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

Oh. r. No. 2l57). lam willing however, to,
vote for the bill introduced by my friend
fromP Mr.. Kellyl but should
that fail, | shall gladly vote for the bill in
troduced by the gentleman from Kentucky
MIR. Beck
All these bills provide for the issue of =
convertible bond, bearing interest at $3.50
per cent. in exchange for gresnbacks at
par; the convertible bonds TO be redeemes
in greenhacks Mt any time ON demand, ~. eor
all the greenbacks received in e1cnJ 1cs...sJ nv
tha eroonyertible bonds 90 ~ -,..,;0s,
r. SS.,,,r.tar1, of the Treasury "
'ne ~ ., lid interest bearing Donus
the Pel G.,...,rnment called fve-twenties.
OF IN Sne o',IIsneue MIR Waldronl in q recent
.uesSh, doubts the right of Congress to
issue United States Treasury notes for cur
rency, but advances the opinion that it
may authorize Individuals OF corporations
to make currency, and calls United States
notes (greenbacks) irredeemable currency,
and thinks greenbacks an obstacle in the
way of q resumption of specie payments
cannot conceive of greater fallacy than
that the quantity Of greenbacks in circula-
ton is either a hindrance to resumption
or cause of the premium on gold. Any
person at all acquainted with business af-
fairs knows that when the amount of our
circulation has been largely reduced the
price of gold has advanced. -|
The Secretary Of the Treasury Mr.. Fes-
senden) in his annual report, December,
1864, says
The experience of the past few months
cannot have failed to convince the most
careless observer that, whatever my be the
effect % a redundant circulation upon the
price of coin, other causes have exercised a
greater and more deleterious influence. In
the course of few days the price of this
article rose from S1.50 to 3. 80, and sub
sequently fell, in as short q period, to
81 81, and then again rose as rapidly TO
81. 30 and all without an assignable cause,
traceable to an increase or decrease in the
circulation of paper money, or an expan-
sion or contraction of credit"
Mr.. Speaker, the gentleman argues that
the Government should not undertake to
issue Treasury notes for currency, but de-
clares himself in favor of a currency to be
issued by bankers.
The idea that Congress cannot make
money, but may confer such power upon
individuals, is great tax ON ones patience
and charity. Calling greenbacks an ire
deemable and worthless currency while
commencing National Bank issues is pre-
suming too much on the stupidity of the
people
The Director of the Mint estimates the
gold coin in United States at $l35, ,OO0, 600
and of this amount s87, ,00O, 900 is in the
| "A a,,D.,al fhs
Director says, "the mines of the worlC
produce annually about 500, 200, 600 o.
gold, and that of this product about
S25, 900, 900 is consumed annually in th'
arts, leaving only about SO, OOO, 600 for thu
uses of currency for the inhabitants of the
whole earth :" and the Director advances
the opinion that countries, however
wealthy and prosperous, cannot even, will
the ald of bills of exchange, maintain al
eXclus.Vely metallic currency, and tina
the lse of paper money as an auxiliary t
coin is more likely tOincrease than diminlsl
in nthefuture. Noone Of any party pretend
that we can obtain sufficient coin, and al
admit that we must supplement it will
paper. This being a fact, how can any
man who wishes to deal fairly with the peo
pie prefer for the purpose an individual u
private issue to the people money Th'
Government debt now OCer,fue and payable
in the legal tender United States notes
furnishes good opportunity to provide
the money the country requires. Unless
the currency is very largely increased
largely as to make it seek investment IL
the proposed three slxty-five convertible
bonds will have, In my opinion, sucf
a crash and wild panic as this country nevel
saw and it is close at hand.
Now, Mr.. Speaker, in conclusion, wha
is the situation Congress has since Feb
ruary %, 1862, emitted bills of credit
greenbacks. They have performed tn,
function of an instrument of exchange
most admirably, and cannot see WHY
them. The credit Of the Itdtion Possesses
intrinsic value as well as any metal, and i
represents labor as well as gold, because i
is issued in exchange for labor. SoDaethin.
must be employed for circulating medium
and why not use the national credit for tn,
purpose Gold is out of the question, fol
we have not got it. Greenbacks have work
ed well, and they are exceedingly popular
] prefer these Government bills to banl
bills, public credit to private credit
Monetary reform Is the great need o.
the country to-day, and nothing short o.
the principle of interconversion of green
backs and interest-bearing bonds at tn,
option of the people will satisfy the de
mands Of the producing classes. This re
form will emancipate labor, promote the
prosperity Of the people, and prevent the
possibility of financial panics within the
| TTnifad Statoa