The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-01-10
FROM CALIFORNIA.


ana nope 70 90 IL IN spirit tnat VIII O0ii
eft US particularly, and the labor cause
generally, by throwing a little more light
on the currency question. In the first
place wish "a say that consider ii Of the
utmost Importance to enlighten the work
ing classes upon the way and manner they
are robbed by the operation Of orr present
money system. Our opinions or our theo-
ries Of money are not Of SO much conse-
quence a. to expose the plundering schemes
u our idlers aud drones, who are IN pos
session Of the well stored hive, and have
turned the industrious bees out to starve.
Why should not Congress interfere
with the National Banks ri These insti-
tutions rob the people, by compelling them
to pay interest twice over. once on the Gov
eminent bonds deposited, and then again
ON the National Bank notes loaned. We
are in the habit Of saying that interest is
tax upon industry, but this is not an ex
plicit statement Of the facts. Interest In q
tax upon labor alone. The promoters Of
industrial operations, pay interest to CAPT
talists and preserve their own profits in
tact When either Of these fail, in common
parlance, the operation don't pay, unless
the price Of labor can be reduced, and La
Dor is always the scaPegoat in some shape.
The National Banks pay dividends Of from
10 to 20 per cent, and if capitalists could
make 80 per cent. interest ON their money,
by turning all our industrial operatives out
to starve, and putting coolies in their
places, they would do it without compunc-
ton, and they have done il alreany with
out one single protest from papers that can
be considered capitalist organs. On the
contrary, they have advocated the intro
duction Of coolie labor as a benefit to the
country where it was q benefit to capital
only.
What nonsene then to pirate about the
mutual interest of capital and labor They
represent too antagonistic elements that
| can never be reconciled until the wolf and
the lamb lie down in peace together, and
the one no longer preys upon the other.
This National Bank currency is com
mended because il il secure. How careful
the bankers are of the bill holders to be
sure, and they try to make the laborers be-
| lieve it-as if laborers were able to hoard
money enough to suffer when banks fail to
pay their obligations. Where the produc-
ing classes Of the country have lost one
dollar by banks breaking, they have lost a
thousand by the National Bank swindle.
Ben Butler said al see eighty National
Bank presidents in this House" Legislat.
| s, h.. o...,lA hax aAAaH
No currency reforIner should say word In
favor Of the National Banks If institu
tons are to be estimated according 10 the
good or bad they have perpetuated, the
National Banks certainly deserve TO be ex-
ecrated.
They may be no better for the capitalist
but they are infinitely worse for the people
than the old State Bank system, for theI
the producers only had-to pay interest OF
the money their employers borrowed nov
they must pay interest to the capitalists Oh
the amount lent, and they must also pa,
interest to the Government for lending thi
same money to the banks, and there is N
possible way for the producers t. escape II
They and they only pay it, and for |
they are kicked out 70 be starved, at tn
command Of capital
According to the State Bank system, I'll
capitalist who owned one gold dollar coul
issue three paper dollars and get interest D
them all. but under that system our com
merce hourished now it is swept from tn
ocean. They tell us this was done BY tn
Confederate cruisers. Bosh 1t Is BE-
cause all our industries are taxed for intel
est Just double to what they were unde
the old State bank system.
If we want commerce we must reduc
the rate Of interest Do our mechanic
know that there is now propositio
before Congress to admit foreign bottom
to registry under our flag. This is a speci
men Of the mutual interest of labor an
, capital Capitalists are determined to hav
big interest even if they patrOnize foreig
mechanics instead Of our own. But wha
else could we expect Of those who in tn
time If the nations peril conspired to criI
pie our finances by depreciating the ns
tional currency to make money for then
selves
There is no place in the whole world thi
presents the advantages for ship buildin
that California does, not alone in the abuI
dance and excellence Of ship timber. L.
, me say here that rating iron A /
Lloyd's for 81 years is weak invention ,
our commercial rivals, who have more iro
than wood.
But California also presents the advaI
tage, that every ship built here can earn
{ freight ON her way to the commercial en-
! poriums Of the world, that will 60 far
|. pay her cost and LAY her down" in
trade phraze, where she can be sold at
profit But this industry is prohibited
like many others by the high rate Of Intel
est entailed upon ms by our gold currenc
at the same time.
Our papers are boasting that some Of OF
banks during the past year have paid
their London stockholders about % pC
, cent. annual dividends What industrit
can pay when bank capital pays like this
We are likely to become a second Mex
! co-only worse-for our Poems will carr
all their savings to China, and Europea
capitalist will take the rest of the prof
! Of what we produce.
We do not want any more banks cha
tered Of any kind What We want is N
tional currency and plenty Of it, and ju
now our Senators are frightened out
/ their wits They wish IA obey their ma
! tiers as they did when they added the go
amendments to the legal tender bill bV
I papers like the Advocate are stirring the
. up SO briskly that they are afraid to do
1 We want reserve fund Of greenbacks su
: ficient to satisfy all demands, and the pri
: ilege to issue them as fast az called for, al
proper security offered This will prevel
panics, aud nothing else will. This issuir
money in limited quantities to the capita
lists, to enable them to get up panics, tut
working men and women out to starve, AT
\ depreciate the prices Of Of all commoditi
and stocks, 50 that they can buy them in
a low figure and loan money at per cen
per day, is played out and must be stoppe