The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-01-27

ISL. Inc constitution of the Unite,
States has conferred, on the general govern
ment, the power to make Tor coin) money
and regulate its value and prohibited it {,
the States,
I'd. Congress has never exercised thi
power in the manner contemplated by tn,
constitution but in open violation of it
has continually delegated this delegated
power, to States, corporations and individ
uals.
WHAT Is MONEY
! Sd. Money is the measure Of values.
4th. Money itself has no value, and tn,
scarcity, or costliness Of the material o
which it is composed, does not add to II,
value as money.
9th. Its value is no more fixed by tn,
quantity or quality of its material, thar
the length of the yard, or the size Of the
bushel, is fixed by the quantity or quality
Of their wood.
9th. Money, as money, having no value
Is made to accumulate value by interest
Interest therefore gives to money all the
value which it possesses, and makes it more
or less desirable, as possession over other
property, as the rate Of interest is high OF
low.
7th. The rate Of interest therefore fixes
the value of money, aud not the material
Of which it is composed.
8th. Money, in the discharge of its
functions as a measure of values, must have
power TO represent the value which it meas
ures, during the time which it measures it,
and also during the same time to accumu-
late an equal value with the property which
it measures. A. having tract Of land
which increases in value at the rate Of 81
per cent per annum, which he exchanges
with b. for a measure Of value represent
ing 81, 900; being under the necessity Of
retaining this note in his possession for one
year, before he can exchange it for property
of equal value 1t being measure Of value
must also accumulate % per cent. per an
mum, TO truly represent the property which
it measures
9th. Money, to discharge its functions
Alright, Of measuring values, representing
values, and accumulating value by Interest,
equal with that which it measures, should
itself never fuctuate in that conventional
value given to it by law, constituting it the
representative Of values, and its value be
ing determined and fixed by the rate Of in
terest which it bears that rate Of Interest
should never he changed, and should b
uniform throughout the nation.
10th. The rate of interest should be de
termined by the rate Of increase Of all til,
property which it is required to measure
And if the tract Of land which A. exchang
| ed with b. for measure Of value repre-
senting 81, 900 increases at the rate Of 2
per cent. per annum, it should, with B.
labor, be made e accumulate 8 per cent
per annum and the note which A. receives
cooperating witt AS labor, shcald als
accumulate 8 per cent. per annum.
l1th. The rate Of increase Of all prop
erty, cooperating with labor, being found
one-half of that rate Of increase will be tn
Just rate Of interest.
! 18th. Because the rate per cent. Of in
terest which our measure Of values 10
money! bears, is that power which deter
mines what share capital and labor, coop
Grating in production, shall each receive.
18th. Capital and labor cooperating il
all production, contribute equally in tina
production, and are each entitled to al
equal share.
14th. The aggregate wealth Of tn
United States for the decade ending il
1870, having increased at the rate Of pc
cent. per annum the just rate Of interes
would be % per cent. per annum.
18th. Should the rate Of interest ol
money be per cent per annum, capital
when cooperating with labor, would absorl
all of their joint production, and labor
the only power which produces wealth, b,
robbed of all share in that which it pro
duces.
10th Labor is the creator Of al
wealth and is entitled to all which it ere
ates"
18th. Capital, in and Of itself, produces
nothing except when cooperating with la
Dor, and then only as an auxiliary or helper
and never as the direct creator Of wealth.
18th. The anomaly is therefore present
ed under an interest Of 8 per cent. pei
annum of labor, the creator Of capital beins
robbed by its creature Of all which it there
after creates-(it having created both the
first and last dollar of capital in the worldly
The creature becoming the oppressor of it.
creator and usurping the position of mas
ter, makes each subsequent robbery double
its power to hold its slave in more abject
and hopeless thraldom.
18th. Justice requires that this anomal
GUS condition be reversed, and that labor
the creator of capital, shall remain the
owner and master Of that which it alon,
creates.
10th. Money being the measure of value:
and the medium of exchanging and distrib
uting Gods bounties, which are unlimited
(or only limited by the extent Of man,
foresight and industry 50, therefore
should their medium of exchange (money
be practically unlimited in amount, OF only
limited by the business wants Of the peo
pie.
2lst. Money then with its rate Of inter
est is king potentate with absolut,
power. First, to determine what shar,
capital and labor cooperating shall eacl
receive Of their joint production, and t.
which each equally contributes. Secondly
to raise or lower the price Of all property
Thirdly, to repress, diminish and hinder
production when not sufficient in amount
or to stimulate and increase it when suf
ficiently abundant.
22d. The measure Of values should b,
founded on, and secured by, all the proper
ty in the nation. Not theoretically through
the contrivance Of bonds, but BY actually
mortgaging everything to which value at
taches as security for its permanency.
THE PROPOSITION.
23d. Note. / shall not here pretend /.
discuss the vexed question of whether con.
gress has the power to make paper money