The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-11


The moment golD bas and convert
bility IS established the Iuantity o. ti'o
currency must be goMne1 ~ IN Englahu,
~ the quantity # grd gold y plenty
currency viii b plerE GOA u 50.
from expectation IrRunbpiy, curr4nfQ
will be scarce, and H4resl high, ana tnsS
price of commodi;iesl Yweb'd u bring 10 wv
back again, the samet nnflngland. Gnld =
garies, a. every coms,ditl varies, ~ us
mercantile value. ;lnthiud more, AZ ~ -
more easily monopotsd This constant
variation = The rsasl II s.Ould never DO
made the basis MI q ctrang especially IN
a ne8 country Ike "a 10 England, where
every thing is done trOTiu and checks
and bills. 70 a greahi,-re-, supply the
place ~ currency, th'Tr-sucrng classes are
robbed Of immense SUNS annu Lly. Ia
America the - stem i.sAAllIn"re Outrageousi
but everywhere, Tia. cup licy should DO
governed w it, qnanay N he quantity q
the exchange. t. v l1h & should bear an
unvarying proportioi ito value Will then
, b. iixed - c9nparedvih eJH,mott'es.
With snch A curnIcy, go,d may Ne up
~ down- 40 q prtmirn- " below Far, and
the producing c.ass gleyS Know the diner
ence but when " vale M currency
Is - be kent al a fixed. unvary-
! ny value a. conpapl vii JON, the case
I is entirely altered The amount NJ god
| and not the amounted tie exchlns ;, Is
VI govern the rIrrhcy. and thus govern
Z its value as compard wfn commodities,
thus raising their pre- wleI gold is plenty,
and lowering II whn col n scarce. we
will illustrate this The amount ~ cur
rency necessary for .hc -H.'-- States has
always been matter NJ glval work, ana
regulated more b. danls than anything
else. We viii suppose 9DJ. OOJ.'DO to be
/ fixed upon. According tn custom the
banks will W. AllONpd ." issue
this amount ~ paRr Ny having
/ ia their vaults 800, ~ 600 IL gold
ready W redeem the pager presented Now
suppose some Spectators N-h tp create
CORNER" ia stocks. w plrt. wv wheat, or
wish " ,arsa a large SUR IN nlss nr STOCK
or bonds ~ a distant c,,ntFy. ~ even
simply wish wv create paIt TIVE tue sake
a what taey asSl make hy 4. They chi
lect -, ODD. $3.50 wv nalk PAPER, ana ORA"
the gold On i' This vithirsws A once
900, 90, 90 u paper b. entirely al,aoles
the tanks drawn upOn and alarms every
bank 10 the country, Rh.aA staI- iis Dis
counts, oOllects Its circllati d. and Iire pares
far v hat may come.
Now What " the result Ist. srrasAsncy,
and l per cent. a day Intrrc.t 2ui, criEr-.
next panic, forced sales 1; commodities a..
ruin prices, stagnatiou. st,pfaee ~ pro
ductipn, men thrown rut NJ employment
next. starvation wages, aut iu hne a gen
era robbery x tbs Pr,sLu lIng Class.s, ana
glorious times for capitalists for these
losses by / per cent. dsv interest. and
forced rates at half cost. and starvation
wages. don't 70 into the AK. NJ into tn,
earth, but into the pockets " mcnied men
and this il the m1st rapid process for max
J ing the rich richer, and the poor p9orsl
! ever invented and that i- tur reason that
banks and resumption are e, I4uah desired
. ~ monied men. There I'll nothing ike "
! for filing their pockets Establish bank
aud resumption and this c..u e dome any
day Nv combination AZ capitalists, w III
Il one Of five different cities in the Unite
! States Ia fact il don't need So. 900. 90.
) nor half ~ it, IN specie basis, tn produc
} all the evils have named. And We know
l what capitalists troi4Li wv, hy what the,
haze done, aud attempted.
\ Production Il the sole support .f III
: community ,he whole and only source D
lbS NEdANtA hlAA t'A.f1 't1AAlf 4 l-l tAA.ANtNAAA
classes are therefore entitled WV tue frs
t consideration of the statesman, and ID
measure should be pronounced the solemn
duty ~ the Government agHin-t their Voice
or until It j. ~ leas, mad ..trlA.u hat
J will not Interfere with their prosperity
( is astonishing that any Intelligent man VIII
] has gwen any attention ana thought t. IN
I subject. can fail tn -ee thar .nil l. uphtte
~. h. has .,f 4 },
! a suspension u specie payments fir owe
h twenty years, and though her banks wer
e not specially limited as y their ssues,
mas been decided IVY their highest author
E ties, tMih T. III. chlp. i3 sec. g.
that the paper currency wy TIE perio
Z more truly represented the actual value ,
J. commodities than gold, thu value ri whic
" was enhanced by its uncommon demand, I
+ sometimes - PCT cent. premium in cui
rency. our own history m the rebelhc
teaches q lesson Id seems impossible for
man t. mistake. Does not the demand f.
men govern tie WAGES When Was there
demand FIR men equal t1 the demand ia Oh
last war Monthly wages were so j
greenbacks, and so III gold. which was
Z true representative of value. Never wer
= 50 few idlers seen in our villages. Neve
o 50 many women seen In our fields, and VII
!. ges only $40 month Ace riding to thi
financial god, which the President deem
i It the solemn duty Of the Government {
e install as the fundamental principle. Al
Il lIte-givfng soul of our currency, in vitr
u tins transactions la the last war, nd
the Black Fridays since. could thu
more baseless. senselcss, asseTtic..
1 that gold Is the proper Lasi, w our eli
4 rency 10 constitute tho most tickle ar
! varying commodity in our land, that whit
is the most easily monop1lzcd and MANN
ulated, as the regulator NJ the nuantIt
y and value of our currency. the most mat,
a rial quality " which II, steady. unnlctu:
. ting reliability.
The whole question Giles in a nut shell
shall the quantity W uur currency be W,
erned by the quantity M our excban1a,
Z and tile value Kept fixed aud unvarying !
y compared with commodities. let poll w N
or down Or shall its quantity and vail,
be fixed by gold, ana let commodities y
. mp or down Ia the first case. the mr.
& ducing classes viii tind steady ~ 4 reIiabI
y money market, With no fluctuations IN
: that caused by the difference ia the cost ,
= production, and the effect of supply aU
a demand. In the last case. the cost OF mr.,
! ductl"n, supply ana demand. ana rett
much a considerable, may be swallowe
\ up m the fluctuations q gold. Let tb
t. Government establish the hrst. and w VIZ.
: ducti"I' employment and consequent pro.
I perIty Will w steady or uniform. as tn
j seasons will allow.
! Establish the last, and production will b
discouraged, for the money market viii \
/ unreliable employment viii be az uncer
tam as the moaey marx Ct. producers vii
! be cornered and robbed ny frequent strir
genaes and pancs, and the poor will gro,
J po1'er hut gold spectators and monte,
am AIl.l