The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-04-06

which you had the kindness 20 publish me,
appears to have 10 far, called forth M ex-
preston of either praise or censure but |
am more than ever convinced that it is
better than any plan yet proposed. What
is therein proposed that il either impracti-
cable or unjust The credit Of the nation,
and the sovereign power to make money
and regulate its value,-wOrth billions Of
dollars-belongs To the whole people. 1t
is now in the hands Of few monopolists,
who are enriching themselves at the Peo-
pies expense. 1t is proposed that the peO-
pie shall take back into to their own keep
ing this sovereign power, now fOOlishly del
egated or lent, to these few monopolizer.
That they amend the Constitution, making
this currency not q legal tender-but
THE legal tender. That the security for its
permanency shall be all property to which
value attaches That the amount to be at
once issued shall be equal to half the aggre-
gate wealth of the nation that it may be
practically unlimited and therefore be-
yond the control of all possible combination
of men.
want the reader to clearly understand
that / propose q system under which gold
and silver ceases TO be alegAltender; and under
which its power has entirely ceased to dis
turb aud destroy our monetary system as
it has through the whole history Of the
past. Let it be coined and circulate on ita
own intrinsic value, and the consent Of the
people, but no longer be legal tender for
the payment of any debt except in the one
case specifically allowed, an interest money
20 long a. found convenient. The man
whose heart in 20 firmly welded TO the
worship of this golden idol, m to induce
him 10 reject this reasonable proposition,
can not comprehend the advanced step now
being taken by the most profound thinkers
on this subject who in spite of ignorance
and prejudice, viii yet banish the money
of the savage and institute the currency Of
civilization which will be permanent and
Just measure of value which in all that
money evsr can be,-because there
never can be an ABSOLUTE standard of value.
Let M then bring our minds TO view .
state Of things under which gold and silver
might cease to exist ~ circulating medium
within the bounds Of our nation under
which it may be boarded up by the miser,
or used to pay foreign balances Of trade !;
and its presence not be missed, or its alb
sence regretted.
The proposition In That the United
States print of this currency q sum equal
to one-half the aggregate wealth of the na-
ton. We viii estimate our aggregate
wealth TO be &4O, 600, OO0, 600 and the num-
Der Of inhabitants at 40, 600, 600, which will
give $500 per capita. II $50 per capita il
more than the wealthiest nation can use a.
q circulating medium, then this sum will
be ten times as much as can ever be used
and will therefore be practically unlimited
Ii the aggregate wealth increases at the
rate of 1-3 per cent. per annum, the Just
rate Of interest will be 5-6 per cent per
annum. The present rates of interest
averages ut least y per cent, and 60 per
cent. of the whole wealth Of the nation il
in the hands Of per cent. of the people,
i. Q. "a, OOO, OOO, 900. The amount which
they now receive as interest, OK rent on
their capital, at the unjust rate of 8 per
cent. per annum, in &2, 100, O00, 900. The
amount would be at the Just rate Of Sc
per cent per annum only 94OO, 600, 900.
This unjust rate of interest therefore steals
| from the producers and gives to the drones
the sum of 81 $50, 600, 900 annually.
The whole amount annually added to the
aggregate wealth is only 900, w, 900. 1t
therefore steals o. ,06O, 900, 900, more than
the annual savings Of the whole people,
and remains an lien on the labor, pro-
ducts and savings of the producers, for the
Shaaw a
vance. Ia not this system simply infamous
freely admit that there can be no con-
fict between capital and labor /; for capital
in the necessary product of labor and when
ever the produced becomes an auxiliary in
the production of more capital, but it
should be made to cooperate with labor on
equal terms and those equal terms are
Just one-hAlf of all that in produced. But
hope, and believe, that the Irrepressible
| Conflict between capitalists and producers
now commenced in the United States and
Europe viii never cease until the laborerl
are emancipated from the condition Of wa
ges' slaves. And they will only be eman.
cipated when they have emancipated theiI
minds from the false teachings Of those DO
htical economists who are the hirelings Of
combined wealth.
Y
COMPATIBILITY.
II will be readily conceded that q cur.
rency might be unlimited, and yet be per
mAnent and Just a. measure Of values, sc
long a. it continued 10 be convertible. I'm
der.the Peoples Monetary System it car
always be readily converted no matter
what the amount may be. Converted int
nonentity, going into circulation only
through the borrower, it ceases TO exist "a
money the moment he pays it back into the
Peoples County Bank. II the People,
County Bank contained enough TO load thu
clipper ship, it could have no influence on
trade for it only becomes money wher
paid to the borrower. Ii ID therefore thu
most thoroughly and effectually convertible
currency ever proposed
| PERMAMKMCY IN VALUE.
| Money In the measure OF values. Money
has no value, no matter what its material il
composed of except nm interest value.
The interest being l 6-6 per cent. and uni
form throughout the nation, this money
will have q uniform and permanent value.
| No one wOuld take lsas than hs gave for ID.
And mo one could gst more, whils practi-
cally unlimited supply wss always within