The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-06-20


ready reached by majority Of the people
ON this subject, and when the mysti6ca-
tons by which Utopian economists and in
terested finSnciers have concealed the true
nature and functions Of money are dis
PEELED, it will be found that its properties
and functions are very simple, and need
only be clearly and fairly stated to meet the
approval Of the common mind The public
will then know that the present centralizing
power Of money is as gross an imposition
upon the common sense Of man as il is
upon the rights Of labor and property.
Money. when rightly instituted, is evidence
of debt, or of service, or value rendered
the government whose impress it bears,
and which its citizens or subjects are bound
to accept in payments Of debt. II is a
public mortgage, legal lien on all the
property for sale in such nation in the
same sense and to he same extent that
the bond or interest bearing obligation of
such government is on all the property in
it, whether for sale or not"
1t is clear, then, that it is the wealth Of
the country, and not the material Of which
it is made, that gives value to money. The
opponents of paper money may say that a
gold dollar, stripped of the government i'm
press is more valuable than a paper dollar,
in case of the failure of the government
The answer to such objections is very sim.
pie. He who believes there is more virtue
in gold dollar, merely on account Of its
intrinsic value, than there is in a paper
dollar issued by the government, has no
faith in the American Government.
But if paper is not money, and nothing
but gold and silver can he lawful money,
why have paper at all n Why is not all our
money in the so-called precious metals
These are questions we would like the ad-
vocates of metallic currency to answer.
They may tell us, perhaps, that there is not
sufficient of the so-called precious metals
in the world to transact its business with,
anu bllc accommodation VI commerce
they are obliged to use mixed currency.
This is another Of the fallacies growing
out of the gold basis theory. Why should
there be a mixed currency or medium Of
exchange To crafty the Wall street
gamblers-to aid the Ring party in estab-
fishing a monarchy on the ruins of the
republic, and hasten the Capitalization of
the wealth of the country.
The issue, then, before the country is
whether we will have 4 true American
monetary system, based on the faith and
wealth of the country, or one which fosters
an sristocracy, and tends to centralize the
wealth in the hands of the few or govern
ing Glass
This is the issue which is now before the
American people. For the past ten years
it has been fighting for recognition, and
now it stands prominently the question
Of the day. A few years ago all parties
were afraid to touch it. Its only advocates
were to be found in the ranks of the Ma
tional Labor party, ,rhich is to-day the only
party that has a fired policy. In the reor-
ganization Of the old parties and the for
nation Of new ones, the curreny question
is not fairly and squarely met.
The Labor party, though yet in the
minority, is the only one that meets and
fights the issue on its merits. We would
therefore caution the workingnen of the
country to beware Of the snares that are
laid to entrap them. Let them not be too
hasty in allying themselves with any new
party merely because it is a new party.
Let them weigh well its merits, carefully
study the principles it lays down for them
to accept, understand what is to be the re-
suit, and then vote for the one that comes
nearest to their own standard, provided,
however, there is no Labor or Working
mans ticket in the field.