The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-06-22
AGAINST WHAT TO STRIFE.

We have already indicated, in two pre-
vious articles, against what the labor re-
formers should strike, and have pointed
out the true cause, in our judgment, of
the chief, if not the only evils, OF which
they complain. They complain Of made
quate compensation for their labor, and
ask for an abridgement Of the labsr-hours
that they may make up for this inadequacy
in other and more congenial pursuits and
recreations- conceding that the pay they
have heretofore received for ten hours
work is a just and fair equivalent for eight
hours. a..-....,--. go r...#
70 this demand of the employees the
employers reply, that to yield to these de-
man1s would be the utter ruin and pros
tration of their business, and that they
might as well go into bankruptcy at once
as to accede to system of labor-wages
which could only result in pecuniary losses
from the start. There is no doubt but
that this position of the employers is a
correct one--in fact, most of them have
shown it to be demonstrably correct by
facts and figures arrayed against their
respective branches of business.
We have shown that the remedy for the
grievances under which both parties COM
plain, would be found in cheaper and less
expensive currency-in other words, in
reducing the exorbitant demands of capital
to which both parties are now subjected.
We have the cheapest and most inexpensive
currency, to the government, in the world
one that costs absolutely nothing but paper
and printers ink to produce it. And yet,
to the people--to the laboring and producing
dlsses--it is the most expensive currency
in the world. There is not a national bank
note printed which does not instantly levy
a tax of from twelve TO sixteen per cent. on
every labor-ndustry Of the country and
this tax is to be paid in advance Of any
dividend upon labor. And where the
necessities of this industry extend to the
use of gold, there is an additional tax Of
from twelve to fifteen per cent, to be added
to the above. Against such tax-burden
as this no possible industry can thrive, and
no labor hold up an independent head.
We have also shown that il the govern
ment were to reduce the currency interest
to rate of three and sixty-fiye one hum
dredths per cent, the national banks would
still realize full ten per cent. profit on
every dollar Of capital invested by them
and that this, added to their exchange
profits and such additional profits as come
from doubling up on short loans, would
swell their aggregate receipts to not less
than twelve or fifteen per cent. per
annum.
To the objection that it is not in the
power Of the government to make this re-
duction in the rate per cent.-that, to To-
calize the currency and give stability and
uniformity to its value, it must be left ID
hc. fired taacs Of trade--we reply that the
governments of the world have uniformly
gone upon the principle of restricting the
rate Of interest, and that the most thriving
commercial periods in their history have
been those when small rate was legally
fixed upon for the use of money. One of
the great grievances against the administra-
ton Of the First Charles of England,
which resulted in the loss of his head, was