The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-02-01
THE NATIONAL LABOR UNION
AND ITS DUTY II.

e. certain extent, contain principles
embodied IA the platform of the National
Labor Union, though falling far short of
its requirements as n whole. The most
significant feature of these bills is that
authorizing the Secretary Of the Treasurer
10 issue a certain quantity Of new bonds
bearing interest at rate Of three sixty
nvs per cent This is ne same rate Of
interest as suggested by Ben. r. Butler
in his celebrated speech on the Green
back question, and as it is % easily cal
culated, and is such a grand step III the
right direction, We think II i preferable
~ the three per cent. claimed BY the
National Labor Union, 80 that On that
score there Is little fault 70 find
Oh Mr. Bucklugham's bill tile gaur.rtibi,
cud ....nibL theory is also introduced
aud AS the advantages Of this system IS
really the keystone TO the arch Of the
nsraL principles So frequently advocated in
these columns, We pass 1t by with a
thorough endorsement The bill uf Mr.
H-uyrr. which was referred To the Com
mitrcy on Banking and Currency, is in
tended o. convert United States notes
into com or, rather, virtually To bring
about specie payment ~, its man proviso
being that nn and after May ], 1874,
the legal tenders, being non interest
hearing. shall ~ redeemahle IN com, on
presentation Al the Treasury Department
ur e branches. 50 that iitt,, un import,
may thereafter he paid Ia coin Ana in
order to carry ms project ntn practical
effect, Ne provides th7t the notes now IN
circulation shall he ia part withdrawn.
AMI their holders allowed the privilege
y converting them into 300 per cent.
bonds Although no reference is directly
made 10 the revertihle scheme, it is
d,uh. ,vss his intention to introduce it,
should his plan be fayorably reporte
upon for future action.
Another heme and one which. we are
,rrdlhIy informed, Is received with a great
deal "f favor is that presented by Mr.
sydney Myers. the well known banker Of
tIl. city. II which the following are the
81 ln features
q q. uvrmit any holder q Ten Thousand Doars
pi-s thereof. any Of the Guld b,ann. B,nds
u Tie ut~ Stats T. retire the same temporarily At
The ~.0 Treasures or designated Deposit, res 10 New
lurs $40 Francisco. New Orleans ~ Chicago, under
regulations be made b.. the Secretary II Treas
Hu. 4nd receive Al amount n United states Legal Tea
der Ntes equal t0 the fsce VI SAID Bonds Temporarily
retired ana Ipun presentation ~ ike sum IN United
States Mites AZ The place where sand Bonds we're tempo
rtrlS retired 70 receive the sni Bonds their equiv
arnt ia klud, les, the interest which would have
arued during the time thai thv sad Bonds temps
arm retred The converter nr rsserter 20 Bonds a.
aforesaid % inst by payment in Gold the value u the
current Interest At the time 70 conversion and with
drNa whether the same De represented BY coupons
otherwise may be provided 1y regulations established
by the - the Treasury AID provide further
that the the Treasury required hold
IL reserve tuitsl states Legal Tender Notes the
amuIut Of Forty Millions q Dollar $40 90 600 to be
used .r the purpose If temporarily retiring United
states Bond-, afureaid, hut the Notes shal
be used for any 1ther purpose. shall the whole
amount Il United Legal Tender Notes including
those which pay be held IN and those which
al be held In the uitei States Treasury Sub.
freasunr- and Repositories exceed -Four Hundred Mil
lions VI dulsr> s4ooO0oVJOl until expressly author
i1ed BY law.
II Provide for the con,erbility and eyertibity u
lnite states Legal Tender Notes and Gold bearing
ufctes Al sub Treasures or designated Repositories IN
BANK Actl IN -Iras uf Ten Thousand Dollars $1,000
nuluples thereof. AZ the pleasure " th- holder
tfItr- y be- reyerthie A pleasure into Legal Tender
Notes A. places f issue o hear gold interest Al the rate
% u>E DOLLAR sd rEs DAY lu TES rHoy-AND DOLLARS
ttqua tu about three per cent I.r 4uuun. Sundays
AMI the as presentation fur ersiou be exclude
the>e trreates ID be available fyr al th- purposes Dr
~m.h the existing Three per Cent Certificates avail
ault Sec At Narh 2, lsb7l said United states Notes
temperate, retired u remain n the Sub Treasury
pepusitrr where received, until demanded prgsen-
iation II Certificates issued Al sad sub Treasury De
p-trrt, from each ~ which reports u expansion ana
contract un shall be forwarded the nted States
Treasury, both rs mail and by telegraph and said
IuTt- sh. hc open a. The inspection u Representatives
Ut the Pres
Now, the fatal defect in all these pro
posItons is the hugging Of the golden caif
a return To specie payment is an exploded
humbug, and every sensible business man
acknowledges the fact. Well, Of course,
the next hest thing is advocated the
interest Of these various issues shall be paid
a.. god. In otter words, The BANKS SHALL
RECEIVE GOLD INTEREST on THEIR OWN
r,rER for that is the upshot Of the
whole matter
In contradistinction to these nakeshifts,
We herewith present the remedy as laid
down by the National Labor Union, and
ask for it an earnest, candid and prayerful
consideration Ii Is this
That it j. the duty II the Government to
establish a Just standard NJ distribution to
capital and labor, by providing a purely
national circulating medium, based on the
faith and resources Of the nation, issued
directly to the people without the Intervention
OF any system Of banking corporations, which
money shall be legal tender in the payment
OF all debts, public and private, and inter
changeable at the option Of the holder, for
Government bonds bearing rate Of interest
not TO exceed 3 65-lOO per cent, subject to
future legislation by Congress
Giving at on-e an elastic, cheap. mex
portable currency, which can at all times
adapt itself 10 the requirements of com
merce, and allow us not only to compete
with but undersell in the markets of the
world, the products Of any foreign nation.
Under these circumstances, we insist it is
the imperative duty of the National Labor
Union, and those to whose keeping its in
terests for the time being had been conf
ded, to promptly urge upon Congress in be-
half Of the toIling millions Of the United
States, the passage Of this measure. Let a
copy of the foregoing, accompanied by a
well digested argument in its behalf, be
placed upon the desk Of every Senator and
member Of Congress, with vigorous pro-
test against accepting any halfway meas
ures.-and the probabilities are that the
mission Of the National Labor Union will
have been accomplished.
To those gentlemen who have left the
beaten track we desire to return our sincere
thanks, for the interest they have and are
manifesting on the currency question. The