The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-07-27

he over three hundred millions Of paper dol
lars IN clrcu.a in without specie covering
Every body can tell the result on his fingers.
The greenback would sink to the value Of -.
%. perhaps p cents, in proportion As gold
speculators, by their articles, should enhance
the price Of gold.
BY looking at the Treasury report it
VIII be seen that the Government collected
$3.50, coo, 600 last year, and ~ith a colec
ton of nearly million and quarter of
dollars per die u, if The legal tenders were
the only money receivable at the Treasury,
We imagine that with an actual circulation
Of only 500, 000, 900, and the railroadscol-
lecting between FIVE and six hundred mil
hons per annum, IL anybody should sell
their greenbacks less than their face value,
then the greatest fool and knave would
have certainly met always excepting Mr..
Herman Raster and the Grant iinanciers.
Any school boy can see, that SO far as this
point is concerned, the absolute demand
for money or currency to pay revenues and
freights with the present amount Of money,
and no more in circulation, there would
he something besides depreciation of money
to howl about 1t would be the want of
it for the legitimate purposes OF business as
AT present, that would dcpress every legit-
mat, enterprise and make money, shaving
more desirable. than honest. useful indus
try OF course there are other phases of
II this question, than these presented by
these quotations. and the answer given by
us. But sufficient has been shown 70 prove
To any rejecting mind, who understands
ANYTHING of the Laws Of a currency circula-
ton that Mr. Rastcrs specie redemption
theory is a gross humbug. That We Should
have financial pressure under Mr. Gree
ley proposition is very probable, but we
shall have it, and series " them without
it, 50 long as the specie redemption theory
prevails 1t is its legitimate fruit. For
the reason, that money is made to ex-
change products and services, and only
when the amount sold balances the amount
/ purchased will the account. between sell
ers and purchasers he balanced by paper
money. without any aid from specie. When,
therefore, money shall be issued for its
! legitimate purpose, that Of making exchang-
es between one portion Of the country and
another, and that fact is kept in view III
the issuing Of the money, leaving the for
eign trade to be settled upon the principle
that commodity only will pay for or balance
commodity at home and abroad, we shall
have an honest paper money. The paper
which represents these exchanges, II legltl-
mately and authoratively appropriated to
I the purpose of the exchange intended,
whether it be paper money or bills OF ex-
\ change, will always be at par, SO far as
/ they are made to represent actual exchang-
es. No panics will take place when paper
money is issued at its true cost, sufficient
! property, and services public and private,
! when the demand for The currency is cut
loose from the eutansling and destruc-
tive business policy Of supplying gold for
| foreign trade, or Of pretence to supply
commodities to make up for the gambling
speculations and importations which are
made upon this specie redemption, in place
Of legitimate exchange Of products The
whole system. is, III fact, an invention OF
the tinanceiers, not for the protection of the
public, but for themselves. To enable them
to convert their irredeenable trash into the
property and services Of the people, and by
the large discounts and interest the are
enabled TO do il, and this gold redemption
is an excuse to cover up the extortIye and
robbery thus committed. When Mr..
Herman Raster. therefore, has well digest
ed the crude answer above given, we viii
favor him with some further light upon
these financial questions, AM give him
some information how currency, is, in fact.
redeemed, and made par without any specie
Observation-Disclosures to back il