The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-08-08

Il
for the time being. Iay cannot, AZ least
opinions on financial guide AL former
with reference 10 surfpns, and act
cumstances alone. The pldlng cir
these circumstances are new. e know
ready 10 discard all former oplAey are
party prejudices themselves, and d. and
one man m the defense of law, liberty A.
human rights, and are looking for patri1
ism and self-saerifices, not only on the bat
tle-held, but in the Legislative halls and
executive councils. The people are deeply
In earnest, are watehful, and he who viii
truckle to party prejudices to save his place
shall lose 1t but he who will nobly stand
up for the right will receive the welcome
plaudIt Of "w we'll done, good and faithful
servant come up higher"
Yes, they will be proud to honor the true
patriot, no matter where found. but will.
with Just Indignation, hurl the mere time
serving politician from power and place.
and conslgn him 10 an ignominious retire
ment for all coming time"
Ihe futlllty OF attempting To carry on A
prolonged and costly war by loans on gov
ernment bonds soon demonstrated itself 20
the PRESIDENT and Congress, and the many
advantages to the government which had
been urged In favor Of the treasury notes,
induced Congress 10 pass the law proyid-
ing Tor ther issue. Mr. Campbell, prior
to the passage Of the law, had VISITED Wash
lngton TO urge upon the President with
whom he had long been on terms of friendly
intimacy, and upon Congress the necessity
of such Law. That the treasury note
enabled the government 10 put down the
war, that 1t prOvIsloned, clot he'd, supplied.
armed and equipped the army, It's greatest
enemies frankly admit to-day Its popu-
larity fully Justihes Mr. Campbelrs decla-
ration that lit would be a slander to sav
that any considerable number of persons
holding office under the general govern
ment, or in any Of the loyal States, would
refuse TO take II In payment for their sala-
mes, and that It would be more acceptable
tO the people than any other paper cur
rency, and good enough for any loyal citi-
zen.
Since the close of the war the same
treasury note has paid pensions and been
the people money, good enough for any
loyal citizen, until within a few years,
when the same capitalists who. under sham
pretences OF patriotism, subscribed for a
few millions Of government bonds at eighty
hve cents on the dollar, found means to
persuade Congress TO declare the treasury
note unht to pay the national debt when
so agreed, and are making frantic efforts
20 get wholly rid of it, We can only give
brief quotations from Mr. Campbell's writ
lngs to show that labor has the same neces-
sIty for treasury notes as the union of the
States had for Its first issue
When Congress proposed to establish
the national bank system, he was vigorous
In his opposition to it, advocating the
adoption OF purely legal tender currency.
We hnd, IN his lecture delivered before the
Mercantile Association of Chicago, III Sep
tember, 1862, detailed plan for inaug-
uratIng system Ut governmental currency
and an explanation Of the benefits to result
therefrom- After exposing the errors "
the national bank system, he says
The issue of tegal tender treasury certif-
Gates, sn denominations 10 meet all the rants
Of business interests 1gcsi1able fir az goper,,-
meIa dues, and c04tu-rtiffa no M oDtio1 of
the gorerRmeat into stoc1s w bo4sds, ,,....e
per cent. per annUB interest, and pr reiy,ai
payable ia LdWftri money, alsd the bonds "
BE- recOnpertibLe INTO legal tenders, at the op-
tion of the holders
Il. This system will furnish a currency
Of uniform credit in all parts Of the Union,
and Of sufficient volume at all time, there
byrehevnIg the business interests from loss
ess caused by undue expansions and CON
fractions Of the currency and bank failures.
the magnitude of the evil effects Of which
can hardly be over-estimated
''2. 1t will place the mOneyed interests
Of the nation under the control of those
who produce and distribute the wealth.
where such control properly belongs, but
which, under the operations Of our bank
ing system, Is now IN the hands ~ few
gambling bankers, who are growing rich
by plundering the industrial classes.
''3. II will relieve the producers from
an undue proportion Of the national tax,
which is imposed ON them by the present
financial and revenue system.
"a. Ii will reduce the national tax below
One-thIrd Of the amount required under
the system now IN operation ur any other
one that has been proposed.
70. 1t will reduce the rate Of interest ON
loanable capital in all business transac
tions, which will quicken all branches Of
productive industry, and restore permanent
individual and national prosperity, encour-
the developemeDt Of our natural resources,
and enable us to become self sustaining
and independent as a nation
IS. II will restore commercial relations
between all parts of the country, and inter
est each citizen, pecuniarily, in the preser-
vation and prosperity Of the g5Yernu.rut X
consideration paramount to all 1thet
the present condition of the country.
n The economy Of its working, the
justness Of its bearings on all classes ana
interests, cannot fail to commend it to
every intelligent, disinterested mind. To
determine this we have only to apply the
rules Of arithm stic 10 the several proposi-
tions.
He tnen prC ceeds to contrast the results
Of the practical workings Of the two sys-
tens, demonstrating, by unanswerable ar
guments, the sIperiority Of the legal tender
currency over that of the banks.
While his writings upon currency aud
other questions Of national economy have
often been attacked by writers and news
papers in the interests Of the bankers and
usurers, his arguments have never been
successfully combatted.
Mr.. Campbell was the first writer on
American political economy to show the
per centage Of the growth Of our national
wealth, and when he declared that, for the
most prosperous period Of our history, it
did not exceed three and a third per cent
per annum, he was ridiculed and accused
OF ignorance, but now there is hardly a re-
spectacle writer on these questions who
does not adopt his conclusions. In q
pamphlet entitled "The True Greenback, n
published in 1868, he infinitely examines
the census returns Of 1850 and 1860, and
shows that the increase during that time
the most prosperous decade in our his
tory-was but three and one-third per cent
per annnm ESTIMATED in kind The
knowledge Of this rate is the basis Of all
equitable calculations an to the rate Of in
terest which capital ought to bear, because,
nm labor In tha anla uourra ~ waalth tf -