The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-12-05
FROM MICHIGAN.
Pontiac Nov. 80, 1874.

PoNrIAC Nov 30, 1874.
To the Editor Of the WoRNINesAN's ADvocsrt
The greenback convention is good idea,
even if it does nothing more than call the
attention Of the agriculturists and work
ing class to the manner III which they are
robbed by the bankers Anything that
will break up the existing monled desPot-
ism il God send 10 reduce the rat, Of
interest from ten Der cent to three would
be good, but Is not interest itself the great
public robber. and ii three per cent. br
better for labor than ten, would not cur
rency without interest be better still II
the natural rate II Ihcr,asr be little over
three per cent, and three per cent be al
lowed interest IN capital, how much
will remain the share ~ labor Inter
est is low IN England. but are not the
working class there subject t. the same
despotisms AMI disabilities as here Are
there not milhonaires and beggars
1t is proposed 4" ISSUE tins national cur
rency directly to the people How With
or without security, and what kind Of Sc
curIty Have the tuiing masses any
curity that will enable them To borrow =
dollar and If not Will they not as men
toll for other parties, and earn the very m
terest paid Suppose the national bank
ers surrender their notes, and take green
backs for their bonds, will they not car
ry on banking with greenhacks, and the
men ~ money really, as nov. regulate the
rate Of interest As there IS the same
amount Of currency now ~ before the
panic, it Is clear that scarcity Of currency
does not cause the hard times.
When We begin to stir up this question
Of interest, 1t is hard to tell where to stop.
Who shall say that twenty or ten per cent.
Is too much or too little Snail the lend
er or the borrower determine the rate
Suppose We abolish interest altogether,
what then viii 1t not relieve every pro
ductlyr element in the nation 81 an I'M
mense burden II ten per cent he rob
berry and wrong Is three per cent anything
else, only on less scale As currency /
So easy Of manufacture, and can be created
Immediately, why pay any interest
The idea IT lending currency dtrecfly 70
the people IS the correct one: but our eK-
elusive banking and monIed interests viii
take care II possible, that j. not 50 lent
But why should not the combined opera
tIves IN a factory, borrow CURRENCY 81 the
RIM he
tory for themselves, giving the things |
bought as security Of ~hat advantage /
to the people at large Is our present sys |
TEN. wherein the government furnishes
currency to the bankers, which the banker /
lends at interest To- individuals and cor /
pnrations, and these individuals and cor
ppratIons set operatives at work, and the |
operatives not only support themselves, /
but corporations and bankers well, |
through interest and PROFIT
The ultimate of this labor agitation will |
inevitably be. a compromlse between labor I
and capital, With a partnership between |
the two, and al equitable division Of the |
profits, nr the absorption If the interest !
and profit classes into the wages class. !
No republic ever did, or ever can exist |
that contains two antagonlstic classes, the |
one living "a the la 7r of the other. An
extensive monied or employing c'ass Will |
ultimately suhvert any rrpubi because
such caa- is essentially deSpotism, and /
inherently ~ ever With the pecnnIsry m /
terests as well AZ the elevation and hber- |
ties of its wages class
Ii the proposed greenback convention |
can do anything to unite the interests Of /
these opposing classes. through partner
ship union II the two, Of by furnishing Co
operative labor with currency, there viii |
soon be an cid to panics and hard times ;
because these directly flow from the selfish |
and inefficient management Of mere |
monied class, bent only on increasing its |
own interest and profits.
i + RgAY