The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-03-23

BostoN, March IL, 1874.
10 the Editor Of the woExIEsHks's Apvocazs.
One of the inscriptions Of the standards
ut the last mass meeting Of the Imterna-
tionals, ON Tompkin's Square, in New
York, was Interest on Money in Feed
ing the Rich Beggars."
At Last Labor il coming to the con-
sciOusness to recognize the thief who
steals his deserts
Behold, poor laborer, iving in the
backyard house, behind the heh MANS
magnificent horse stable, with your family
in . damp, unhealthy lodging, without the
means Of buying wood and coal in this in
clement winter, do you know where are
thy despoilersl Then, hear The majority
of them are sitting in the highest LegislA-
ture and the lobby, and spend their time
in discussing schemes how to continuo and
increase their power Of spoliation. Thsy
despise to talk about . similar question,
like: " Higher interest for money as it's
cost ID fraud"
There in thu solution Of the social prob
lem in . nutshell BY the ipstitutioa Of
the financial system Of tho National La
Dor Party, al innocent poverty will be
abolished by gradual diminution Of inter
est on money lent ut its cost.
The use of precious metals for material
for money created the wrong idea that
they were representing the true standard
Of values for our exchanges. The abuses
in gold speculation, in which our highest
magistrate had once 20 compromise In q
suspicious manner, are showing too EVIL
IDENTIFY that the gold standard il q fallacy
The scarcity of 1t makes it UNFIT Cor \ true
measure of labor. Money in q measure Of
our labor ~ the yardstick in 10 measure
cotton cloth with. How langhable il
would be if government would charge SAX
per esnt. legal interest on every yardstick
or other measure we use. Labor has to
look out that that measure in Of the right
length; our despoilers never would. The
sef-ssyled independent press even viii not,
from prejudice or partizanship We cannot
tell The Boston Herald refused the in
sertion Of the following communication
from me
'Bosr0N, March ii, 1872.
"Mr. Editor find in your issue Of
March 9th leader headed "A Rotten
PIank-the Labor Platform against
which have few words TO say for the
benefit Of my working brethren. 1t il Of
no small importance to workingmen to see
in so widely distributed q paper a the
Herald q direct condemnation of one Of
the principal plAnks in their platform.
This plank is the most important one OF
the whole, because it solves the Social
Problem without convulsion, except that
it in little inconvenient TO the capitalist,
and that in the reason why the public
=. =
turn and twist it around i'm order to make
it incomprehensible TO the unsuspecting
mind.
The said leader reads There must
be some standard of value for any cur
rency, and it can not be of any more value
than an india rubber yardstick.' Nov. ask
any unprejudiced mind, what can be bet
ter standard of value for q currency than
labor That is just the rOttenness Of
our plank, that II makes labor the stan
dard of value instead Of precious metals.
which did serve until to-day to draw mil
lions from the sweat Of the lAboring people
to accumulate them in the hands Of q few.
Proof Compare the following quail
ties Of material for q true measure Of
values an q means Of exchange:
1. 1t must be unlimited by scarcity
precious metals are hmited-paper is not.
q IL must be easy for transportation,
precious metals are not-paper is.
5. Il must be cheap; precious metals
are not /; paper is.
In conclusion copy from the plat
form Of the New York Mercantile Journal
Association We hold that in the inter
changabiity lat the option of the holder
of National paper money with government
bonds, bearing q fixed rate of interest,
there is subtle principle that will regu.
late the movements of finance and com.
merce a. accurately ~ the motion Of the
steam-engine in regulated by its gov
ernor which proves money tokens would
be much nearer perfect measure Of valu,
than gold and silver ever have been OF
ever can be-" Respectfully,
o. A. PETERSEN.