The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-08-08

could be provided, without entailing un
necessary burdens upon the taxpayers.
We find, by examining the files Of tn
La Sale Press, that as early as June 18th
1861, he began the publication Of serie
Of articles on the financial troubles of th'
country and their proper remedy, which
on the 9th day Of July, Of that year, h,
followed with an address to Congress,
in which he presented vigorous conden
sation of the arguments contained in hi
previous publications.
At that early day, as the publications
aforesaid plainly show, Mr.. c. saw cleal
through the thin disguise Of patriotism
with which the money lenders of Wal
street boasted of their purpose to aid the
Government in its time of need and al
once comprehending the situation and dis.
pairing Of the aid of capital, except upon
terms which would embarrass and enfeeble
the nation, rather than aid and encourage
it, recognized the fact, subsequently dem.
ohstrated, that the people must not only
put down the rebellion, but furnish the
means for the accomplishment OF that end.
In the first of the publications above men
toned, that of June 18th, 1861, in propos-
ing remedy for the financial difficulties
Of the nation, he said
The General Government must have
from two hundred and fifty to three hun
dred million dollars within the next twelve
months. There would seem to be but one
of three ways by which this can be pro
vided First, by issuing interest bearing
bonds, and selling them in the markets for
such prices as they will bring second, by
issuing treasury notes bearing interest, and
paying them out on contracts ; or, third,
by issuing treasury notes without interest
and paying them out on contracts, also.
This is domestic war, and should, as far
as possible, be carried on with home re-
sources. We do not see the end yet ; for
elgn complications may and probably will
arise to make il necessary that we should
provide all the means for its prosecution
within ourselves"
The actions Of the capitalists all over
the country had already shown what might
be expected Of the first Of the above named
ways Of raising money. Hence, Mr.. c.
said
1.-The Government has already offered
its securities in the market for eight or
nine million dollars, bearing six per cent.
interest. Pending the motion for bids for
this small loan, some of the principal New
York capitalists visited the Government
officials, at Washington, to see, as news
paper correspondents averred, how they
could best aid the Government in a trying
hour The favorable report sent forth led
the people to believe that the loan would
all be readily taken at par, as money was
then worth only five per cent. iii New
York. The opening Of the bids, however,
showed that the object Of the patriotic
capitalists aforesaid was not 30 much to see
how they could best aid the Government,
a. to learn how they could secure the loan,
for only about three-fourths of the amount
was bid at eighty-four cents on the dollar.
A still later loan of fourteen millions has
been offered at par, without any bid.
Now, If the Government should go into
the market for three hundred million dol
lars, what would be the result /"
Mr.. @. then proceeds to show the ex-
treme burden which would be imposed
upon the country by raising money on
bonds at such ruinous rates of discount
and interest, and says
"Such q policy would place the whole
monied interests of the country in the
hands of few"
To'Mr. C.'s mind there was needed no
further proof that reliance upon the capi-
talists of the country would only end in
national disaster, if not irremediable dis
ruption. If, when the war was thought
to be q ninety-days' affair, trivial loan Of
q few million dollars, an amount which
scarcely exceeded the daily expenditures
Of the Government during the closing years
of the conflict, could only be negotiated al
eighty-6ve cents on the dollar, what would
be the demand of the usurers in the greai
need of money into which the struggling
nation was entering
Az will be inferred from the foregoina
quotations, he foresaw duration Of the
war little thought Of by the people at large
and the prospect of foreign complication
of the most embarrassing character, which
were averted only by the masterly manage
meRt of the department of state and, il
view of these difficulties, was convinced
that the proposition to rely upon the capi
tai and patriotism of money lenders mus
result in national disappointment and hu
miliation.
| He therefore proceeds to consider tn,
second proposition above mentioned, an'
says that while infinitely preferable to tn
first, ia still Questionable, and that tn
third proposition, namely, the issue 0
treasury notes without interest, and mao
. legal tender, 10 the only one that shoul'
commend itself to the favorable cOnsiders
ton of the law-makers-the only one b
which the people could succeed in furnish
ing money for the suppression Of the re
bellion. Even in this first published art
Gle the superiority of the treasury note
considered. Not only on account Of it
convenience % o circulating medium, bu
also ON account Of its exemption from los