The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-09-18

We do not hold ourselv~s responsible for opinion
expressed by our Correspondents.
FROM CALIFORNIA.

SAN fkANClsCO, august ~, 1917
To JOHN G. DREW ESQ.,: In answer to
your open letter TO me, published in the
ADVOCATE Of July "a, will say | have
read your letter with great pleasure, and
shall with no less pleasure reply. adj
nit there is q radical difference in our
opinions, that TO me seem to be irreconcil.
able yet that should be no reason why
we may not discuss them.
While l deny the equity of interest, if
understand you correctly, you believe
there is Just mean where labor and CAPT
tai may meet, and equitably divide their
of the theory you advocate, consider it
very necessary that these points should be
settled first Is usury equitable, necessary
or desirable The first question is based
upon the assumption that there are three
factors needed for the production Of
wealth, viz labor, the bounties of nature
and capital. deny that there is any need
Of capital to produce wealth and in proof
Of this cited the example Of Daniel de
Lille Burk, Governor of the Island of Jer
sey, which you have quoted, who said to
the people Of the town of St. Peters,
when they wanted to build market
house Have you the raw material, and
above all the textures and skilled work
men. If you have these, think we shall
be able to arrange the rest. And how
was it done Was there any capital used :
Relatively, none The other factor was
credit. You say that this plan secured
convertibility. Can you deny that it dis
oensed entirely with the use of capital
and will you contend that capital cannot
be dispensed with in the building Of our
railroads, and that to do so would be a
great national blessing, relieving us from
the burden Of interest, for the payment Of
which a large portion Of the surplus pro-
ducts Of the industries Of the people Of
this country are annually shipped to Eu-
rope.
If this system Of credit to which have
referred is applicable to our wants and
needs of a currency, then we have no need
Of capital as a necessary factor, and the
logical inference is, that the claims Of cap
italists to divide with the industrious
classes the profits of their labor, is spu-
rious, and without any real foundation.
The first question asked Of financial
theorists is, How will you get your system
working Fortunately, in this case we ar,
able to say the principle Is already in oper
alton. So true II is that when a peopl,
becomes sufficiently enlightened to steI
upon a higher plane, the way is always pre-
pared for them. In this way was chattl'
slavery abolished, and in a similar name
have we become the blind instruments il
the hand Of Providence that have pave,
the way for the a bolition Of wages 0
slavery the adoption in our country q
nearly four hundred millions Of credI
currency that, like the notes Of Daniel d
Lille Burk, have no capital invested i
them, and therefore capitalists have II
right to claim interest for their use. 1t
true they do charge interest for this cred
now, but it is because the people are 90 az
customed to paying interest for none
that they do not stop to inquire if thes
charges are just; but all this will be rem
T edied in time, and we shall be compelle
to adopt system Of currency that viii n,
involve the payment q interest, or anothe
war similar to the last will result IN n
tional bankruptcy.
Do the advocates Of the bill and bon
convertible currency think 10 avoid this b
, dIvertIng the interest We are now cumpelle
,, to pay to the capitalists into the pockets
middle-men For these are the advocat,
Of this system, and they are the class 10 |
benefited. Not one Of its advocates ev,
! thinks Of the working man, or attempts I
, show how he is to be benefited.
; Wendell Phillips, in his letter to the II
dlanapolls Sun, says Whoever ca
pledge property shall have greenbacks il
sued to them. Peter Cooper and BE
Butler express the same views, utterl
ignoring the working man, and the fa'
that tins property the traders propose I
pledge for greenbacks, but for the presen,
and labor Of the producing classes woul
be as valueless as the arid deser
Of Egypt, and the palaces Of the now d,
ISOLATE but once proud cities.
The convertible bond and bill systei
amounts to Just this The trading class,
at the dali season Of the year have larl
amount of money lying idle because the
cannot employ it in their business. The
cannot loan it, for the banks also hay
plenty OF money lying idle Adopt tn
bill and bond system, and all this Id
money would be converted into bond
drawing interest from the United Stat,
Treasury which would he paid in taxes b
the working classes, for taxes are paid onl
by those who labor, though the term ia,
payer is usually meant to include ever
other class but the laborer.
This letter is already 50 long that mus
defer to another chapter replying to othe
propositions. Will Mr. Drew please pom
out why currency should be elastic, an
what we are to gain by II, for am some
what confused about the application q
this word to the currency. Au reooir