The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-06-08
THE OTHER SIDE.

their point. Ne wkpoct kS@ef1 steuPeuo
FROM this country to "merris England, the
free trade paradise Of industry.
II the object Of the editor had been to
convey to the minds Of his readers a cor
rect idea Of the relations of capital and
labor here and in England, he would have
compared the wages Of the English farm
hand to those of the same occupation with
us; but this is fair sample Of the argu-
ments employed by that portion of the
press devoted to the interest Of capital
against every movement ON the part of
those who labor for living to better their
condition, by securing q more equitable
division Of the joint productions Of labor
and capital.
The fallacy Of the comparison becomes
manifest when We consider that the wages
of farm-hands with US, when they board
themselves, is not over forty dollars per
month. and that they do not find employ
ment over ten months in the year-making
their yearly earnings four hundred dollars;
while at the wages named by the Journal,
the English Farmland earns one hundred
and fifty dollars. Now, the average rate
Of interest with Us i aAmuch as ten per
cent, and in EnglandsH is but three per
cent. The gross yearly earnings Of farm
hand with US are equal to the interest on
four thousand dollars at our rate, while the
annual wages OF the English serf will pay
the interest on four thousand five hundred
dollars at their rate 50 that the money
value of the ncmnally free American citi-
zen is only eight ninths that of the
English serf-!or such he practically is
The Labor Reformers look upo and
monopoly and extortionate rates OF nter-
classes are suffering; and the grand
central idea Of the movement in this conn
try is to preserve the public lands for those
who will occupy aid use them directly for
their own benefit, and indirectly for the
good of society, and to establish Just
standard of distribution to capital and
labor.
They propose 70 effect these reforms,
1st-By prohibiting the donation to cor
porations or sale to individuals, for specu-
lative purposes, Of another acre Of the pub
4 lie domain. 2nd-To establish an equitable
standard of distribution to capital and
labor, by providing purely national cir
culating medium, based on the faith and
resources Of the nation; issued directly to
! the people, without the Intervention of any
banking system made legal tender in
the payment of all debts, public and pri-
vate-except that portion Of the national
debt which is by express law made payable
in gold-and interchangeable at the option
of the holder into government bonds bear
ing three per cent. interest, or such rate as
may be found necessary to make an equi-
table division of the joint productions
and enterprise.
/ We claim that the system is In harmony
with the theory Of the government-sov-
ereignty in the people-and, with a few
wise restrictions, will furnish circulating
medium with the fiexibility necessary to
adapt it to the demands Of industry and
commerce, and at the same time establish
an equitable and uniform standard Of dis
tribution to capital and labor; that, while
saving to the ax-payers the interest now
paid to the bankers on the bonds deposited
to secure the redemption of their circu-
lating notes Qess the ten per cent. paid ON
their outstanding circuiation), it will fur
nlsh the people with a currency in ali
respects better than that now doled out
through the national banks, or than we
ever had or ever can have, under the spe-
che basls fAllAcy. We say fallacy, because
every boy Of ten years and sane mind
knows that when the banks are authorized
to issue four dollars Of currency for each
dollar Of coin Ia their vaults, that three out
Of every four dollars of such currency is
represented by the notes Of individuals,
discounted by the banks-if, indeed, it is
represented by anything at alias has
been the case with the most Of the systems
Of this kind we have heretofore had.
We further claim that it will establish q
uniform standard Of distribution to capital
and labor. Ii money should become scarce
and the rate Of interest in legitimate bust
meas rise materially above that paid OH the
government securities, the bonds would be
exchanged for legal tenders, or lawful
money. On the contrary, should the circu-
lation become too abundant and the rate oil
interest in business fall to or below the rate
paid by the government, the money would
be converted into bonds to the extent
necessary to restore the proper equilibrium.
Thus Ne should have Q uniform standard Of
distribution to capital and labor, which we
insist 10 the most important function of
money. If the rate OF interest ON the gov
eminent bonds should be fixed at three per
cent, the rate i'm safe business transactions
you'd probably range from 81 to per
cent, which ia beyond the average rate of
increase in the national wealth; and when |
capital co-operates with labor, even at this