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

The following letter from the pen Of our
esteemed friend-Pliny Freeman, ESQ, Of
New York, was first published in the AD-
vocArE Of January 7th, 1869. Its repub-
lication at this juncture requires no apnlo-
gy, az the principles advocated therein are
now directly before the American people
1t will repay perusal
New YORK, Jan. 4, 1874.
To the Editor u the woHkHoxASs ADVOCATE
Your esteemed favor Of the 20 h ulti.no
was duly received, also a copy of the pro
ceedings Of the National Labor Union. u
2lst September last, for which please ae
cept my thanks, anu would beg permission
to express my hearty approval VI the plat
form there adopted.
In the minority report, dlsagreeing with
the committe on the curr,n ncy question, |
observe the following expression = hold
that a coin currency il the workingman's .
currency, and the only hOneat currency. :"
Which reminds me Of the winter Of lS42
and 43, when We had the coin currency
and MIR. Calhoun's millennium of free trade
at the same time. The millennium reduced
the coin currencyto homeopathic quantity,
and the products Of labor together with the
necessarIes Of life, also, to homeopathic
prices-and yet there was more destitu-
tion and starvation in this, and other At
lantic cities, than in any period Of our his
tory.
In the report | also lind "2d I object
to the currency scheme of the committee,
because 1t will be huge imitation"
If understand the scheme, imitation
will be an impossiblhty, no matter how
much currency ls issued, for the reason
that when it becomes So plenty as to re-
duce the rate of interest below the govern
melt standard, the surplus will flow back
into the treasury for its interest bearing
bonds, thus keeping a uniform rate Of In
terest and the amount of currenoy-iust
what the business Of the co lutry requires
consequently q uniformity and evenness
in values without huctuatlOn in price.
As an evidence I; the acts creating legal
tender, made it convertible into bonds
bearing six per cent interest and the first
five hundred million $40 loan was taken
up by such voluntary conversion, and dur
ing that time there was greater evenness
in values and uniformity in currency, than
ever known before nr since.
Initiation, after a sufficient issue to re-
duce the rate of interest TO the government
standard. would apparently be An nnpossi-
bllity. During the process the wages of
labor and prices OF the products OF labor
would be largely enhaaesd, and until that
standard was reached but when that level
was found it is diff cult to see how it could
be disturbed
To reduce the rate Of interest to govern
ment standard Of three per cent L must
necessary become 50 plenty AS to be diff
fused among the masses, when consump-
tion Of the products of labor would he IN
creased in similar ratio-thus creating an
additional demand for labor at high re-
munerating rates; for in doubling the de-
mand for labor do we not double its
prlcesl And thus render thereafter destitu-
ton and starvation from want, impOssi-
blel
The theory which the moneyed interests
advance and Perslstently urge, that a re-
turn to specie payments would reduce the
price Of provision ani the necessarles of
life and although 1t would reduce, also,
the wages Of labor and products Of labor,
would be blessing to the producers, is
plausable, indeed. That = reduction in
the prices Of provisions and the necessities
Of life would be blessing, is a truth all
must admit; but, that reduction in the
wages of labor and products Of labor,
would also be blessing, in not 50 clear
1t Is a subject that should be investigated
by all producers.
As experience is deemed the most re-
liable teacher, the writer would submit
some Of his own experience, and state that
a number Of years since, he built con-
siderable number Of tenement houses III
which, during no winter during the war,
were all the rooms occupied, and many of
them that we're occupied the tenents were
unable, IN whole or ma part, to pay their
rent, and as the agents we're instructed not
to dlsposs any for inability to pay, It re-
suited in serious loss to the owner, and
suffering to the tenants. But commencing
with the first winter of the rebellion, the
houses were constantly full, and, aith ugh
at increased rates, the rent, were promptly
paid monthly IL advance, and reported BY
the agents on a given day, almost without
exception, until McCulloch's contraction
policy deprived the occupants of employ
ment, and both last winter and the pres
paid, in all the buildings, the tenants
having used up tine surplus they bae during
those years deposited IN the savings banks.
The agents report that during that period
the occupants were better clothed and fed,
laid up money in saEi-Hs banks, and gener-
aIly improved I'm r~oFsis and respeot ability
u-...E Inc ch-r ge Inr stoned
Should the cow -rtbIc anu r.suaverti
BILE system you nd socat be adopted bv cor
gress, 1t seems ~ the writer there would
be no further rse for benevolent insUitu- |
tons or charities Of any kind /; and that |
all possessed OF their mental and physical |
faculties would be- independent. for thev, |
like the IsrealItes in the wilderness. could /
Sather enough in the morning t. last the |
while day, and if they gathered more it |
eula spoil on their hands in other words /
t~cf1E three day labor 1ould provide for |
their necessities for n wesk-wAeu the re-
malnder OF their time could be devoted to
elevatlng and ennobling then manhood;
and when the necessity for cuveting our
nelghDor property Is removed, wCuId not
man learn to do unto others as be would
have others dc unto himl
1t appears to the writer, you are engaged
In the most holy work that ever engaged /
the attention Of man that providence In
guiding your labors, and that consequently
you must prevail
That the consumation may bs speedily /
rean&ed 10 the prayer OF JusTIcR.