The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-01-10
Our National Finances and Currency
The Imperfections of the Present Sys-
tenn and the True American None.
tary System.
~ ALEXANDER CAMPBELL.


] 'fNAA IL
! Our MONETARY SYSTEM. PAST AND PRESENT.
Our monetary laws, unlike our govern
ment, are founded upon the aristocratic
/ idea that the few should rule the many and
/ the many toll for the few. Their history,
| from the first institution of the govern
ment down to the present time. is one q
repeated wrongs and usurpations. all hav-
] ing in direct object the subversioR Of our
! democratic-republican institutions and the
! establishment uf money .llgarchy t. de-
/ spoil the wealth producing classes II their
/ substance and reduce them 10 the condi-
ton Of feudal slavery. This principle was
unfortunately engraftcd into our system
from ideas uf money borrowed from thu
aristocratir governments NJ Europe. where
property. and MT the people. govern. once
accepting the crr'ucpuS notion that the
value of money was innate and that cold
and silver were the only substances by
which its legal bowers could he ~ pressed.
and the quantity VI thesr metals being in
sufficient to meet the wants 81 a circula-
ting medium, the founders % our govern
ment were compelled To adopt the specie
basis fallacy 4 bank was chartered ~
Congress with authority u issue three dol
lars If its promises 10 pay to circulate as
money for each dollar II coin IN its wants.
This was followed by like grants Nv he
Legislatures Of the several States. and IN
this way the entire field Of circulating me-
dunn was soon tilched from the nation. u
whom it rightfully belonged Clothed
with this sovereign power. these irrespon-
sible corporations were enabled to control
the value and To- effect the distribution II
all the property III the nation. and to fix
the rewards Of labor IN all departments at
useful occupation. calling Or profession
This power they have welded with an eve
single To their own selfish views and inter
ests, without regard to the planest princi-
pies 81 Justice. Or the rights Of those who
produce and distribute the wealth and uay
the taxes of the nation. They have eN-
banded and contracted the volume Of the
currency, raised and lower, ] the rates of
interest, aud repudiated their promises
and obligations with impunity, in defiance
Of law, and IN every way possible made
every other interest subservient t. their
unsuitable cupidity.
Whom one of aleir schemes exploded.
they were ever ready with another, and
each succeeding one has proved more OBJ
HAtoSlNF anu JULIUS W lifiAtHl INDUSTRY
and legitimate commerce than its forerun-
ner.
THE PRESENT o-cNLEn NATIONAL BANNING
SYSTEM
is founded "a the same principle as the
systems heretofore in operation. but with
greatly multiplied powers for controlling
the moneyed interests of the nation and
expressing the industrial classes. The
present occasion does not, however. afford
the opportunity. nor Is 1t IN my Judgment
necessary. 70 % into an extended review
Of the law, As most of those who take an
active interest IN effectlng reform in our |
currency and finances are doubtlesslv ia
mlliar with its provisions shall there |
fore confne myself 70 the presentation Of |
a few Of its more important Seatures, which !
will serve to indicate its general character.
lst. The law clothes the Secretary Of |
the Treasury Of the United States with un- |
precedented and dangerous powers His |
control over The currency is well nigh alb |
solute, without check or restraint from any
other department Of the government IN |
deed, so far as the interests Of the people |
are concerned, these unrestricted powers |
prevail throughout the whole law. II is
only through the Secretary Of the Treasu-
ry that those who are compelled to accept /
the promises Of the banks in exchange for |
their labor, can obtain any knowledge Of |
the solvency of the different institutions |
issuing the currency, for the Secretary, or |
the Comptroller of the Currency acting |
under him, has the sole power Of choosing |
the time and appointing the agents to ex-
anime the associations Ii il surely naith- /
er wise nor safe to place such important |
trusts in the keeping Of any individual, |
for, however virtuous and wise he may be, |
the duties of the office are too vast and |
onerous for any man to properly discharge. |
And if the place should happen to be
filled by mercenary or corrupt officer, or |
if his appointees should be such land there |
are some Of this character to be found |
among the prominent leaders in all polit-
lcal organlzations), their opportunities for |
favoring pet institutions and enriching |
themselves and friends at the public ex-
pense are well nigh unlimited.
2nd. The law at first conferred on these |
associations general banking powers to the |
extent Of three hundred millions Of dol |
lars, which has since been increased to |
three hundred and fifty millions of dollars, |
and authorizes the Secretary of the Treas !
nry to issue to them circulating notes TO |
the amount Of ninety per cent Of the par |
value of the bonds deposited TO secure the |
redemption thereof. In this way the |
banks receivs double interest on their cap |
ital; first, on the bonds deposited with the |
government, and second, on the currency |