The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-12-28
WARRINGTON, Dee. "a, 1877.

WABHINGTOH, D0G. ~, Ibt1.
To the Editor Of the woEKISsHASs ABrOcAFA
Senator Cole, Of California, has intro
ducej bill to replace the United States
bank notes with greenbacks. IL requires
the Secretary Of the Treasury TO withdraw
from circulation all notes Of the national
banks coming into the custody u the
United States, and to issue In PlAcs thereof,
if necessary, an equal amount Ut the notes
Of the United States. And whenever and
a. often ~ the notes Of any one Of such ma
tional banks to amount Of $500 shall accu-
mulate in the treasury, and after thirty
days notice thereof to such banks, interest
shall cease and be suspended upon u 600
Of the United States banks deposited in the
treasury to the credit of suoh bank a S.
curity for its circulation, until such bank
shall redeem said bond by the payment of
$500 in current money into the Treasury Of
the United States.
This is the nearest approach to the fnAn-
ciAI policy Of the Labor Reform party that
have observed coming from . high Re
publican source. The question has often
been asked, and will continue TO be asked
until satisfactorily snswered-why the
business of the country cannot be- done
with greenbacks exclusively, instead of in
part with national bank notes IL mis-
take not, there il now about an equal
amount of each in circulatiOn-say, about
$3.50, DOC, 900, Dr. 500, 900, 900 alto gether.
There il eminent fitness in the government
supplying the circulating medium or
money Of the country, and no one else
should DO allowed To do IL. Whether the
money be gold, silver or notes, nothing less
than the supreme power in the land should
be permitted TO furnish il. But why should
the government furnish two kinda II money
of exactly the same value, like the green
backs and the Uuited States bank notes I
The presumption il altogether against pol
icy Of this kind, and the Loyscdi concIssson In,
that the one should give place to the other,
and that the one kind alone should issue.
The national bank men say that the banks
should supply the medium, willis Labor
Reformers allege with As much assurance
that the United States notes alone should
issue The bankers, Of course, would not
desire the monopoly Of supplying the cur
rency unless they were benefited by it,
and the simplest answer to the question
how are they benefited lis to say that by
the present banking arrangement they get
double, or nearly double interest on their
capital. They draw full interest on the
bonds which they deposit in the treasury
a. security, and they get interest ON tn,
notes that are furnished them by the gov
4 arntlent. These notes are furnished fq
WE vcry istrs ~ % lehding, and thus "
ting a aarssiiauon. So In Pi.in a ID.
! Eight chat the bank man are largely mt
e..tad In the bank note currency. But haF
IL II with she industrial classes Of Tie
tcvuntryi They are, Of course, iHteresed
7 in the other cost Of currency, that Isln
the greenback currency, for If the banking
business Of the country were tO be dOnsln
greenbacks alone, these three OF four hin
bred millions Of bonds, lying in the TEA
sury as security for bank notes, WOuldbe
converted into greenbacks by their ovI-
ers-the bankers and cedse 10 drdtr tHlT-
est, and in that way the interest bearingn
debtedness of the nation would be reduced
by that amount The people, thercfce,
are interested in greenback money, Ger
national bank money, to the eAtentof
nearly so, 900, 900 a year. In the cOFse
Of mans lifetime this will amount y AS
much as the present national debt, andls a
tax upon the poor for the benefit Of the
rich. 1t is a tribute extorted from tn la
Dor Of the country for capitalists, and be-
hoOves every Labor Reformer in the Gun
try to sustain Senator Cole in his lAu6sble
efforts to correct the abuse. A. NIX.