The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-07-03
FROM CALIFr lNIA.
70 the Editor q the woRKSenAN's ADVOCATE.
SAN FRANcIscO, June 22d, 1875

this course they do not even gain the re-
spect of their enemies, whose course will
perhaps soon lead to the abolition Of in
terest, and the consequent abolition Of the
plumber of labor than the compromises
proposed by them.
These men are battling, or propose to,
with phantom that does not exist. They
talk of an elastic currency, as if we were
suffering some dreadful evil from the use
az an inelastic currency. Where is this
chimera, whose presence we are to infer
is so fatal to our prosperity. Now if there
are any evils of this kind | can only tnd
them in one direction, and that is, that at
certain seasons Of the year there is money
laying idle, and in this condition it taxes
nobody Now do men protesting 70 be
the friends of the laboring masses propose
to improve their condition, by 50 arrang-
ing it, that this idle money shall 90 into
tie United States Treasury, and pay in
terest to the oynefs in the way Of taxes, at
NtlC IdtS VI OsOo pCA NChts PC hhhhAha AAA
at time when it cannot be made to draw
interest in any other manner, because
there is no use for it. This seems to me
a very singular manner Of benefitting the
working classes, and way that J find it
impossible to comprehend.
Now do the reformers who propose to
make our currency elastic, land | take the
term to be one of these meaningless
phrases, with which the people are 90 Of
ten bewildered on this subject, suppose it
Is going to benefit the producers They
say it will make the interest low all HE
year around. Surprising for the sake Of
argument that this was true, which will
about the same thing If the working class
es paid 3. 90 all the year and Z per cent.
that no legal court has ever yet been able
to contract the rate Of interest, and never
will, | may add with perfect confidence.
But again, surprising for arguments sake
that their measure should pass congress,
which 1t never will how are they going
, to put it into practice. The government
cannot call in D and q per cent bonds, and
replace them by these 3 20 bonds; that
would be Reputation, and nothing Of the
kind will ever be attempted. If this bill
should pass congress, it would amount to
this: millions Of currency now lying idle
at the dull season Of the year would be
thrown into the treasury to draw 100 per
cent interest, and Just SO much as that in
terest amounted to, would our already in
terest burdened, and tax ridden industries
be compelled to pay in addition to those
which now paralyze them. This is So plain
that the merest simpleton can see through
Moral ethics like all other sciences is get
ting to be better understood han it used
to be. The people are beginning to com
prehend. that there must be something
wrong in a system that keeps them turn
ing the stone for their neghbOrs to grind,
and they have found out that among other
things it is the interest on money that does
it, and great many propose to do away
with it altogether, and their number is
constantly increasing. | must confess
| that ! am much surprised to find MIR.
John q. Drew, (who has given as in one of
his works, that beautiful example Of Just
currency, adopted by Sir David De Lille
Burk, to build market house in the
Island Of Jersey, among the number Of
those who advocate this elastic currency
system.
We will suppose that the system We
have referred to land which hope you
will add to the end Of this letter for the
editication Of many Of your readers, who
perhaps, have not seen it,, was adopted in
many Of our States to build our railroads
or canals, what wonderful difference
II would make in the increase of our ma
tional wealth in very few years If this
manner Of working our public improve
ments was adopted, the payment of our
debt to Europe, something over >, 900 mil
ions If dollars, with an annual interest Of
not less than $50 millions, would be a
mere bagatelle, great as the sum, and
onerous as the burthens i imposes nov
are.
1t we we're to follow the example set BY
that honest old governor Of Jersey, in build
ing our railroads we would save the whole
cost Of the roads every ten years.
The course we now pursue Of borrowing
money abroad for these purposes, when
we have abundant of skilled workmen
and new material" at hand, is impoverishing
our nation, and has made us the hewers Of
wood and drawers of waters to the money
lords Of Europe. If the industrious
classes Of the United States were only
aware Of the outrageous manner III which
they are needlessly robbed, they would
take the government out Of the hands Of
politicians and monopolists forthwith, and
it is sure to happen sooner or later. The
idea Of our needing foreign capital to make
our public improvements when we have
labor and material, is perfectly preposter-
GUS, certainly quite as much 50 as it would
have been to build the market house in
Jersey with borrowed capital. Now why
do we adopt money system that compels
us to borrow in Europe, and strains our
country of all the wealth we produce.
The answer is very simple. Under this
currency system Of which Mr.. Drew has
furnished an example (but abandoned)
there would be no interest for anybody to