The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-04-24

az -ailroad bonds-dnving them out of the
market, and putting q stop to railroad and
other public enterprises and forcing the
projectors into the fetid lobbies of our
legislative assemblies, to accomplish by
bribery, fraud and corruption, that which
Just financial system would afford.
The power of capital and its earnings,
have been increased until productive in
dustry is deprived Of its due reward
until the circulating medium-money-
handspring of commerce, and the life blood
OF trade, has become concentrated, and Is
only to be found in the vaults of bankers,
bond holders and money brokers, who in
trenched behind the national debt, and
welding the gold sceptre, hold the keys to
our ,reasury and control our finances.
Capital is the lender, labor the borrower,
CAPITAL is the financial master, labor the
financial slave.
Labor produces all, pays all; the bank
er, bond-holder and money broker, pro-
duce nothing, pay nothing, and yet,
through corporate monopolies, and clothed
with exclusive privileges, thu banker,
bond holder and money broker, are made
the recipients Of the profits of labor.
An aristocracy Of wealth, has become
the sole end and aim of capital Senators
and representatives bow to its behests and
worship at It's shrine-ofhces are bought
and legislation sold-the products Of la
Dor, are sacrificed upon the altar of corrup-
ton, and the laborer is pauperized.
In land boundless in exten: and
abounding in all Of the natural resources,
necessary TO their prosperity and happi-
ness, many thousands of our citizens, with
noble impulses and aspirations, are found
in our midst, begging, not for aims, but
for employment and from day to day
from week to week, disappointed, detected
and dIsheartened are forced back to their
humble homes, TO meet, not with greetings
Of Joy, and a well-6lled board, but the
partners of their bosoms, and children,
sinking under the weight of their misfor-
tunes.
This is a sad but Just commentary upon
the wisdom, action and patriotism Of the
representative agents of the great Ameri-
can nation, and argues most criminal
t)ltlblnsnt. Of the principles wnic
merved the arms, of the founders and gave
victory to their cause.
And why have these calamities befallen
usl
Has our soil become non productive
Can corn, wheat, cotton, tobacco and the
other Of our staple commodities, be no
longer produced Will horses. mules,
cattle, sheep, and hogs no longer multiply
Have there not been, and are there not
willing hands to be employed Have ou-
gold and silver deposits, our lead mines.
mountains of iron, and coal fields become
exhausted Have our means Of trans
portation failed ust Can the power Of steam
be 40 longer utilized Are onr natural
thoroughfares. our majestic rivers, and
great lakes no longer navigable Will the
compass no longer guide the mariner on
his ocean voyage Is the nation wanting
in sovereign authority No. Our calami
ties are attributable to the developed and
developing evils Of our financial system,
whicl is wholly incompatible with our
theory OF government; to be found in
the resort Of the government to the pre-
cious metals as a basis Of exchange. or
standard of payment, thereby. on account
of the utter insuficiency, in quantity, of
gold and silver, to answer the demands of
the government, or the requirements Of
our trade, necessitating a borrowed money
policy, based on non-taxed bonds bearing
gold To be found, IN the establishment
of a two-fold medium Of exchange, GOLD
and PAPER, one superior, the other infe.
rior, gold the superior, FIR the uses Of
capital. currency the inferior, trammeled
with exorbitant interest and discount, for
the uses Of labor. of trade and of COM
merce. To be found, in the establishment
of the national banks, and exempting them
from the burdens of government, while
they receive double interest on their capi-
tal-interest on the bonds deposited by
them. payable in gold. and ten per cent.
as the rule, on loans of the currency issued
to them To be found, in the issuance of
greenbacks, and not having made them.
legal tender in payment Of all dues, public
as well as private, thus subbornating
them, to the gold standard of payment
and then issuing non taxable bonds, bear
ing gold interest, and sacrificing them at
par, paid in greenbacks at their face, when
greenbacks were at a discount of from
forty to fifty per cent thus doubling the
expense Of the war To be found, in re-
quiring duties on imports and the interest
on the public debt to be paid in gold thus
establishing and maintaining. the money
difference, between gold. in the hands OF
capital, and the currency in the hands of
the people. To be found, in our contract
ing the currency, as to render the earnings
Of money wholly disproportionate 10 the
increase of productive industry. Agricul-
ture yields on an average but three or
three and a half per cent, while loanable
capital yields on an average, an increase
of ten per cent. and thus agriculture, the
leading interest, source and foundation Of
national wealth. has been neglected, and
capital has become a mere money broker,
and labor forced to contribute its profits,
to capital, its financial master.
To be found, in substituting an obliga-
tion to pay the FIVE twenty bonds in the
lawful money Of the United States. with
an obligation to pay them in coin or its
equivalent, the effect of the act Of March
18th, 1869.
To be found, in the adoption of the
syndicate policy, under which, the FIVE
twenty bonds, payable at home, and in our
own coin or its equivalent, because funda-
bic. into bonds payable in gold only, and
at foregn counters, and necessarily in for
eign gold and at rates fixed by foreign
laws thus laying the foundation for the
perpetuation Of the narional debt-thus
surrendering the rags to our treasury, and
with them independent action, to foreign
creditors, making America mere tributa-
ry power, and fastening upon the defend
ers Of the nation--the industrial classes. q
yoke AZ CALLING rs that Of slavery, and l
fear more enduring than the Republic
The evils resulting from our financial
system, were not fully developed until We
were overtaken by the late war. We had
seen state banks, professedly based on .
gold basis, spring up throughout the
states, and the country flooded with their
false aud fraudulent issues We had wit
messed their failures, leaving their worth
less bills Of credit in the people, who had
given value for them and thus We had