The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-06-19

current funds, and the bonds we're made
payable IN gold, and the money We now
pay IN taxes goes to foreigners our secu-
rlties have gone into their hands to in
crease their capital and reduce their rates
OF interest.
We owe, in gold interest abroad, largely
over elOO, OOO, 600 n year, that is from the
General Government by states, cities
and corporations the amount is probably
swollen to S125, OOO, 600 in gold. Our
freight bills, even in this disastrous year,
will amount to so, ,0OO,O It is estimat-
ed that, allowing but 81 900 for every
American traveller abroad last year. the
cost was $47 600, 900; therefore, there is
in round numbers an annual Indebtedness
of not less than 1920, 900, 900. Now, these
charges have to be settled before we touch
the question of commercial exchanges. If
we did not owe anything to foreigners We
might hope to secure favorable balance
in our commercial exchanges, and 50 pro
cure gold. but we owe them S220, ,OOO, 900
year, and must pay that before the ques-
tlon OF lnter-commercial exchange arises
or is touched. Therefore, until our debt
shall have been paid. or recalled, the idea
Of attempting specie resumption is q mad
absurdity. Applause. They who press
it know that 1t Is impracticable, but they
also know they can make money by agitat-
ing the question, and what, though the
people do die, if the rich continue to grow
richer. Applause.
How can we recall our debt or reduce
our gold Indebtedness Let us see if it be
possible to do either. We Jay national
banks l8, QUO, 900 a year for issuing curren-
cy that is to say, they put up bonds and
We give them money for them. They dis
count notes with the money, and collect
the interest on their bonds and sell the
gold thus obtained, 50 that we pay the
national banks twelve per cent. on what
-ysr money we get frvm them--sIx ON
their bonds and SIX -Uff what We borrow
from them. Is not . greenbsck ~ .eG
as a national bank notel Is there any
gentleman here who fears greenb4ck
and would exchange it for bank note to
remove his fears If a greenback be as
good as a bank note, why not substitute
greenback for every bank note Gap
plause)
The banks, you say, would go out of ex-
lstence If this we're done. Oh, no they
would bank on greenbacks Just as they
now do ON national bank notes. That Is
the whole story. There would be lust As
much money as there is now, for there
would be greenback substituted for ev-
cry bank note Withdrawn, therefore l
would begin by saving SIS, OOO, 900 gold by
substituting sreenbacks for national bank
notes. What next could be done Instead
of forcing the people 70 deposit their
money with banks and bankers, | would
allO~ the government to receive any sum
not less than $50 in xchauge for bond
carrJin the rate Of interest that banks
usually pay, about one per cent. day On
SlOO, Or 100 per cent (Applause.)
Had that plan been III operation IN lS-
-, the working people Of Philadelphia
would not have been robbed Of $500 OOO,
by the failure uf the Franklin Savings
Institution (applause); while the govern
ment, having that amount in its hands,
might nave called home 500, 900 or $500
900 Of gold bearing bonds, and 50 lessened
our interest aud gold indebtedness that
much more. Trust the American people
again a. We trusted them during the war
Let them, loan the government what they
can, and let the money raised BY taxation
20 back. not IN gold, but in greenbacks, to
the pockets Of the people Ia quicken our
industries as il did, ana give employment
TO our unemployed people (Appiause)
Then We could replenish the Treasury
which will soon he exhausted. have
been reproached for saying this, but IL Is
true, and the truth should not be with
held.
Let me read you some parts OF leading
editorial IF the New York Journal "
Commerce Of yesterday, that you may
Judge whether this system which was or
ganlzed simply to desp"Il ths people Of
their property, IA not about To bankrupt
the Treasury. Remember, if You please,
that, BY a recent act, which, as your Rep
resentative, | opposed TO the bitter end,
Congress added $40, 900. 900 70 the annual
taxes Of the people. The Treasury was
nearly exhausted and We added twenty
five per cent. 70 the duty ON sugar, which
is not protective duty. because Louisiana
and Florida, in their PROSTATE condition,
cannot produce ali appreclable portion Of
what We consume, ami Americans will ne;
produce beet-rOot sugar, AS those of every
European country do. Therefore it IL .
tax as we'll as a duty.
We added thirty per cent. to the tax on
alcohol, twenty hve per cent to the tax
on tobacco, and eleven per cent. To the
duty on almost every dutiable article
Some Of you may say, No; they restored
but ten per cent. which had been repealed
The repeal was uf ten per cent. of then ex-
IstIng duties, and the restoration WIS equal
to eleven per cent. Of the duty that re-
manned. This however, is but a minor
point.
Bear in mind, | pray yoI, that what
am about to read IS not my radlcalism. but
the language Of the conservative Journal
| Of Commerce :-
We believe that only superficial o.
servers or over sanguine traders have been
disappointed IN the season business. Be
fore the close Ot last year We called atten-
tlOn to the causes of the prevalent depres-
sion, and warned our resders not T. look
for a speedy revival unless the dead
weights were removed Since that date
there has hardly been week when hippani
walters have MT heralded the advent %
the busy season, and described the sp
preaching activity as ii it vas already Il
plainest view. But 1t Is still la abeyanee
and there are signs Of It's speedy ap
proach. In fact, the current month la.
been the most unpromislng Of the year
Everybody waited, with mUre- or less i'm
patience. for the melting Of the SHOWS anC
the recurrence Of planting time AS the dat'
which was Ia give the market at least
few days If activity, Tut even this hop'
has been disappointed.
The import trad during April show
q more strongly marked decline than to
any previous month, the total landed her,
only jdst turning the round sum u thirt
millions, and faling ten and three quartz
millions below the corresponding ngurv
for last year. The month OF APrll ha
usually been regarded As the index Of th
year. In 1872 the total imports AZ Ne
York for that month we're $40, 443, g37, .,
ing the largest months entries Tor sn
period of our history We present ou