The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-04
COLE AND A NATIONAL
MONEY.

Last week We presented = synopsis of
senator Coles Bill to replace the National
Bank monopoly currency with greenback
o. an honest national money The sub
stance Of the b,ll H. that the Secretary is
authorized 10 w.,Adraw from circulation all
National Bank notes coming into the
Treasury. and to supply their place with
legal tender notes of the United States
aud when notes # bank, amounting 60
500, shall thus be accumulated In the
Treasury. after thirty days notice Of that
fact given to the bank, the interest on
Sl,pp If bonds shall cease until such
hank redeem said bond in 300 current
money.
We nov desire 70 say something more
ulau the Importance Of having this or
.e .H-'-r bin passed to relieve labor
u-. urdrn If this overwhelming cor
prr.te uysrutlsm. The whole business
interest. outside Of bank monopolists.
IN Ild he q unit with labor to sustain Sen-
al ( ole. The people, in fact, should rise
q, p,Hsss t. stop the encroachment not Of
thr money power, but IF this systemized
hauA robbery II the people
That this corporate despotism will be
hr.Acn, VA have no doubt but the systems
ot "rsauIzed inlquity have ever thus far
persisted "a fields Of blood The question,
therefore, Is, shall We, as a people, grapple
With this monstrous power before it is too
Iate, or viii We DO, a. We did with African
slavery, continue 70 nurse the viper until
It. not satisfied with being warmed into life
hy our life blood, shall turn and attempt to
hnls' II deadly work by FIRE, and sword
There are movements in this direction
already too PLAIN to be misunderstood
settlers un public lands, at the instigation
"t usurped railroad corporate authority
disputes between operatives and en-
pi"yrrs have suggestions Of removal and
;, ttlement AZ the point Of the bayunet, BY
order # the National Government, much
too frequent. such action on the part Of
The Government points to . period not re
mote when the question will b. one Of un-
conditional submission, or the other alter
native, RESISTANCE to these acts Of tyranny
Mil be obedience 70 the will Of God To
a,uid these dread results the people must
l""k after their rights, and SENATOR Cole bill
strikes at the centre Of this labor robbing
monopoly and power.
These complicated fiscal contrivAnces
e. great extent, shield these plunderers
81 the national wealth, and great pains is
ta-rn by financial men, and the commercial
press, to keep the general business and
labor pablo under the impression that
these shrewd financial laws Of theirs, and
their fraudulent acts under them. cannot be
understood by anybody but the plunderers
This, however, Is an illusion that q very
little cool examination Of the subject,
/ coupled With determination to obtain the
requisite knowledge, and to use, etc, will
soon disp-l.
Property i all earned and distributed by
labor. This being the fact, common sense
would teach that the control Of the medium
which represents the property, and only
the property Of these two classes should,
under Just laws, be in their hands, and not
elsewhere. But We find that this is not 30 :;
that, 50 far from such being the case, there
Is government and custom made class.
Protected by national and state laws who
are authorized to step in between these
two classes, and by means Of having the
eAcitslve monopoly Of a paper representa-
i've medium u exchange, for the use Of
which they are enabled 70 charge ten times
it real value OF use They thus effectuallv
fleece all classes IF useful business and labor
The simple reason why thAs is H.ss, Is be-
cause the National Bank and corporate class
have studied, planned and made the fiscal
machinery, and the useful classes have
p.Id little Or no attention 10 the subject
The consequence Is that the corporate class
have controlled III their own interest. and
against the bestinterests Of the nation, the
entire national and state Legislature
To reverse this order Of things, and in
stitute justice in its place, 1t is necessary
fer the masses Of the people to look into
tins matter, inspect the machinery and
---z- t1--1r6- -foI themselves It's practical
workings. II thNwas done, and we'll done,
no such iniquity as national banks or State
banks Of currency issue, for money, would
exist anhOur.
What then is the practical working Of
this much boosted National Bank system.
"a Was at first, a scheme IN which the wild
o,t bankers shaped the National Legls-
SS4on as to get q premium for converting
und numbers, $3.50, 900, 900 Of wild cat
en- Aerest bearing currency into $3.50,
dillegd semi annual ak per cent. gold in
t.rest bonds Of the United States. At the
-,nue Il was done, II gave the bankers in
olaee Of no interest an annual income in
currency exceeding twelve per cent, and
.ounting to $50, SOC, 600 per annum, with
Il sArivilege Of taking back government
.uNnl paper currency taxed over to the
AFwPssmp national bond Of 500, OOO, Co.,
4 which the bankers could loan to the people
mon inserest ut the same rate they did
their wild eat before they obtained the Ma
n Isnal Banking Act. In short the tranaac-
" Lon was this. the bankers loaned $SO, OOO,
OOD Of their wild cat to the Government,
ior the privilege Of receiving BY taxation
.out of the people in ssnsi-snnuAl payments
10. so0OOO in gold, worth in currency
~he amount shove stated. BY this opera
80 49,, s,e4 l,ack THAR 1900 COO 600