The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-19
FREE BANKING Oh FREE FOOD.
To THE EDITOR OF THE HERALD

~ W THE HERALD
Your noble humanity, now 90 much needed and
30 gratefully acknowledged by an unemployed and
starving people, induces me TO believe that the
same enlarged benevolence will prompt Won TO
promote the ends that viii restore employment to
these suffering thousands when you are convinced
of the truth OF such propositions may be laid
before you. Iwill briefly lay before you few facts
and logical deductions that may point to proper,
suitable and permanent remedy for the evils that
are upon us
You know that up to the time OF the failure OF
Jay Cooke Il Co. manufacturing and all other pur-
suits in which human labor is required were IN a
state OF unexampled prosperity. You know that
soon after that event the great mass OF mechanics
and labOrers we're thrown out Of employ ment, not
by the failures Of employers, but because The
money or bills to pay for labor could not be OBJ
tanned
Here then, just here. appears the point or chief
and mos palpable cause OF disaster, to which all
should turn their eyes and attention before look
ing for any other. Men. women and children were
thrown out OF employment and left without the
means to provide themselves with food because
money could not be obtained to pay them Tor each
days labor. These people are now in want Of en-
PIGMENT rom the same cause and many, very
many. are indebted TO your active sympathy ana
money for their lives Beyond the suffering Of
these poor thousands lie many other grievances
borne by our people IN consequence OF the sudden
stop put TO well paid labor.
This condition OF affairs has now continued more
than seven months, and the unemployed have been
ESTIMATED at 1000 600 Of persons. II this be 80 taen
this estimate makes an absolute loss IT, each Ia
borer ana mechanic OF ITO days. The value OF this
labor, II we estimate 1t at 81 a day amounts to
$340 for each person. The aggregate for the
100000 will thus be lf.f
AN
This Is a frighttu. sum for the laboring poor and
the nation to lose. This loss must continue to
work out al immense amOunt of misery and crime.
One-half or oae-quarter OF this great sum large
enoagh TO strike with wonder and horror the
hardest heart IN the land ana arouse sympathy
Tor the oppressed aud indignation against the
authors o. this great crime. Here lies the cause OF
stagnation 10 trade, the small collections, pros
pective ana present embarrassIuents suffering
and starvation. This cause Is enough to produce
more than all the disasters We are now witnessing
ana will witness many months yet to come.
CRUELTY OF MERCHANTS AND STATESMEN
How do our merchants and statesmen meet and
answer this great and appalling fact wncn we ask
Tor the restoration Of the Inc blood OF business to
us normal condlMony Their reply Is Give US
US stone.n I'VE ask Tor iis tney give MS SER.
pent.". This Is the humanity and WISDOM that now
controls and Expresses US.
we call 1Or restoration OF the Free BANKING
law. winch Congress unwisely took IRON us and
made monopoly IN the hands OF few favored
under which we are now suffering, upon Congress-.
In the presence of the cause and appalling conse-
Cry Of 'tndationl iniatonl And from the unreason-
Ing opinions found In the columns OF many papers
s Are 70 y learn wv shss they
u abundant labor Is Well paid; that when money
is scarce and dear the laDorer staryes: They an
swer, contraction; no lnnatiOn." We say we
want paper money. They answer '.GOldW We
ask for employment. They say, Money is too
THE HISTORY OF FREE BANKING.
VIII now return to the cause Of this trouble.
We established Tee banking in this State In 1888,
This law remains upon our statute books, Did
you ever hear any one make complaint against IL?
Has there been any cause to ask TOR ITS repealS
rency before 1t was taxed out Of existence? This
law OF our state was wisely made the law of the
men caused the aggregate amount Of capital to be
limited to $3oo, 900. This they call Tree bank
by banks IN different parts OF the Union the ext
9encies Of LABOR called Tor an increase OF currency,
kindly soweS d." the peopie to- incyease the m.
nopoly to $3.50, 600 200 but they annexed condi-
ton. The secretary OF the Treasury was orde red
. deception practised. me law gave only
$45, ooO 600 to the volume OF bank notes and took
Instead therefore, OF an Increase OF 900 OF
currency there was an actual decrease OF
that the currency IN our country is less per capita
tnan IN England; France Franc and Germany: And yet
our currency is '.lnnated.' ~ '' '"N' ''"'
lNFLAYi0N DEFINED.
On the question or imitation" must call your
attention to a lew facts. The word ''innatlOn,u
that fippantly used IN the press. means, IL it
means anything, - bladder filed with WIND or
describe CORRECTLY our bank note This note is
secured by q deposit in the national treasury
urer delivers to the 0anks notes for circulation,
to the amount OF ninety per cent OF the face of the
bonds Are these nanav BOMBS s worthless natsd
in England and Germany for more than par in
gold.
Thus the Treasurer OF the United States holds in
his possession security for every bank note that
will sell for $11o in gold to redeem every 500 OF
bank notes. Is this worthless Undated" paper
TINS '.innated' paper is not money 1t Is simply
high order OF credit. No one Is compelled TO take
any more than he o, woq M oe compelled ,t to
most perfect credit that has ever been invented.
Would you limit Mr.. Astor to an issue of
thar they will naon Mr.
Astor, backed BY his hundred millions Of
a note is not SO perfect a security as the bank
note, secured by specla, pledge; ana by rega;;
Therefore this "infiaied" bank paper Is more val
liable than any other except the s'coIned paper OF
the government. ID 1t a possible thing to have too
much OF this bank paper9
THE WAGES OF TOLL.
win now call your attention to the action OF our
currency. Bank notes aud legal tenders are chiefly
used Tor paying labor These bills, therefore, rep
country, and they follow labor and trade to every
place on the Continent. There is a nux and
refiux of currency in all towns and
manufacturing centres, controlled by the amount
! OF labor and merchantable productions. The
sales OF the products OF labor bring back money
IRON the mart OF trade, and IL IL then paid to the
laborer in small sums These rewards OF labor
generally lind natural deposit In the pocket OF
the small or retail trader, and rom him they go to
the jobber and importer in our large cities. thus
the current goes circles and returns, according to
at any place is not able to get currency for his
manufactured article he cannot pay his work
men, his workmen cannot pay their store bnls,
the retailer cannot pay the city merchant, aud
thus depression in trade may be traced directly TO
the want OF currency In the hands OF employers to
pay the producer This chain Of results is upon us
now, and this is the cause that calls for your en-
1arged benevoience
CURRENCY MUST EXPAND WITH LABOR.
The business OF banking resembles the blood
Its causes and effects The blood IS the life OF the
natural body, as the currency is the life OF the
body OF producers and consumers. The blood must