The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-06-06
GOVERNOR DAVIS ON THE IN
DUSTRIAL CONGRESS FINAN
CIAL SYSTEM.

ester platform, q W.T.
R,soirrf, That We prevail upon the GOV.
eminent t. establish Just standard 1T dis-
tubutIuu between capital ANA Labor. ~ pro.
,idmg purely national circulating medium.
based upon the faith ana resources 81 the nation.
ISSUED directly 10 the people, Ia IA, I,aN me nj
ut the lawful debts ut the government without
The mteN cntIou OF any system OF banking
corporations, which money shall ~ a le,-..!
tender M the payment for all debts p,.nlic 0f
pu, ate, and ntcrconycrtiblc At the option 81
| the holder. with government bonds bearing
am equitable rate ut interest, not To- exceed
three and siNty-fyc hundrc'iths per cent,
subject a. future legislation hy Congress,
tlc tnuk the bankers ana usurcrs view
't the question, basiu- his arguments nn the
false premises that thc sn-oi,.lcd precious
metals, ID and silver, arr monty. ,udc-
/ pendent IF law, that they are the real
money uf the world Tins d"ctriuc is not
ucN Il Mas enumerated "a the base Ut
Y Mount sinai, by Aaron ami HIS followers
When obey manufactured the golden idol.
ana sand These ~ thy gods, ctc ID was
\ Just AS true ia the syusc iu which Il was
then used As Il Is IA the scnse ~ which it
Is now employed ID IA, bankers and
Insurers.
The Governor saIj, that
.'lu discussing these Imam. Ut problems YOU
| .au never grasp tuo EriIly tlc Mica that thc
/ gold nr silver COIN represents absolute ll,i IT,
ucrcnt value Nor can yDu Grasp too urnly
\ the idea that mo- credit hatc,cr Is represent
/ 81 DO It. The ''ovcWm III lid not pru,iucc
I III. II represents the ial,,r, THE costly Labor
| which some man has put forth o. obtain 1t.
! llr Who holds II, holds 1t 10y assignment, i'm
] mediate or remote from INN " u found ID.
dug 10, transported il e. the mint. aud inst
/ tut iU Ia circulation. It " b"t valuable be-
cause common sense has agreed "a c..h 1t So.
/ Ii IS valuable because u represents t"il
! Nov, the Governor, like all those ~ho
adopt the exploded dogma that 2,id and
silver are money, independent ii law, So
uinse truth ana error that II is difficult
wv tell which Is which That gold and Ill
,yr. like iron anna copper. represent inner
ent absolute value ia the mechanic arts.
and fnr other purposes, no rational being
viii deny, but all intelligent wurkingmen
who have Investigated the subject for
/ themselves scout the idea that they were
I specially created tor circulating medium,
as they du the equally erroneous idea ~ a
universal circulating medium. They hold
| that Che power "a make money is an essen-
tial attribute Of sovereignty, and that each
/ independent nation has the right and pow
er To- declare what shall h. a legal tender,
/ within its own jurisdiction. The working
men likewise repudiate the idea that
money does not represent credit. Tn the
contrary they hold that whether It's legal
| powers be impressed on gold, silver or pa
| per. It Is always evidence If debt.
They define money as a legalizcd agent
| invented to facilitate the exchange IF
property and products, and &" pay debts ;
| that 10 be fitted for the performance ct
] il throughout the jurisdiction "f The GOV
eminent mstitutIng 1t, but no further
When rightly instituted, il is evidence Of
service of or value rendered to the gov
eminent, whose impress ~ suP~rscription
IL bears, and which its citizens ar subjects
are bound To accept ia payment Of debts
Il is public mortgage or legal hen on all
the property for sale IN such nation in the
same sense aud to the same extent that
the interest bearing obligation Of such
government is on all the property IN it,
whether for sale or not.
Now, as viii be seen by the resolution
quoted, the industrial classes hold that the
governm mt should not Issue nor delegate
to others the power to issue any circulat-
ing medium until it shall first have re-
ceivcd far equivalent therefor Their
proposition is just this That the govern
ment shall discharge all its upneyed obli-
cations, whether for services rendered or
supplies furnished, ar for any other pur-
pose whatever, except IN cases it is eX-
pressiy provided that payment shall be
made IN CON- IN the lawful money or IN
| terest-bearing bonds contemplated by the
resolution giving the government creditor
| the privilege Of taking the bond or the
lawful money IN the first instance, with
the right to afterwards exchange the one
for the other, with such restrictions as
will prevent lock ups Of the currency, etc.
Every dollar Of currency issued under this
system would be as correct a representa-
hve Of labor rs gold or silver coin, and, if
rs proposed, it be made "A legal tender for
all debts, it would be at par with coin.
He who held it would hold it by assign
ment Of him who rendered the government
service for it.
This system, like our government, is
founded ON the assumption that the people
are capable Of self-government, and as
each individual would be at liberty to
Judge for himself how he would employ
his means, whether in the lawful money
or interest bearing bonds, it is difficult to
see how the volume If the currency could
exceed the wishes of the sovereign people.
SO long as money could be employed in
legitimate business, or loaned for greater
increase than that derived from an invest
ment in government bonds, it would be
taken by the government creditor in pref
erence TO the bonds, but when this could
not be done the 6onds would be preferred.
This the workingmen claim would pro-
vide the people with an absolutely safe
and reliable circulating medium Of uniform
credit in NIL parts Of the nation, and would
at the same time reduce and regulate the