth part As grea, as our home
trade. But it we had currency, re-
deemablt in specie, as the Republicans
propose, it you'd be necessarily expand
ing and co, tracling, not because of the
fluctuations f the business 1t is used
TO transact, tut because Of the export OF
our golf ID settle adverse balances OF
our foreign trade The whole super
structure of domestic business would
thus be necessarily racked by move
ments Of it. foundation.
(3) 1t will he all elastic currency
contracting and expanding to fit the
tluctuating demands of trade. At sea
sons when large amounts are needed
bonds will be converted into currency
to meet the demand-aud as that falls
off, the surplus will be re-converted into
bonds. 1t will always BE- sufficient, rev
Ell excessive.
(4) 1t will establish a moderate and
nearly uniform rate Of interest. AS
much will be ISSUED at once a. will COM
mand investments preferable on the
whole TO government three per cents
II will thus establish the average rates
paid by business men at about five per
cent. instead of nine, as now. Once
established, these rates will be cOmpar-
lively uniform, because, az they tend 70
rise, more currency will be issued, and
as they tend to fall, more will be
exchanged for bonds
"a. Let Us see tile effect Of this pol.
icy fl lcsseniug the burden Of The debt
Assuming that II will take one billion
of currency to reduce interest AMI
meet present demands of trade, tn"
people will then pay forty-two millions
Of dollars interest, instead Of one hun
dred and thirty millions in currency
as now. The currency will increase
probably in equal ratio with the popu-
lation-say p per cent.-twcnty-hv
millions OF dollars the first year. 1.-THE
people pay the interest Of the bonds
and apply tie 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 ofthe bonds,
the whole burden Of the debt will be
less the first year than the burden OF
the present National Bank subsidy
alone, and tins increase Of the currency
to keep place with increasing popula-
ton Will, in few years, pay all the in.
terest, and gradually extinguish the
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