The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-08

the Interest nn the i've twenty bonds, -
payable seml-annually, brewery six months
at home, and IN American gold, while the
interest on the syndicates, is payable
quarterly, or every three months; at for
elgn counters, and III foreign gold ar it,
equivalent IN our gold, whereby We loose
nine per cent, the rate Of exchange on the
amount Of the interest paid ON the syndi-
Gates; besides interest, 10 be computed on
the amount Of the first and third quarterly
payments Of interest, which viii Overbal-
ance the differences of one per cent, and
result ~ the loss Of many millions by the
time the syndlcates fall due. Nor il this
all; It will drain our country of the pre-
clous metals, and leave us at the mercy of
our foreign creditors -prolong -perpctu-
ate, the unequal burdens borne by pro
ductlve industry convert us again, prac-
tlcally into British colonies, and place the
hard earnings Of our industries az the f,,.r
Of the English arist1cracy.
Such IS our monetary policy such ouI
legislation, and such has been and will be
the result and taken as whole, u with
out precedent, and stands unequaled ia
atrOcIty by the legislation Of any nation
monarchal, despotic or free, known 70
history, ancient or modern.
es, while the nation with swords drip
ping with fraternal blood, was severing the
bonds of four millions Of slaves in the
south and while intent on healing the
wounds Of the conflict capital, through
the instrumentallt of public loans. ex-
emption laws and bank monopolies has
manacled a nation Of forty millions IT
treemen.
purpo no war upon capital while II rs
restricted to its legitimate functions IN
our political economy. 1t is the great
est Of Incentives to industry ne
ceSsity to trade and commerce
the development of our natural resources
as essential 20 labor as labor Is to
il; aud when content with an equal
distribution of the profits of productive
industry, and with sharing equally with
labor, the burdens Of government, Il is
a most potent agent III the cause of
free institutions but when in Amerl-
ca, as 1t has done in the old world, II
usurps and arrogates 70 itself ali az
the powers Of government the mas
terry over Labor the overthrow Of the
principles Of equality, and 10 erect upon
the ruins, an aristocracy Of wealth AZ
the people-the sovereignty of the ma
ton should awake to realization
and performance uf the task confded to
them and yirding themselves about
with the truth aud justice " that
God-given principle penned by jeff
erson, aud which gave courage, hope
and victory To the founders. l'equaI
aid exact justice ~ 0H, a1td .rciAsire priri
ieqeS 10 t1,ts, as their motto and cham
pIonlng their own cause, capital lriH Hersr
dd ut snch corSlDnjadtiOn; II lrO,ad rdfh-
" jDtt w d requiem N liberty, carve out IL
the experience OF the past a monetary
system, American IN character, conforma-
b bic Va our condition, and compatible with
our theory Of government without which
all efforts to avoid impending dangers
must prove abortive, and America like
her ancient sister. pass under the rod of
arbitrary power.
What shall that system be Is there a
remedy There is Is that remedy to be
found in reputation No No greater
calamity could befal the people good
faith must be observed towards our credi-
tors honesty is the onv true policy
and those who defended the nation in
the hours Of its travail those who
would do unto Others IS they would have
others do unto them, viii vindicate the
nations honor
Nor is relief 10 be fc, "a in initiating or
in all increased issue of lrredeemablc
promises to pay money, trammeled with
interest and discount, AS are our green
backs, and the national bank notes For
although, greeBbacks, The promise Of the
nation, drawing no interest. and made a
legal tender, in individual transactions.
...1 . L.. L.. I'LL .lAI III
tender, but being based on the pledge oi
government bonds, and made redeenable
in greenbacks. constitute the most reliable
! currency we have had since the organizl-
tion Of the government, and were they
issued IN amounts answerable to the neces-
sities of the people, relief for a time would
be afforded T. productive industry. nov
at the feet Of CONTRACTION; yet permanent
rehef is not thus attainable
We require greater volume Of a circu-
latIng medium, the people business IL
terests, are suffering for tho want of il.
but permanent reliet Is not attaiuabie
through an increase of our present cur
rency; its cost, in interest and discount.
is too great, nor is it, possessed Of all the
attributes of money, as 1t should be.
Nor is relief to be found in contraction.
The evils nt contraction are every where
present; they are to he seen in our uncul-
tivated fields, unimprOved lands, vacant
lots, and unOccupied houses. In our I'M
developed mineral wealth in our closed
foundries, factories and machine shops; in
laborers being thrown out of employment,
and subjected to the corrupting influences
Of Idleness and destitution, that ever en-
gender desperate enterprises, dissensions
strifes and indifference to law. In the ac.
cumulatIng fortunes Of gold gamblers,
stock Iobbers and money brokers' in op-
pressed labor and the augnenting powers
cf capital. In the limited amount Of our
export trade, aud the great disparagemeni
between our natural resources and actua
productions. In failures, ruined fortunes
and bankruptcies. In an enforced econo
my that robs the lsborer Of his necessary
comforts, and the tradesnan 81 his proiita
BILE traffic To be seen, in capital having
abandoned the fields OF productive indus
try and domestic commerce, for the golC
room, banking house and stock exchange
Capital will never run the hazard Of tn,
productive pursuits OF cultivating til,
soil, manufacturing, mining, or construct
ing improvements, with promised vel,
Of but from three To hve per cent, and in
cur the burdens Of taxation, while tn
gold room, banking house and stock-ex
change are accessible, while il IL rewarde
with the interest and diacount IL no,