The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-07-24
THE TRIBUNE'S IGNORANCE.

The Chicago Trib,o,e of July 10th, pub
hshed an article upon 'greenbacks and
national bank notes The Tribune is con-
trolled by men largely interested in ma
tional banks, and its opimens are those Of
a robber pet ifoging his own case. The
points made IN this article are II green
backs are paid for bonds, IN order to SUI
percede the bank circulation with green
backs the government viii base the diff
erence between the face value Of the bonds
and their market price, or, as the Tribune
figures it, 50 .00.00 This position rests
upon the assumption that the fraudulent
legislation purchased by sam Ward, is
binding upon the people.
The facts IL the case are these The
} ~ bonds were made interchangeable
with greenbacks when they we're originally
issued The bank robbers first lohbied
through hill to prohibit the funding Of
grevubAcks INTO bonds. Still later, these
bank robbers lubbied a JOIN resolution
able III gold. Both Of these acts, which
operate T. rob the people, are fraudulent,
we're obtained under false pret-nces, and
ought t. be void The premium on bonds
is entirely due 70 these fraudulent acts.
The premium nos exists, therefore the
loss has already been incurred, even if
we grant that the Triba.e's position is
correct, and its conclusion that this loss
will only be incurred by substituting
greenbacks for national bank notes is the
cheapest kind Of pettifoging.
Ii further contends that the banknote,
being redeemable in legal tender, when
greenbacks are Withdrawn will become re-
deemable in gold This is one great reas-
on why so many banks are surrendering
their circulation, because sharp bankers
are afraid to undertake the strain which
demand redemption would make upon
them. Many Of them are Just beginning
to realize that specie payments mean
ruin to themselves, as well as privation
to the large mass of people, but the Tribune
writer has not got far enough along to
realize that self-intsrest dictates that the
greenback --esdation should be let alone
" .Ioggish zeal, the Tribune man is
~ king at his own pocket interest with
out knowing it. We have often had oc-
casion to point out his ignorance, but
generally, notwithstanding his lack Of in
formation, he has managed to defend his
own interests In this instance he is en-
tirely at fault.
1t has frequently been noted that when
ever Congress touched the greenbacks, all |
interests were disturbed. Few people
seem to understand why this should be
the case, but it is easily explained. Green
backs now stand In the same relations to |
our present monetary system that gold
does to the English monetary system. Ma
tional bank notes are redeemable in green
backs, our market quotations are all given
in greenbacks. So far as a standard of
value is possible, greenbacks are the
The price of gold has no more
effect upon our markets than the price Of
pig iron. Touch greenbscks and you
ouch the whole monetary fabric Touch
gold and you touch no interests outside
If Wall street. II is the ignorance Of
his fact which leads the Tribune man, and
many other men, into unnumerable errors.
Il is this ignorance which has led the
Tribune into q violent attack upon the
and also upon its own inter
,sts. The national banks draw a subsidy
f about $IS,OO0,O 900 a year from the
as a grstuity, for they render no
ervice whatever for the money. Hence
he Tribunes zeal to defend the banks and
et its part of the swag.