The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-03-21
FROM CALiFUnhlA.
SAN FEANcIsco, March Q, ls

SAN Francisco, March o, 1874.
40 the Editor Of the woKkNeMASs ADVOCATE.
Old ideas cannot be put of like an old
garment, and new ones put on when first
they are announced, even by the most cul-
tivated minds. Tins we see scientists
scouting new principles when first made
public, and it may be adopted as a rule
that true principles are more bitterly de-
nounced by old fogies than false doctrines.
The same is true with regard to a national
currency. The people are slow to compre-
bend the fact that the notes that have SO
long been issued by their authority to
banks, and for the use Of which the people
have been compelled to pay interes., may
be issued directly to the people themselves,
and if this is done, it destroys every pre-
text for charging interest for the use Of
these notes.
Again, if there was ? reason for de-
handing that these notes should be paya-
BILE on demand in gold and silver when
issued to the banks, the same reasons fail
to apply when these notes are issued TO the
people, for they are the owners Of these
notes, and the promise to redeem them in
gold and silver was provision to secure
the people against fraud but when the
people themselves become responsible for
the redemption Of these notes, with their
labor, and any thing else they may wish
to dispose Of, the csse becomes quite differ
ent. In such case there can be no fraud
to provide against, tor there can be no
failure to redeem these notes, for which
all the people have become responsible,
and not few bankers alone That these
bankers did cheat the people notwithstand-
ing this precaution is too well known to be
denied, and now they have the cheek to
deny the right of the people to take this
banking business into their own hands.
No person with a grain Of sense will
pretend in these days that domestic cur
rency requires 70 be made of gold and sill
yer, and what other nations use for the
purpose does not in the slightest affect our
domestic exchanges, and when our old TO-
gies in Congress blat out that our currency
must assimllate with that of other nations,
put them down az fools, for they do not
know what they are talking about
Other nations that deal with Us take our
commodities i'll exchange, a-d if they pre-
fer gold and silver, which we produce, this
is an argument why We shOul | not use 1t |
tor currency, for then we sha be able to |
dispose Of 1t, otherwise we night be com
PEELED to retain it for our own use, which |
would be sheer nonsense, when we could |
find better substitute, cheaper and more |
convenient. Therefore the plea that we |
must use gold and silver for money be-
cause other Iations do, fails to bear inves-
tlgation. The only argument that can be |
used In favor of specie for currency, is the I
use Of silver for change, and why some
less valuable metal than silver may not be |
used for the purpose, depends entirely
upon the facility that the use Of cheaper
metals would afford for forgery, and there
may be way even Of avoiding this objec-
ton to the use Of baser metals than SILVER
for small change
To say that our national currency must
have specie basis Is the most outrageous
nonsense, and never could be uttered by a
person having a mind capable Of lnvestiga-
ton, or VINO was not utterly regardless OF
truth. For he must know that a legal ten
der will purchase anything that any per
son has to dispose Of, gold and silver in
cluoed, and what a man Is not inclined to
sell, even gold and silver will not compel
him to part with.
To illustrate our argument in favor Of
using a national currency and without pay
ing any interest for its use, we will suppose
that one of our mines is sold to English
capitalists, and that it pays them profit
over and above the cost of labor here and
the interest of the money in England, all
the profit OF working the mine, and the
on the money as well, goes
abroad.
Suppose another Ellne Is worked by our
own miners, using the national currency
free of interest, all the produce OF this
would remain In the country, until Eng
land or some other nation exchanged tor
It some OF er commodity that they had
produced. Can any one hesitate which of
these conditions whether to sell our mines
to English capitalists or work them our
selves, is the most advantageous to the
peOple-Or WHICH Will buu HlOst 10 the
Of our country. Our impress
sion Is that the mine that is worked with
The national currency will confer the great
4st degree of prosperity upon our country,
md those who labor will be permitted to
reap all its profits but | am fearful that
here is where all the trouble lies.
believe that the non-producing classes
n our country will persist in policy that
Keeps the laboring classes in slavery, even
hough they know that it betokens the
-uin Of this nation and the death Of our
iberties. Ifsour present money system is
continued, in less than half a century the
OF nine-tenths of the farmer |
population will be the tenants ut will of
apacious landlords.
The example made Of mines applies with I