The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-06-27


organizations represented. Resolutions
not thus adopted, and those not applicable
to any trade OF profession to be merely
advisory, until sanctioned by that organi-
zation. Any branch may introduce a sub
ject for advice.
Since much Of nearly every ones active
life is concerned i'll money matters, the sub
lect Of currency is Of universal interest and Of
vast Importance 1t is suggested to the
Senate TO recommend that from every
voter in the nation, petitions be sent to
Congress, the agents of the sovereign peo-
pie, for the repeal of the function of con.
gress, now delegated to the " national
banks, of issuing their promissory notes,
as money, and to require banking to be
confined to its legitimate sphere of dis
count and deposit, with government cur
rency, of paper or of coin. And further
that all promises to pay now circulat-
ing rs money, from banks or government,
be called in, and substituted by coined
paper, properly stamped, prepared and
issued to and sufficient for the people, and
made a legal tender for debts, public and
private, which coined paper, should be
convertible at the pleasure Of the holder,
into United States bonds, bearing a rate
of interest not exceeding 365 per cent.
per annum, subject to future regulation by
Congress, which bonds should be again con-
vertible into currency, on demand.
All taxpayers are concerned in the rev.
enue and expenses of the government 1t
| is suggested to the Senate to ask of Con-
| gress that the articles of common use
which we neither produce nor grow, as tea,
coffee, spices and dye stuffs. be admitted
free ; and for revenue, lay duty upon arti-
cles of luxury, as jewels diamonds, silks,
wines, liquors, etc, and until money is
plenty and cheap, when by the increase
of manufactures, a tariff will oe no longer
necessary, lay fur.her duties if needed,
for a prudent and economical administra-
ton upon those articles for which we have
the raw material in abundance, as this
would tend to increase furnaces, forges,
mills and factories. This would give en-
ployment to more hands, provide home
market for agricultural produce, all which
will increase the prosperity of the nation.
As the necessity has been referred to, il
may not be amiss to further mention some
of
THE ADvANTAGES.
Anciently it was esteemed a great ad-
vantage for one to say = am Roman
citizen" When this union is complete, it
IL will be no less honorable to be able to
say : am represented in the Industrial
Senate The silent influence Of those or
carnations, while disintergrated though
comparatively weak; yetconfederated, and
consolidated will be potential. And when
the Senate shall have fully proclaimed the |
principles Of such bodies Of citizens, so
united to secure common blessing against |
common enemies, their voice must be |
heard, and their requests will not be disre-
garded.
Beyond all this should the voice Of the
Industrial Senate in regard to currency
and finance be heard, land it will be heard
when uttered in concert through the patri-
OTIS trumpet, the ballot-boxl the Leneti-
cial effects cannot readily be estimated
Such coined paper, as contemplated, pro-
perly prepared and issued by sovereign
authority, with the stamp Of sovereignty,
sufficient for the wants of the nation,
would be better than gold coin, equally
valuable for currency, and more conven-
lent. 1t is cheap, safe, reliable, conven-
lent, elastic, unhuctuating, always suff-
cient. never redundant. II cannot be dis
credited, its value cannot be diminished
1t it is a standard measure Of payment in
all CSAscS- IL OuNS cNcI ybillIiR lOE S0lc II |
pays all taxes, customs, judgment or exc
cutions, equally good everywhere in the
sovereignty, in Maine or Mexico, IN New
York and California. 1t would fix, with
trihing variation, a uniform rate of inter
est prevent revulsiOns and monetary
panics, which demoralize business and ruin
thousands. Prices would be more uniform
less fuctuating, regulated by cost, supply
and demand. There would be no further
use for gold, except in the arts, for specific
contracts, and to pay foreignl balances. Re
leased from boarding, 1t would add so
much TO the wealth of the nation. There
can be no danger Of having too much COIN
ed money, while our vast domain is unset
tied, and needed lines of transportation
are demanded.
Should this national currency be adopt
ed all promises to pay" now used
instead of money be called in, the surplus
currency, when any, substituted by the
proposed 1866 bonds, with prospective low
rates of interest, the effect would be mag
ical. Business would at once revive.
Hume, long ago, remarked that " in every
kingdom in which money begins to flow in
greater abundance than formerly, every
thing takes new face labor and indus
try gain new life. The merchant becomes
more enterprising, the manufacturer more
skilled and diligent, and even the farmer
follows the pillow with greater alacrity and
attention" Were this system of currency
adopted the want Of employment would
cease compulsory poverty, machinery
now sleeping in rust and decay, would
awake to life and usefulness furnaces
forges, factories and shops would be erect
ed needed railroads and canals would be
built, and equipt with American iron, steel
and tools. They would bind different sec
tions together, and be ready at fair prices
to convey to market the increased produce
of our farms, shops, mines and factories.
Water power, which for ages has been run
ming wild and useless, would be harnessed
by scientific mechanics. With plentiful
supply of currency at low interest, our
manufactures and exports would be con-
veyed in our own ships to distant ports;
foreign balances would then be in our
favor. Nor would the advantages end
here
The arts and sciences would flourish.
Useful inventions be multiplied; villages
would spring up; mechanics would ex-
change the cellars and garrets of unhealthy
tenement houses, (held perhaps at the
caprice of exacting employers, at high rent),
for ther own convenient, neat and pleas
ant dwellings, and our country under that
benign providence, who has so signally
planted, nourished, protected and defend
ed it, would become, what it would seem
from our timbered forests, vast prairies,
fertile soil, immense water power, naviga-
bic streams and inland seas, ocean harbors, !
extensive, rich and varied mines, valuable
quarries, inexhaustible coal, temperate and
salubrious climate, the creator designed it
to be, the richest, happiest and most inde-
pendent nation on the globe.
That is not all. By aplentiful supply of
a safe. reliable. cheaD. unfiuctuatinQ cur |