The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-03-21

equal force 10 any other industrial enter
prise In the country. Those who oppose
the adoption Of national currency sid
tho enemies OF the people Of this nation.
Let us now make another example We
propose to build railroad, we issue bond
bearing lawful" interest and sell theu
abrosd, but at fearful discount, which In.
creases the rate Of interest from six to
eight, twelve and fifteen per cent. With
this extortionate interest to pay, need we
wonder Ut the high rate Of fares and
freights
Suppose by the side Of this another road
10 built ; the bonds are taken by the gov
eminent and legal tenders issued therefor,
without any discount and without any iIr-
terest being charged for them, need We ask
which Of these roads can transport freii hit
and passengers the cheapest Nov what
il the objection to this plan Is it because
the capitalist of Europe would lose the
chance for good investment, or because
those funkeys, who are ready to sacrifice
their country, would lose their commits
sions
Let some Of our money sharps point out
the objections to this plan, if they dare
Let them show, if they can, that it Is q
better plan for the government to lend its
credit 10 railroad corporations and tax the
people TO pay the interest on the bonds
loaned. This is the system that has brought
our country 20 the verge Of bankruptcy,
accommodating debt in Europe that taxes
all our energies ~ their utmost capacity to
pay the interest, while the principle 10 cor
tinually increasing.
II our money sharps put all the plumber
of the American people in their own pock-
cts, for one should have some respect for
them, but when | reflect that they sell
their country for the paltry share that falls
to their lot, | confess to feeling for their
conduct the utmost contempt and detesta-
ton. When read the speeches Of Sena-
tors utterly oblivious Of the starving thou
sands that roam our cities, and whose only
object seems to be to secure to foreign
bondholders, already gorged to repletion,
more plumber at the sacrIfce Of the indus
trial portion of this nation, ask myself
how long, oh heaven will thy Just retri-
button be stayed
Can we have an elastic CURRENCY Yes,
and in the very way just proposed. Let any
On ganlZation of labor IOr the contamination
OF any industrial enterprise issue o
bonds, and labor is the best security that
can be had, for il CT sates. III a railroad
when competed it will be worth the MOI :
Q expended, and if taken out Of the con-
troll OF money sharps, can be economically
q imInistered but without, the surplus
revenue of the road viii redeem the bonds
deposited. Thus we shall have no Iaore on
hand than we need to prosecute industrial
enterprises, and this is the extent to which
money should huctuate. There should al
ways be enough to employ labor, and it
should free To the laborer, that no man,
especially him who before God profeses 10
love his neighbor, should be able to plum
der him of the due rewards Of his labor.
Those who fear an inflated currency are
fearful Of the depreciating influence it will
have upon the rate Of interest Those who
are endeavOrlng to curtail the rate Of in
terest are contending with phantom, while
the principal escapes to renew his depreda-
tons with unusual vIgOr.
have said that the descendants Of our
farmers, under our present money system,
will become the tenants Of landlords
Nothing Is more certain than that in a
country whose large accumulations Of cap
ltal aggregate to Individuals, land being
the source of wealth, must centralize and
besides small holdings can never obtain by
the side Of largs possessions they are sur,
to be swallowed up. This has been the ex.
perience Of all nations and all ages
&. b. SMITH.