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

| TO TIE EDITOR or THE HERALD C
Your noble humanity, now 20 much needed and
! 30 gratefully acknowledged by an unemployed and
starving people, induces me to believe that the
same enlarged benevolence will prompt you TO
promote the ends that viii restore employment to
these suffering thousands when you are convinced
of the truth OF such propositions as may be laid
before you. iwiil brieny lay before you few facts
and logical deductions that may point to proper,
suitable and permanent remedy for the evils that
are upon u.s.
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
state OF unexampied prosperity You know that
soon after thar event the great mass OF mechanics
and laborers were thrown out OF employment, 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 ana 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 now in want Of en-
plOyment from the same cause. and many, very
many. are indebted to your active sympathy ana
money for their lives Beyond the suffering of
/
borne by our people IN consequence OF the sudden
stop put TO well paid labor.
This condition or affairs has now continued more
than seven months, and the unemployed have been
estimated at 1000 900 OF persons II this be so tnen
this estimate makes an absolute loss to each Ia
borer ana mechanic OF ITO days. The value OF this
labor, II we estimate 1t at So a day, amounts to
$340 for each person. The aggregate for the
100000 will thus be ittr
SIX HUNDRED AND EIGHTY MILLIONS OF DOLLARS!
This Is frigntfu. sum for the laboring poor ana
the nation to lose. This loss must continue to
work out an immense amOunt OF misery and crime.
One-half or One-quarter OF this great Is large
enoagh TO strike with wonder and horror the
hardest heart IN the land, ana arouse sympathy
Tor the oppressed and indignation against the
authors o. this great crime Here lies the cause of
stagnatiOn Ia trade, the small collections, pros
pectlve ana present embarrassIuents, suffering
and starvation. This cause Is enough to produce
more than all the disasters We are now witnessing
anu will witness many months yet to come.
CRUELTY OF MERCHANTS AND STATESMEN.
How do our merchants and atesmen meet and
answer this great and appalling fact wnen we ask
It's normal condition.? Their reply is, Glve us
gold Tor currency!' eve ask for bread; they give
US stone" 1--WE ask Tor fish; they give us u SER
pent." This Is the humanity and wisoom tnat now
controls and Expresses ns.
We cali Tor a restoration Of the Free BANKING
law, which Congress unwlsely took from us and
made monopoly IN the hands OF few favored
persons. We, therefore, charge all the calamitles
under which we are now suffering, upon Congress-
In the presence Of the cause and appalling conse-
quences that are here recounted we are met by a
Cry Of 'fnnat0n infationr' And from the unreason-
ing opinions found IN the columns OF many papers
we are unable to learn what remedy they propose
Is abundant labor is well paid; that when money
is scarce and dear the laDorer starves. They an
no 5 say
ask for employment. they say, Money Is too
ryvrT on
i will now return to the cause Of this trouble.
| We established Tee banking in this State in 1898.
you ever hear any one make complaint against itg
! Has there been any cause to ask Tor ITS repealp
rency before 1t was taxed out of existenceg This
| law Of our state was wisely made the law of the
Union in 1882 II was made tree" but unwise
men caused the aggregate amount OF capital to be
limited to $500 000, 600. This they call Tree bank
ing. After the whole amount had been taken up
by banks IN different parts OF the Union the ext
gences OF LABOR called Tor an increase OF currency,
! and Congress, our wise and liberal Congress, very
| kindly allowed the people TO increase the mo-
nopoiy to $s50O 600; but they annexed a condi-
tion The secretary OF the Treasury was orde red
withdraw OF sga tenders Here
$45,oo0,Oo GOO to the volume OF bank notes and took
from circulation $50 100000 Of illegal tenders"
ss0oO.SSo Your paper has SHOWN BY statistics
snan IN EnsIsnd France and aerma snS And vet
we hear or see e IN every Paper but the HERALD that
|
! INITIATION DEFINED.
! On the question OF Imitation must coll your
attention to lew facts hs WORD
means anything, ~ bladder filed with WIND or
gas, preteDsion, worthless thingn Does this
| describe correctly our bank note This note is
! secured by deposit in the national treasury
of gold bearing government bonds. The Treas
to the amount OF ninety per cent OF the face of the
bonds. Are these bonds worthless, 'inhated''
thngsp These bonds now sell in our market and
| in IN O1a N
gold.
| his possession security for every bank note that
win sell for $l1O in gold to redeem every 500 Of
bank notes. is this worthless 'innatedn paper2
high order OF credit. No one Is compelled to take
1t any more than he would he compelled to
most perlecS credit that has ever been invented
Would you limit Mr.. Aston to an issue Of a
certain number ; Of notes on the p d,
Aston, backed BY his hundred millions Of
property can make very good note. But such
atcu among the banks Mr. XssOrs notes would
not be received in payment Tor an Indebtedness.
Therefore this 'ilfated" bank paper Is more val
liable than any other except the 'cOined paper" OF
the governments. is 1t a possible thing to nave too
THE WAGES OF TOLL.
Iwfll now call your attention to the action OF our
currency. Bank notes and legal tenders are chiefly
used for paying labor. These bills, therefore, rep
resent the quantity and value OF the labor OF our
country, anu tney lolow laD0r ana trace 10 every
place on the Continent. There Is nux and
renux of currency in all towns and
manufacturing centres, controlled by the amount
OF labor aud mercnantabe productions. The
sales OF the products Of labor bring back money
from the mart of trade and IL Is 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
the great law OF supply and demand. II an employer
at any place is not able to get currency for his
| X
men, his workmen cannot pay their store bills,
the retailer cannot pay the city merchant, and
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
now, and this is the cause that calls for your en-
| arged benevOence.
CURRENCY MUST EXPAND WITH LABOR.
The business OF banking resembles the blood,
It's 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
| expand and increase with the growth OF the body
i aaAf n nd md ipcror c,.it,