The workingman's advocate., 1874-05-23


Mr.. Speaker II have received valuable
contribution from friend, and as it bears
forCibly on this point as well as on the
whole financial question, | will send it to
the reporters to be printed with my re-
marks.
MUNCY, Penn, March 80, 1874.
Dear sir-In on word, | may say that
your bill (H. X. No. 1879 meets my entire
appreciation, and am delighted to know
that there is one at least on the floor Of the
House who has plan to meet the difficult
ties, and the courage to stand up in oppo
sition to moneyed monopoly and
monstrous tyranny, which the business
men and wealth producers of the country,
rreSpectlre Of party, are determined shall
be crushed out of existence.
The Democrats and Republicans in Con
gress, who are aiding to uphold this mon
eyed tyranny under the miserable pretext
of desire to resume specie payments,
avoid imitation, and rid us of an I" ir-
redeemable currency, without taking any
other steps than contraction of the cur
rency to accomplish their professed pur-
poses, will find themselves mistaken if
they count on the support of the people.
| would not support one of them, either
Democrat or Republican, to save their
lives.
The moment your proposition to make
United States Treasury notes a ttH legal
tender is adopted, they will be equai 70
coin and force it into general circulation,
which will give US the only specie resump-
ton necessary or possible. No sane man
can possibly contend that one FIJI legal
tender money needs redemption IN another
lega tender; consequently the United
States note as an irredeemable or depreci-
ated money is entirely obviated.
If initiation means increased values pro-
duced by depreciation, the adoption of your
proposition destroys that. If initiation
means a surplus of money or more than
can be used IN the legitimate business Of
the country, your e-bond propo-
sition not only meets that objection, but
enables the people to regulate the coIitms
Of currency for themselves far better than
Congress can do it. A surplus of par pa
per currency will no more produce imitation
than coin.
Our business mems association hold
that Congress must make United States
money full legal tender, as it must regu-
late the udite OF its issue of money This
prevents any fltctudtion in the rdlue.
We also hold that Congress cannot place
any other limit on the peoples mOney than
the Indebtedness Of the Government oUer-
due.
We also maintain that Congress has no
lawful power to suspend payment on any
Government loan which, by the plain letter
of the contract, is made payable IN United
States notes, the same cOiH, at their pdr
value, (dishonored and thereby depreci-
ated by the act containing the terms Of
that contrAct).
We do not believe that the honor Of
Congress or the country can be elevated
by altering a contract after it is made, TO
benefit either money-lenders OF the people
and therefore the act of March Is, 1869,
should be repealed, as it perpetuates debt
payable in United States notes, compelling
us to pay millions Of useless taxation an
nually.
We are uncOmpromisIngly opposed to
banks of issue. First, because the people,
money is safer than that of an individual
and the people are entitled to the bei,eft |
of the circulation; nor does it require re-
demption. Second, individual issues can
not be made a fall legal tender, and there
fore require redemption in fill legal-ten- |
der money. Third, because money not
based on a real estate as security, first |
lien or mortgage on 1t, and backed by the |
revenues of a government, has no real |
value, or means Of being retired. Fourth,
because the prerogative to make money |
and regulate its value has been delegated to |
Congress and this prerogstive Congress
cannot delegate to another. We are in |
favor of the sixth and seventh sections of |
your bill on the currency, because the act /
of 1869 is q gross fraud on the people, dis
honorable TO the country, simply intended
TO perpetuate our public debt and the Ma
tional bank issue, and the act Of July IA,
1870, is useless.
There is no use in trying to conceal from
ourselves the fact that we are in the midst
Of terrible conflict between the people
and "great capitalists" who are enlisting
newspapers and their correspondents in
their service, and who have threatened to
fight Us "inch by inch" in the United
States Senate, in order to defeat the
friends of an expansion Of the peoples
money, and permanently establish mon
eyed tyranny over US. They fear expan-
sion lest they may lose control over the
currency. Pay off the 6ve-twenty bonds
in par United States notes, and it will no
more than place business on d cash basis,
and make business men independent of
money lenders and note -shavers, az they
should be, and are determined to he
therefore their inch-by inch fight, but
the final result of this contest, cannot and
will not be doubtful one. We stand as
seven to three. The contractionists and all
10 ~ttempt TO humbug us with a prom Sc
Of resumption of specie payment in two
or three years, hold their last offices. We
do not want any other resumption than
that Of specie circulation on 9 par with
NsU legal tender United States note, aud
hat voc IOdnt nOi0.
They tell us that United States notes
we're only intended as a temporary arrange
ment, and that the National Bank notes
we're intended to be a permanent swindle
On us ; and that to clinch US they passed
The act of 1863, and the act Of July IA,
1870. And Mr.. Maynard says that We 90
pledged ourselves in 1868. This il an sr-
ror. The Republicans ON May 20, 1868,
pledged themselves to pay the public debt
lccoRding TO the letter and spirit of the
awssunder which it was contracted.
The Democrats, July 4, 1868, pledged
themselves to make United States notes
par and Pay the 6ve-twenty and ten-forty
bonds n those notes, and the bonds Of
1881 in coin. Yours respectfully,
WILLIAM BRINDLE.
Hon. MosEs w. FIELD. m.s- h
Ho,sse of Reprssentutices, WGskimqsom.
:. Mr.. Speaker, shall vote, il 1 have an
onr,orknnikv for the bill have introduoad