The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-29


question, though laborod and long con
tinued, developed no other reading of the
statute the word "eFaiuoLent, significant
10 employed in the statute ~as lost sight
Df IN that discussion, as seen from cor
rect reading Of the statute, IN that par
tlcular which is as follows: II is hereby
provided and declared that the faith of the
United States is solcmnly pledged to the
payment IN com. o. its egtirdieHt, of all of
the Obligations If the United States, not
bearing interest, known as the United |
notes, and NJ al the interest bear
tng obligations 81 the United States, |
except lii cases where the law authorizing |
the issue OF any such obligation has ex
pressly provided that the same may be
pald IN lawful money or other currency
than gold and silver See United States
status at large, 1869, page l, thus saving
20 the people the right to pay in the
elUirdieat Of com, and thus leaving the
way open, tor the use of such money as We
propose, IN the payment Of the bonds and
nited States notes, mentioned in the act,
as an equivalent Of coin.
| am not unaware that bond holders
and money brokers, will scott at the idea,
and through their well appointed auxiliary,
the public press, will pour in upon us from
all along the line, their familiar epithets.
pISHoNOR, REPUTATION ANDINFLATIoN. BE
II 50, the Law stands as | have quoted it, and
to pay a debt, is not to repudIate 1t and
tu pay 1t, as the Law provides is not dis
honorable and to increase the circulating
medium, u an amount commensurate
with the necessities of the people, is not
undue IMITATION.
Ii We would stay the ravages Of the tax
gatherer, We must pay the debt and stop
the interest If we would have business
revived, and escape the destitution and
vices incident to idieness, We must cheaper
money, bring down its earnings to some
thing near the average increase Of the az
rlcultural pursuits-we must increase the
value If our circulating medium, and
stamp It with the character of money. in
stead If issuing mere promises to pay
money.
Our territory almost boundless in ex-
tent. is sparcely settled, with population
representing all OF the branches Of produc-
tive industry, agriculturists largely pre-
dominating England proper, is contracted
i'll territory, with dense population, con
slsting chiefly of manufacturers, mechan-
les and those engaged i'll the commercial
pursuits England has circulating me
dunn, nearly double that of ours, in pro-
portion To her population and 1t is EN-
ployed, because, to be had at cheap rate
Of interest, while one-half Of our circula-
tion, is locked up, and idle. because not
to he had except at ruinous rates and not
% believe that our people, chiefly agricul-
turlsts, to insure their prosperity. and de
velop the resources of the nation. require
much larger circulation in proportion to
their numbers, than the people of Enl, land,
is to be deaf to the voice Of reason iind
to our experience.
10 pay the current expences uf the gov
eminent and Our accruing interest to pay
the nIted States notes and retire five hun
bred millions of our bonded Indebtedness
annually; to improve our rivers. and erect
other improvements needed to facilitate
our trade and cheaper transportation, and
place America once more IN competition
with other nations, upon the high seas
will require an issue Of some twelve hun
bred millions. or thirty dollars PEI cdpit.
Of our population. We now have some
eight hundred millions.
But it viii be said, it has been said and
cheered to the echo, that to adopt such a
financial policy, would be to fly in the face
OF the whole world, of all history, and Of
the laws Of God
| am not advised as to that part of the Di-
VINE Law, We would thus violate: but Of one
fact | am assured, We would not be cen
surabl, with worshiping the golden calf 7
And the historian who has not found a
precedent for such a policy, must have
read history to butt little purpose the
Republic Of Venice, as early as the elev-
enth century, had a similar money, which
stood for five hundred years, at twenty
pr cent, above gold, and until the Re-
public fell under the crushing weight of
the mailed hand Of Napoleon and we are
not without an example at home. North
Carolina had a like money, before she en-
tered the union under the Constitution,
which stood at par with gold, for twenty
years after We became a nation. and until
every dollar had been redeemed, in the
payment OF taxes.
And to fly i'll the face Of the world. in
the adoption Of financial policy, should
have no terrors for an American.
1t would not be the first time We have
been so imprudent. Our ancestors, the
founders Of the Republic, flew in the face
Of the whole world, when they declared
that all men are created equal, endowed
by the Creator with certain inalienable
rights, among which, are life, liberty and
the pursuit Of happiness when they d.
vided church and State, when they
swept away the law Of p,imogeniture, by
providing that in the absence Of will Of
the ancestor, his property should de-
scend, to his children, Of the half as well
as the whole blood, to the youngest as well
as the eldest, male and female, share and
share alike; and can but trust, that the
spirit Of liberty and Of independence, still
LETT in the American heart, will enable her
people to tear away and hurl from them a
financial strait jacket, fastened upon them
by the example Of the BkITIsH MONARCHY.