The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-02-22
The True American Monetary System

To The Honorable he Senate and House Of
Representatives ~ the United States yf |
Imericd, ~ Congress assembled
Your memoralsts, members and officers |
Of the National Labor Union. would. in |
behalf of those whom they have the honor
To represent, as well as az the industrial !
classes in all departments of useful occu-
patton, calling on profession, respectfully |
represent that they feel that man
fest injustice is done to them by
the monetary system now in force As
well by the general financial policy Of
the Government that the tendency and
inevitable effect uf the laws relating To
| these important subjects * and viii be To
vest the whole money power ia a system
| Of banking corporations and the few money
dealers, with power t. make such division
Of the JOINT productions Of capital and la
Dor as to them may seem right and proper
to Cypress, harrass and dcspoll the pro
ducers and distributors 81 the wealth al
pleasure
Your memorallsts deem It unnecessary
and viii not, on tins occasion. uud ,rtake
To prove to you the correctness Ut tins As
sumption, further than ~ say that money
is the mcdiu!u or standard VI distribution
to capital and labor, the rate at interest
determining what proportion of the Juint
productions ot capital and Labor shall be
awarded Z" capital as rent or interest, fur
its use, and what to the industrial enter
prIslns classes fpr their productions. All
interest paId for tho use u money. whether
on public securities ur private ,nhgatinns
must IN the end. he borne by labor and
when the average rate Of interest exceeds |
the aggregate rate of increase IN the Ma
tional wealth, the inevitable result Is to
centrallze the wealth ia the possession of
the comparatively few non-producers, ana !
10 impovcrish the whole producing element
Of the nation The money or circulating
medium is the rightful property Of the |
whole people, and the power to regulate
its value Il an essential essential attribute |
IF soyerct .nty, ana should never be dele !
gated To any privileged class Of individuals !
or corporations.
Ii is demonstrated that the average rate
OF increase IN the National wealth (estima-
ted IN kInd) has not, during the past TWEEN |
ty years, been over three per cent, com
pounded annually, while the rate uf inter
est on money has averaged AZ much as nine
cent. Money at tins rate. doubtless, in
eight years, while it requires twenty -four
years for the property Of the Nation To
double
1t Is the eNturtipnItr ana Huctuating
rates NJ interest un money that ~ dc-
ranging commerce, eurichIuL bank
rrs and cunning hnauciyrs. and Cypress
ing and ImPpycri~hne tine cut-rpris-
ing, wealth-produclng Glasses and while |
the present monetary system is continued |
Ia force We have 10 general individual
prosperity or permanent National advance
mrnt With an almost hmitlrss domain
surprisingly rich IN all the natural ele-
ments Of wealth with an industrious
skIllful, intelligent and entcrprsing popu-
latIon. We sce every branch " useful ill.,
dustry paralyled, our merchant marine
driven from the seas, and begging for CIV
eminent protection and subsidies and
what Is still more Illuminating to every
true American, Is that W. see our Gu.rrn- |
menJ bonds hawked about m the markets
of Europe ~ Sixty cents ou the dollar A.
compared With tne credit NJ thr English
Government Ana this. tuo. that Y frw
syudlcateN. bnnk'ug ass citations and pro
tected mouopulISt, may riot In idle luxury. |
amass fortunes at the expense of those who
produce ami Distribute the wealth. aud Ily
lhe taxes pt the Nation.
I'M Pi'l"sv \" correct lhrs' ihaltIl's'
wrongs ana remove These shameless
"ouSeS' ana secure more 'lultd'Ie dINI-
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