The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-18


recorded, might as well take floating ship
rs the place of beginning Perhaps We
ought not to criticise Mr.. Boutwell, too Sc
verely, AS he has, no doubt, been misled
| by others rs many men, including mer-
chants bankers, congressman, and even
editors, have been taxing their busy brains
III the endeavor to search out navigable
| channel through the Attic regions az specie
payment resumption. The labor expended
the last SIX or seven years III this worse
/ than useless effort, including the eXamina-
tiSn into the probabilities and amounts OF
| shipments and r. shipments of gold, which
ought 10 concern no one beside the miners
and the metal or old Junk dealers, would
have rebuilt the districts in Chicago and
! Boston, which were devastated by the two
memorable conhagrations Of 1912, and
! filled thr warehouses with "A vastly larger
stock If valuable goods than Was consumed.
No uan can caudIdly examine thus sub
! Ie,t without coming to the conclusion that
! gold Is an article of merchandise which has
| been greatly oVerrated. and also that its
| value never has been and never can be
made uniform Let Congress assume the
| most uuN arrautCd dIctaturlal and arbitrary
! authority. IL vii not lack the power to nix
| the value thereof. IS the Constitution re
| JuIrus II shall dc with money. Congress
once attempted "a govern the price OF gold.
! The gold hiii which was approved June Ii,
] 1854. Was intended L. prevent speculative
sle' ii tins metal, but 1t only seemed ID
/ aggravatc the trouble, and Congress bccom-
Ing frightened. repealed the bill. July End,
or only IL days after il became a Law.
L.. IN l..
| ''cornercd much NOR, readily than stocks,
bonds. wheat, corn. pork, cotton, or other
articles, II which gamblu. sales for future
| delivery are made Of tins fact wr have
| abundant and costly evidence and II will
| be again proved, ana hat t. our sorrow,
If gold should unfortunately he rr-enthrvn
ed a. the only legal tender Of the country.
! We mihesltatingly predict, however, that
such a disaster will not he allowed t. fall
upon the nation. cur civilization Is to,
! far advanced a. admit VI such folly.
But admitting, q moment for the sake
II argument that such "A disaster As the re-
sumption Of specie payments, according &
the desires Of some, Is IN store for uS, what
can We hope for iu Me future ~ Illus
trate what n,ritt happen, let rs suppose
that MIR A Shpuid invite nine Of the
wealthiest men uf New York 70 dine with
him, and after they had met and partaken
Of his hospitality, he should say IL them
" have a grand scheme a. submit for your
consideration. II Is VI a confidential ma
ture, and | clam from you All that II shall
lie kept 10y each an myIoiable secret.
whether yuu concur ana cooperate With
me or not. After receiving positive rs
surlnce that 1t Viii to regarded and
faithfully maintained. MIR. 4 uufplds
his views O. the wealthy guests something
after TINS fashion ~ have carefully
considered the matter. and uni that
IAN control u Iuy ovu r-At. forty million
dollars aui | have gan,a~-rd y"ur midi
,lduai ability. and hl,r put q vi ten mIl
lions for II. twelve millions for &, twenty
millions fnr II. tta.. r-c.. lu ali aLLreEatm4
full, two hundred million dollars. a. the
amount which W. tvu men can control.
/ This being admitted. Ar then ADDS " My
SCHEME : based u-t.n the estimate II uuI
combined wealth tu~. submitted. ia the
correctness uf vL.-I y.u have cnHcurred.
1t IS "A 1act that tile great majority III the
people tAr.u- I-l' tAr country are blinded
"a their own interests and are determined
tp continue. a. III former times. the Use of
gold a. the basis II the currency Of the
country. notwithstanding that It always
has. and must continue ID work great
harm when thus used, especially o. the
middle and loser classes. Ii WIu. how
ever, work great pruut z. us. II ~ manage
properly
After encouraging .uG strengthening
tins hallncn.ati.L ar c.nilnues -' In
regard WI the rysuu. mon "; specie pay
ments. uy the use NJ the press IN reporting
certain movements = hl.H N- make ir the
s-eciaI purpose III hiding rUr real views
and .pera-IoiIs from tAe Fus-lr. / propose
that each one Of u proceed {,o,t,y t. sell
all our real estate and other property at
the present kiqh pf,.s. and purchase Gov
eminent securities. ami a.so make deposits,
judlciOusly distributed with the various
banks, bankers. trust companies and when
unobserved, occasionally take and perIna-
nently hold large amounts of certificates
u gold deposited With the Government.
The effect this would have on the people,
and the arguments that would be deduced
from the boarding N such Government
issues. would materially hasten resumption.
desire that We all meet secretly, as often
a. once in thirty days, IN order that each
Of Us may report progress. and decide as
70 minor operations, and consult AS to the
safety Of our deposits. | have come to
the conclusion that We can probably con
vert All our property into demand Obllga-
tions, as early as the summer Of 1874 and
ii We act Judiciously, We can give so much
assistance in the matter that specie pay
ments shall have been By that time re-
sumed. and our wealth shall also be, at the
same time, subject u immediate demand
IN gold, from the various Institutions IF
this and adjacent cities, including the
w. - Treasury. Then Will the time have
arrived for as % reap unprecedented haT-
vests VI wealth. a. wc Nv nat commence
tomoveuutIl Congress shall nave sllpurI'ed
IL vii ~ incapable w l,r-'tnT'tiv sfi,,r,ltn-s
any financial rrii-f whatever I should
propose THAT each one q "a. 'bfs June
ture, withdraw, In a. glct .nail Y A.
possible. say ten irr cent, 30 ash ami All
u our deposits ia banks 500 NIth bankvrs
every ten days, leaving the ~ithdrs~ I'M
pf the deposits wah the Government A.
the last turn II the screN Then, uIth our
money in hand, and Ianic press IRE
vaIiug, We could purchase nearly one
fourth Of the continent.
He concludes by saying This Is a
brief outline az the picture leave the
filling up for you I" tlnIsh ! am not equal
to the task The panIcs II 1885 and 1897,
when compared with the one We should
thus create, would be as tiny brooks com
pared with tire majestic Hudson The
field would be ours. and we could help
ourselves t. the spoIls without hIndralce.
What say you, gentlemen, Ia this PROPOSE
ton will you cooperate with me II you
WILL greater wealth than that Of Cresus
shall be YOURS
t. RE CONTINUED.