The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-06-12

After a million and a half of these im-
migrants had settled among us, and, by
their written accounts, Of our country and
institutions, had filled their kinfulk and
old neighbors with a desire to come and
dwell with them, the number fell from
459, S03, IN 1873 to 3l3, 339 in 1874, being
8Oll less than the lowest Of the four pre-
ceeding years, l46, 464 less than came in
| 1873 Here, then, 1t is shown that We
sustained direct and positive loss Of more
than Sll1 900, 900. But that is only half
| the sad story. To learn the other half We
4 must refer to the steamship companies
| which carry second class and steerage pas
sengeTs. This immense reduction in the
number of emlgrants did not seriously af
feet their income. No the returning
tide Of disappointed immigrants compen-
| stated them for the loss Are not these
pregnant illustrations Of the folly of a
financial system which contracts produc-
ton, and the purpose of which is to re-
duce the value of all the commodities we
produce, except gold and silver, and to
enhance their value. But let us look IN
still another direction. Here is the re-
port Of the bank superintendent Of New
York, to brief extract from which ! IN
vite your at IGNITION
The reports by the examiners shows a
very novel and unusual condition in sew
eral of the large banks in New York. The
banks are in receipt Of large deposits,
which they are unable to lend. There are
no borrowers offering good security to
whom the banks will lend The income
Of such banks is materially reduced by
their not using large sums of money which
lie idle In the vaults waiting for an OPP
portunity for safe and remunerative invest
ment. The fact demonstrates the super
abundance of capital or Of currency at
the present time"
Now, let us see whether this fact does
demonstrate the superabundance Of capi-
tai or currency. You see it stated every
day that you read the financial articles in
the metropolitan papers that money is still
abupdant-that money is becoming more
abundant. That is not a true statement
of the case. 1t is false and sophistical,
and if it we're made in proper language il
would open the eyes OF the people to the
cause of their suffering. What is the
truth 1t is this There is no employ
ment for money, no man being willing to
engage in any new enterprise or any work
Of productive industry because Congress
has provided for the final resumption Of
specie payments at premature date, and
under the circumstances that must bank
rupt every debtor in the country. Money
is not abundant, but enterprise is palsied
and production suspended.
That is the truth. There is not as much
money as there was. There are not AZ
many greenbacks not as many national
4 bank notes. The Treasury and banks to.
gether do not hold as much gold as they
did when rag money" was far more
abundant than it now is We are a wear
! older The ratio in healthy times is an
increase of five per cent. per annum upon
\ the revenues Of the government, showing
an increase of at least five per cent. in the
business of the country, and yet, with this
| reduced volume Of currency, money Is 50
/ abundant that savings banks that pay in
| terest on deposits have 70 carry them
because they cannot invest them.
Look in what way you will the evidence
comes home to you that the industry Of
the country is crippled; that ITS product
i've power is reduced that its people are
suffering. While showing you that the
statement that money is abundant is not
true, but that the true form Of statement
is that there is no employment for money,
let me illustrate the sophistry Of another
| popular financial phrase.
Every newspaper has announced that the
Secretary of the Treasury sold million OF
gold yesterday. Two weeks ago it was
announced that he would sell five million
this month. Neither Of thesa statements
is candid. They are sophistical, and cal
culated to mislead the public The Sec
rotary has no gold to sell He does not
want to part with ally. of the gold he has.
He Is bound by law to resume specie pay
ments in less than four years, and must
therefore hoard gold in obedience to law
and to carry out his own idea. If one Of
you, gentlemen, landing from a steamboat,
encountered storm that swept your hat
into the river, and you found your way to
hat shop, you would not say you had
gone there to sell your currency. No, you
would truly say you had gone to buy a
hat.
Now, that ia what the Secretary is doing.