The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-11-29
FROM CALIFORNIA.

San Francisco, November rs 1873.
To the Editor Of the woRkSsxaS's ADVOCATE
The period has already come for every
one who has made our money system
study, to contribute his mite IT, proper
understanding Of this money question.
As you say in your leader of the LIST inst,
the National Bank system, that was 10
save us from being pIundered by wildcat
banks, has also resulted in panic and rum
to the working classes, for the want 81 en-
ployment. How has this been brought
about, at time when, as the venerable
patron of the Albany regency writes to
the New York Tribune, our warehouses
are groaning beneath the weight Of the
produce with which they are laden Star
walton in the midst Of plenty, and the la
borers, who have produced all this, must
90 hungry.
If there is any doubt that our govern
ment is being run in the interest of Shy
locks and gamblers, (robbers might have
come nearer the mark for those who are
respectfully designated as bankers and
speculators), let us go back for year
When the West clamored for currency to
move their crops to market. Mr.. Boutwell,
issued five millions Of the reserve fund of
greenbacks and broke up the currency cor
ner, or there would more than likely have
been a panic then. The first act Of the
Senate the obsequious tools Of the mo
ey-lenders (see Thad Stevens speech
the House upon the final passage Of T.
legal-tender, after the meeting Of Coz
gress, was to arraign the Secretary befor
the Finance Committee Of that body. a
private arrangement was doubtless mad.
that Mr.. b. should 60 out to lei more
pliable tool in and, lest the Secretary
should appeal to the people for justtica-
ton a seat in that AUGUST BODY was
given him as a sop.
But the panic has come upon US now, on
the eve of a hard winter to thousands of
poor workingmen and women, no matter
how mild the weather may be, and with
that we have to deal We must expose
the mOdits operandi IF money system
that condemns the laboring masses to star
walton and want right IN the sight of ware
houses filled with grain which their labor
has produced
Let us remember that. in 1887, the
banks refused to pay specie. Now they
refuse to pay greenbacks, ~ which there
are four hundred millions in circulation.
What has become Of them Why does
the Secretary Of the Treasury refuse to
issue any of the reserve fund of green
backs In the form er panics, specie was
locked up, and now it is the greenbacks.
Wh,t g. Tho h. u-,a,l1 fat,, A
us believe that the people get timid and
hoard. These representations are false
1t is the money-lenders that hoard, and
where they get to ! per cent. for.loans
from Saturday over until Monday. as was
lately done III New York. the motive is
clearly apparent.
These are the harvests Of the money
sharks, who feast from the wrecks that are
strewn along the shore, and they are able
e. do this because they have cornered the
greenbacks- and if they don't own the
national treasury, they own those who
control it.
Our warehouses are slowed with grain,
and The cotton crop coming into marke'
soon Shipments cease because there is
no sale for exchange. Let me explain this
to the uninitiated When a bill Of lading
is taken for produce. and the value covered
by insurance, it is customary for the ship
per 10 draw bills for nearly the market
value Of the grain. These bills are bought
by those who have debts to pay on the
continent Of Europe. These bills could not
be bought, for there was no money to buy
them wi,h-the bankers had all the money
locked up. And il We again ask what for,
the inevitable conclusion is, that it was
done 10 depreciate the value of produce,
and every hing else. and enable those who
bold all the noney To- buy IT in at their
own price What matters IL to them how
many millions s,Arve, While they are stop
ping the wheels If trade aud commerce to
enable them " MAKE money, as they
call it,
This is what happened IN 1885,. Cargoes
Of imported staples. coffee. sugar and mo
lascts. were sold in New York for less
money than they cost in the places where
they were grown and manufactured.
This is what happens in a country where
its government Is run III the interest and
for the benefit of corrupt rings, at the ex-
pepse or Ihe great mass of the people
What, let us inquire, Is the remedy for
this LET THE GOVERNMENT IS
SUE THE NATIONAL CT RRENCY d.
RECTLY To THE PEOPLE, as the La
Dor Reformers contend, and abate the
State basis nuisance, which has come to be
only a speculative commodity.
In my rext will show how this gold
basis has cost The people Of the country
more than one hundred millions Of dol
lars, and that this was a deliberately con
cerred swinde, and that but for this rob
berry the expenses Of the war would have
been one-half less, and that not one dol
lar Of interest heed to have been paid on
the Dational debt, and which might have
been q blessing, instead ~ a scourge and
a curse, to the country. c. Il. :.