The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-11-14
THE CAUSE AND TIE REMEDY


the useful eallings and professions
2ud. There are but two purposes to
which the products of industry and enter
prise can be applied. One is the payment
IF the rent or interest on the capital EN-
| ployed, and the other is the payment of
labor
! 3rd. The rate Of interest on money de-
termines what proportion of these products
shall be awarded to capital for its use, and
what to the laborer for their productions
4Jh. All interest paid for the use of
money, whether on public securities or
private obligations, must in the end be
borne by labor and is as much a charge
upon It as the taxes paid for the support
" the Government
9th When the average rate exceeds the
aggregate rate of increase on the wealth Of
the nation, the inevitable result is the
Capitalization Of wealth or property in the
possession Of comparatively few non-pro-
ducers, and the impoverishment of the
whole wealth producing element of the
nation.
hth. All beyond such rate as will effect
the equitable distribution Of the products
Of industry and enterprise between capital
and labor IS a legallzed fraud upon the in
dustrial classes for the government is
morally bound to institute money, SO that
It will distribute products to producers
and capital IN strict accordance with the
labor or service performed in their prJduc-
ton. Now, it is demonstrable beyond the
power Of REPUTATION, that the aggregate
rate of increase IN the wealth Of the nation
has not in the past exceeded three-and-a-
third per cent, while the rate Of interest
on money has averaged as much as nine
per cent. per annum, and the consequent
unfair distribution of property and pro-
ducts, between capital and labor, is the
main source Of the wrongs and expressions
which are affecting the industrial classes
IN all departments of useful occupation.
calhngs and professions. Free trade and
protective tariffs are at best but palliatlves
Neither can afford general, permanent re
lief, because they do not reach the root Of
the evil Ii is absurd to assume that our
manufacturers can pay nine TO twelve per
cen. on the capital employed in their bust
ness, and compete with goods and wares
manufactured with capital at three-and-
half per ent,-the rates i'll Europe and
it is equally ridiculous to argue that labor
can be permanently benefited by protect
i've tariffs, however high, SO long as the
rate Of interest on money remains so greatly
above the rate Of increase on the national
wealth, for capital, when it co-operates with
labor, viii be sure t. gather up the sur
plus earnings Of their combined produc-
ton, and compel the laborers TO toll for a
mere subsistence.
The reduction Of interest to such rate as
will effect the equitable distribution of the
products Of industry and enterprise be-
tween capital and labor is the great desi-
deratum. t is cheap mo,,eq rather than
cheap lqbor that Is needef 10 emancipate
labor from thraldom scar.rly less unjust
and oppressive than chattel slavery itself,
to enable us to develope our resources and
compel, successfully with foreign produc-
lions in the manufacture Of all articles Of
prime necessity, and at the same time to
preserve and perpetuate our Democratic
and Republican institutions
To control the usurpations 81 money, to
reduce the usurious and ruInous rates Of
interest u parallel with the rates II pro-
duction Of labor, is All essential attribute Of
sovereignty, and one If the most import
ant functions of government. Right here
the remedy must be applied Money,
which is the standard # distribution to
capital and labor, must be instituted So
that 1t shall distribute products to produc-
ers and capitalists equltably, accordin. TO
the labor or service performed III their
production-the servant, and not, as now,
the master and opprsssor Of labor
To provide a currency two plans are pro.
posed.
First, the specie basis fallacy, by which
the sovereign power to make money and
regulate its value, is delegated to a class of
INSCRIPTIONS spectators and avarIcious
Shylocks, with power to make such division
of the products Of industry between capital
and labor as their avarice may dictate,
thus to rob the whole producing element
Of the nation at pleasure. This
system contemplates the withdrawal
of the legal tenders or peoples money,
which cost the taxpayers nothing by way
of interest, and the substitution therefor
of the bank currency, which cost the peo-
pie full six per cent including the cost of
collecting, the interest on.tise bonds de-
posted by the bankers. over and above the
taxes paid Ly the banks. Just as fast as
the legal tenders a. zfthdrawn their places
will be filed witsths nctes u e-nks. and We
shau sooa have a. much as v-shs h1hts1-
million dollars Of them in circulation,
which viii cost the taxpayers forty-eight
million dollars more than like amount Of
legal tenders. Notwithstanding what
Senators, would-be Senators, Congressman
and editors have to say about the revenue
decived by the government from these clr-
rene shqps, the only tax they pay f'r the
eporu 81. bonus granted them. one
per Pa per. annual On the average
amouat si.ea1 eslAssnding circulation.
tThsaiB yreafef SS2 of this system is
tAAsit stes tbesc 4srties the power to
regulate n fase Of interest in all business