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

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borrower looks alone to the sufiiciency |
Of the security offered him resulting in the
withdrawal Of the circulating medium in
its being boarded in banks-in the over
throw of individual confidence, and the
prostration of business; for contracted and
trammeled with discount and interest, as
Is our medium of exchange promises can
not be kept, and hence individual conn
dence no longer constitutes an element Of
credit. He who has not the security to
offer goes unaided, and he who has the
security, and is So reckless as to run the
hazards Of business, must sink under the
burdens Of taxation and a rate Of interest
and discount, that will absorb his profits
and ROB him of his capital. History re
cords William Pitt, one of the most emf
nent of statesmen, as having declared
Let the Americans adopt their funding
system and 90 INTO their banking institu-
tons, and their boosted Independence will
be mere phantom. The warning has
not been needed, and by our legislation we
have been brought to the very threshold
of it's realization.
But as have said aud repeat, there is
remedy, one that is PLAIN, lust, constitu-
tional, and in full accord with the princi
! pies upon which rest the Republic.
And that remedy is, IN the adjustment
of the national banks, and the repeal Of
the act providing for the resumption OF
specie payment and in the institution,
| by the authority If Congress, u national
money, founded upon the Whele wealth OF
the nation, and backed by It's sovereign
power, stamped upon paper, agreeing IN
| denominations with our ideal money Of
account, made a legal equivalent, co-equal
with gold, for all property, by beng made
a legal tender for all debts OF liabilities,
public and private, not required 70 be paid
IN coin 0t,ig. and including duties on Inn
ports Aud with the money ST. provided,
To pay the current expenses u the govern
ment. retire outstanding United States
notes tgreenhacks); pay that portion Of the
public debt which is payable in lawful
money, or IA the equivalent Of com, rs
provided IA the act OF March Is, 1869, IN
amounts Of not less than i've hundred
millions annually, until the same may be
all retired and with which, IN the mean
time If necessary, to purchase com, to
meet the accEulng interest aud As the
Law may authorize and permit. Ia ike an
nual amounts. t. call IN. and with the
chase coin, ami redeem the bonds payable
n CON only.
Which policy. carried out, vail DO away
with our borrowed money system, and two
fold medium OF exchange will drive the
hanks into liquidation. close the gold
rooms, relieve the stock market Of govern
ment securities, and place standard Of
payment IN the hands 1T the com
munity. as gold now is, IN the hands
II capital that Will furnish medium of
exchange # uniform value, and III volume
ausWerAblc IA the developed and develop
| lng necessities of our trade that viii raise
| the standard of labor, foster agriculture,
lower the rate Of interest cheaper money
and drive gold from the tetid hannts Of
mere specializing brokerage, INTO the FIELDS Of
/ productive industry for Investment that
contemplates and viii compass the speedy
I payment Of the national debt, stop the in
terest, equalIze the burdens of govern
ment, ana bring about an equitable dis
7 trDutlon OF the profits Of labor and the
people will stand redeemed from their en-
thrallment the effects Of the war will be
surmouuted business will revive idle
ness, the parent Of crime and instrument
OF corruption, will give place to rewarded
labor Peace and lrospt nty will return
to bless the South, and the nation herself
again, will move on IL the accomplishment
| of that high destiny, dear to the hearts of
all those who being tree themselves, would
have all men free.
But it will be objected, that gold IS the
money stand Ard ot the world, and that
our commercial interests, one of the SIS
terhood Of nations demand, like money
standard. But this objection is not
founded IA fact; il is true III England, and
too true IF her financial dupe America,
but, silver coin constitutes the money
standard Of the German Empire, so it is of
France, OF CHINA and other powers, of Ger
many, SO has France, a gold coinage; but
neither the gold coin Of Germany, or of
France, or Of America, is a money stan
dard IN England, nor is the gold
coin Of England legal tender or
standard Of payment IN Germany,
France or America.
Money, whatever its material, is stripped
of its attributes, and becomes a mere com
modify when taken beyond the jurisdic-
ton Of its sovereign There is no such
thing as reciprocity among nations, in the
establishment Of a standard value Of mon
ey; our gold eagle at home has an arbitra-
ry value, liked by law, Of ten dollars, and
1t is a legal tender to that amount, within
our jurisdiction, but III England, it Is worth
only nine dollars aud ten cents, ana is not
legal tender for any purpose. Thus fur
nishIng a most potent reason why our
debt should De kept at home, within the
jurisdiction Of our laws, and thereby save
TO the people nine per cent, the discount
as fixed by England, ON our gold coin
there.
The commercial prosperity Of a nation
depends upon its surplus products, not on
the substance used in the institution Of its
money; a nation must produce more than
it consumes, and sell more than it buys
1t must be the producer, the merchant and
the factor, not a mere customer A gold
base or standard of payment, on account
OF the great scarcity Of gold, is too narrow
for thus mighty nation to stand upon, and
the sooner we abandon that policy, the
sooner our prosperity will be developed.
Again, it will be objected that the sub |
stance used for the purposes Of money,
should possess an intrinsic value equal to |
its denomination value, fixed by law, and |
this objection, although fallacy, is for
midable, in that, that by long practice the
public judgment has become habituated to
it. 1t Is formidable il being entrel ched be-
hind fixed opinions Habits of belief, like
the habits Of life, warp the judgment, shut
out reason, make expressions tolerable,
and quiet the conscience Of the oppressor
and this objection has no better founda-
tlon money is mere medium Of ex-
1t does not control, but is con
trolled by the balance Of trade it is a
mere creature of law its attributes are
by and dependent upon the ex-
srclse of one of the highest and most
ealously guarded functions of sovereignty.
I is the voice of sovereignty speaking
through the law, and made tangible by
icing stamped on thing Of substance.