The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1872-03-30

paid IN gold Tor what ne palu greehoaAs,iS
not only against equity, violative OF his
contract, but against Law. But the Bulle-
tin says that both the political parties OF
the country allege that national debts can
only be paid in the money Of nations, while
few people still assert that the national
debt NAV be paid in irredeemable paper
currency.
The writer If this paragraph should he
known The world would not willingly
drop his name from its remembrance.
What is money Of nations + If this
candidate for fame We're to travel beyond
the limits Of his own country, with his
pockets full Of twenty dollar gold pieces,
he would find he did not have the money
o. nations, whatever that might be. tie
would find his gold pieces worth 50 much
as commodity, as bullion, but the great
overpowerins American Eagle has failed to
make any other nation respect its image n
gold His gold dollar pieces are worth 50
much for the arts, or to be melted down to
reissue with the imprint Of some other ma
tons money. He could not buy British
consol or French rente with his gold
pieces, except for the value Of the gold as
bullion. He could be accommodated with
them lust AS easily if he had wheat or to-
bacco, or T. $. bonds 10 give in exchange.
To make and regulate money is power
inhering in the very nature of sovereignty.
Each independent nation makes and deter
mines its own money, but can give no valid
ity to its money, gold or paper, beyond its
territorial limits The material Of which
money is made is a matter exclusively for
the determination Of each nation for itself,
and the only question as to this material is
Of fitness and suitability. Money is legal
agent and common standard to which val
ues are referred.
We do not ask or expect the critics of the
financial principles Of the labor party to
understand the nature Of money, but it is
not unreasonable to expect them to know
that each nation has the sovereign power to
make its own money, that each civilized ma
ton does So, and therefore they, even,
ought to know enough not to talk of mo
ney Of nations" and like bosh. we pre-
sumo the Bulletin" understands by the
money Of nations gold. If both Of the
political parties II the country allege that
national debts can only be paid in the mo-
ney of nations. as the Bulletin" AYERS,
where js the proof Of II The National
Republican Convention that nominated
General Grant. declared the national debt
to he payable according to the spirit and
terms If the contract, and We have seen
that the Congressman who reported the
bill authorizing the issue of the 80 bonds,
and the Senate Finance Committee admit
ed that by the terms Of the law, there was
neither moral nor legal obligations to pay
them i'll gold that a distinguished Repub-
lican declared that payment in coin would
be such an outrage, that if construction
were put upon the Republican platform re-
quiring the bonds to be paid in gold. he
would not vote Tor General Grant.
The Republican party did not dare, in
1868, even with Gen. Grant as candidate,
with all the influence and patronage of the
government in their own hands. to declare
for the payment Of the national debt in
gold. The Republican State Convention u
Indiana resolved distinctly that the 90
bonds should be paid in greenbacks, and
the Republican party, in many other local
tiles. were equally emphatic in similar dec.
larations.
The National Democratic Convention,
which nominated Gov. Seymour for Presi
dent, declared. as unequivocally, for the
payment Of the 52O bonds in greenbacks,
and in the caucuses, in many parts of the
western States, the Republicans claimed
that their party was as determined to pay
the 80 bonds in greenbacks as the Demo
Gratis. All these facts are matters Of com.
mon notoriety, know to everybody but the
Johnstown Bulletin" The only fact
that appears to have reached that journal
is that Grant & Co, the corruptionists in
Congress, the gold gamblers and the bond
holders have been able to use the Republi-
can party to add fifty per cent. to the ma
tional debt, and iI it in perpetuity upon
the nation.
But another sort Of information has
reached the % Bulletin" 1t is that /" few
people still assert that our national debt
may be paid in irredeemable paper curren-
cy."
We confess that We do not know of any
body who asserts any such thing We know
the labor party does not. As between the
payment of the national debt in irredeem-
able paper currency, and the payment Of
the 500 bonds in gold, we would not make
choice both would violate the contract both
would be fraud, and we are not sure that
the attempt to do one wrong will not re-
suit in, if it does not justify the other.
The Labor Party neither contemplates,
proposes nor will allow " the national debt
to be paid in irredeemable paper currency. l"
1t proposes that Congress shall resume its
sovereign power to make and regulate
meney, which it has heretofore abdicated
in favor IF hankers and that IL shall fur-