The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-03-20

D --NJ 80 --'NN
not proven to be a chc.,, and swindle
\ if, indeed, the progress a political scicncc
and the diffusion q negligence had not
demonstrated that II is the duty Of gov
ernnrnt 70 furnish the IA ,ney Il the coun-
I Try, aud that 1t Cove rnmelt). cannot sbAn-
/ don that duty without gr,ss injustice to
labor and cannot award he privilege o
DOING $50 t. any Class VI men without great
pArtiality and favorltism, l. brief 1t hal
not been satisfactorily lroVeh that a
money system based o. national
faith ana national pr"rriety, in
lieu ot one based Oh indIvid
nal or corporate responsibility. R~--a Ire-
tended g,ld base, IS necessary g. the stb
mission Of the monopoly which has preyed F,
hardest upon labor aud It's rights and ia
terests, still the inability u the rations
banking system, or any system on golu !
base, TO adapt IL currency T. the needs y
business, increasing or diminishing It,
volumes, at need, would lie fatal defect
IN 1t.
Now the inter-convertible bond effects
this adaptation. and regulates the volume
OF currency To- the swell Of subsldence Of
business. Any surplusAg, Of money IT
government notes, u grernbacks, would
be changed into government bond Any
stringrhcy IN the money market would re-
construct the bond into Inon,y. Instead
II encouraging undue speculation. it
would check i. 1t present surplus mon
| ey goes into savings banks and are made
/ the basis Of laws which stimulate specula-
I ton, until the Spectator and the saw
ings banks fail together. carrying, if no;
/ the depositor with them, al ieast misery
and suffering to HIM
Could the depOsltor put has n.'Ii-.y into
government bond. he would he saved
from ruin himself, the savings banks could
not encourage speculation. and the com
munity would escape Generalization. The
/ inter conN ertihlt bond would thus operate
as safety-valve and as a regulator In
times Of scarcity. when the usurer fattens
1 On the business compl, xltIes Of the mrr-
1 chant, farmers or nIaIufa, tuners, the gov
eminent bond would assume the form Of
interest ne would r-v-,.-. AId aiding and
encouraging the busiii..ss man. II is ask
ed, shall the Sosernment be mad 10 pay
4 interest IN ali ne surplus none, in the
country in Jri-r pat We may have 4 fiex-
! lble volun, uf currency According 70 the
varying wants # industry and com
uIercr7
1 Certainly, for then the government IN
stead oi beng obliged u pay 6 per cent
/ gold interest TO foreign capitalists. thus
supporting An idle and wealthy sris- rrac,
instead y , Ing o6fTre5 4 " sim around
ike bankrupt among the Kothscniiis,
the Erla1ge.s anu others, and selling its
money 1t uAght want at half the interest
nov paid. The inter convertible bond.
would, therefore, reduce half the interest
on the national debt il will do more: il
Will resolve large part Of that debt into
currency and what is best of all il will
make that currency, now 50 expensive
under the existing financial arrangements
as TO cripple industry, by absorbing all the
products Of labor, so cheap, or in other
words the rate Of interest so low that fac
tories would spring into existence, the
wealth a the mine be brought TO the sur
face, unemployed labor, which Is always
menace to social order, would be adding to
national wealth and to individual happi-
ness, and the want and misery and crime
which result from enforced idleness. would
disappear. We have illimitable tracts Of
land to be subdued to human uses. We
have acres II unreasonable value which
need but to.be uncovered to make us rich
We have raw material in inexhaustible
abundance, waiting 10 assume forms II
elegance, and power II water and force of
steam, and intricate deftness Of cog and
wheel, and willing hands by the hundreds
of thousands, but the lxnds are Wild and
the owes undug. and the cotton shipped to
.orelgn markets, and the rivers 20 unin-
terrupted u the sea, because We have
monetary system which makes currency
cost too much "a be employed in unfolding
all these natural resources.
Now the inter-convertible bond. as a
necessary feature u the greenback system
OF money, would adjust the volume Of
money To business, the only effectual con-
trivance ever invented to that end. The
greenback system, ia itself Ia an infinite
advance On the old fiscal contrivances.
We have had heretofore 70 supply the |
country with money. and infinitely supe-
riur t. the present national banks. Il |
substitutes the responsibility VI the gov
eminent instead Of that Of the individual.
IL does not permit the caprice and ayarice |
of few bankers to dictate the amount uf |
money III use, thereby enabling them to |
TX the values If property and the prices If
laber 1t withdraws the entire business of |
the country from their supervision and
control. Yet in order that the system
may operate freely, and b productive o.
the greatest possible good, it will be nsc-
esssEx 70 permit the reciprocal conversion
OF bonds into greenbacks, above certain
minimum amount. to be established By Lag.
Inc money rings should not BE- allowed
tsfreduce the volamssof currency under
. certain hxsa amount, aud all above that
Il - lest y ~ aPeeesion II ba.insss 4