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

An Interesting Document.
At a recent meeting of the Radical Club
of Philadelphia, Edwin NJ Davis, ESQ.,,
in the chair, the following interesting let
ter from Mrs. Kellogg Putnam was read.
This lady is the daughter Of the late Ed
win Kellogg, whose work on finance has
been published in full in the columns
Of the ADVOCATE, and which furnished the
groundwork for the platform Of the Ma
tional Labor Union
ELIZABETH. n. j., Nov 5, l874.-Ed-
ward Nj. Davis, Esq, President OF the
Radical Club, Philadelphia Friend :
Il thank You for your proceedings, show
ing the great interest you take in the in
stitution Of better currency for the peo-
pie. | shall be very glad to have you lay be
fore the members of the club a copy Of
my honored fathers original proposition
for government legal tender paper money.
convertible into bonds bearing interest,
and recoverable. 1t was preached by
him more than thirty years ago under the
name Of Godek Gard well-the words con
tanning the letters of his own name, Ed
ward Kellogg, and was Published on a
newspaper sheet, with the title q" Usury,
the Evil and the Remedy" So far as |
know, only the single copy III my posses
sion is extant. which had the pleasure of
showing the other day to yourself, Mr.
Henry Carey Baird and others. | may
add that my father was forty years since, q
well-known merchant and citizen Of New
York
quote as follows
Copied from Ed,cdrd KellOgg's " UsUry, the
Erl and he Remedy" Printed in 1873.
For the purpose have before mention
ed, THAT is to supply the people with a
sound and good currency the United
States should establish an institution which
| shall here call safety fund. | give it
this name because | think it will be the
means Of securing to the producers a fair
remuneration for their productions. 1t
will save us from the power Of any foreign
nation over our internal improvements. or
anything else of great Importance. 1t will
enable the nation, as far as man can have
such control. to decide its own destiny
Therefore it will be a national safety
fund.
In order to explain the nature of this
safety fund, | will here write out in full
two bills, one for circulating medium, the
other for Treasury note. BY reading
these. the system may be almost entirely
understood Should such an institution
Ice established, the bills might be more
brief, as the laws on the subject would be
known, and it would be unnecessary to
have as much expressed as in the follow
ing -
CIRCULATING MEDIUM OR SAFETY FUND
NOTE.
The United States promise to pay, to A.
b., or bearer, at their safety fund, in the
city Of, one hundred dollars in safety
fund notes and, until such payment is
made this note shall be legal tender for
debts, the same as gold and silver coins are
now a tender.
TREASURY NOTE.
One year from the first day of May next,
or any time thereafter, the United States
promise to pay to A. B., or bearer, in the
city Of, one hundred dollars in safety
fund notes and, until such payments is
made, to pay interest thereon, half yearly,
on the first days Of May and November,
at the rate Of two per cent. per annum in
gold or silver.
1t will be perceived that the note intend
ed as a circulating 7 edium is made ten
der for all debts, that it is issued by the
government and payable in Treasury notes.
The Treasury notes are to bear interest,
hence there can be no money in circulation
but what tine holder can at any time put
on interest where the loan would be entire
ly safe, and interest payable half yearly in
specie, so that money can at all times be
loaned for a certain income secured by the
nation. One year after the first Of May
ensuing the holder can convert the loan
~ into the legal currency OF the coun-
Try So : never can be surplus of
money Th VIM, Hl,,on - be made productive.
cn Lhv sO %sdin% aPd fs1ssss Cir
have copied from g Ctury, the Evil ana
the Remedy" by Godak Gsrdwell Edward
Kellogg, printed in newspaper form BY
Burgess & Stringer, No. 222 Broadway,
New York MARY KELLOGG PUTNAM.
BY reference to our foreign labor items
it will be seen that a deputstion from the
State Of Mississippi has submitted to the
Executive Committee of tine National
Agricultural Laborers' Union ct Great
Britain scheme for the emigration of
SOC, 600 far laborers to that State
The Machiaists and Bldcksmiths Monthly
JourAd will be enlarged to double its pres
ent size on the LIST of January next. A
circulation of SO, 900 is anticipated. We