The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-11-27
AN IMPORTANT QUESTION AN
SEVERED.

Il
in place Of the national bank notes" /
In the first place, We must get rid of the
sixty odd directors of national banks now
in Congress, and elect men in their places
who are in no way interested III national
banks, but who are honestly III favor OF
national paper money issued directly from !
the government to the people. This done,
the next step lis to have Congress pass a
law authorizing the issue of 3 90 bonds IN
Interchangeable with greenbacks, and remove
all restrictions upon the volume Of green
backs that eau be issued. The present
national bank law provides that Congress
shall have full power to amend all national
bank charters at will, and this new law
should revoke every bank charter. As
soon as the charters we're revoked the
banks would commence TO collect green
backs to redeem their own notes with, as
they could not get their bonds until their
notes were retired, or until they had de-
posted the same value of greenbacks at
the treasury in Washington as their out
standing circulation called for. In all
probability the value OF greenbacks would
advance and the value Of bonds would
fall under the operation of this law, so
that in a majority Of cases the banks
would exchange their bonds for greenbacks
even, dollar for dollar This would dis
pose of the national bank bills etfectually.
The banks would continue to do de
posit and discount business as usual, but
the would have no circulation.
We come now to the problem Of "hoS
are you going to get your greenbacks III
circr lation r. AS soon as this bill vent
into effect, the redemption Of national
bank notes by greenbacks would com
mence. There would be great scarcity
OF money If the government was not ready
to buy government gold bonds when
offered by those who wanted greenback
should be no limit upon the amount Of cir
culation. This new greenbsck money
would 90 first To the banks to be ex-
| changed for national bank notes; and, of
course, would go ultimately to the same
men who held the bank notes. but AS these
notes would be interchangeable with 3 %
bonds, and as everybody would be given
| their choice Of greonbacks or bonds, many
would have bonds, because they could
draw interest on them until they paid them
out. So, too, with men III New York who
buy grain, coal, provisions, or cotton.
They would naturally send bonds to the
West, to Pennsylvania, and to the South
to buy crops with, because this would ena-
| bic them TO draw interest on their money
until they paid it out. When they had
made purchases the farmers, miners, and
planters would IN many instances prefer
bonds to greenbacks, to get the interest.
| This natural course Of business would soon
place both the bonds and greenbacks in
the hands OF producers. In the case of
manufacturers and miners this dIstrlbu
ton would be equally certain and quite as
]
facturer would have as much Of his sur
plus IN 800 bonds AS possible, IN order to
get the interest When payday came
around. he would offer greenbacks or
bonds to the workmen In a very short
time after the passage Of the law this
usual course OF business would put both
1 bonds ana greenbacks IN the hands Of
everybody who received wages or did
business As the government pays out
more money than any other corporation in
America. its own expenditures. backed by
its power 10 purchase gold bonds could be
limited only by the total amount Of the
natioual debt
Mark these facts No one could get
either greenbacks Or bonds without earn
ing them. Both the greenbacks and the
bonds would be an evidence II debt on the
part Of the government, but As they
would be legal tenders they would
! be real money III the hands Of the
holder. There would be no talnt Of repn-
dlatIoD about this charge, for every ma
tlonal bank when It organized knew that
its existence depended upon the will Of
Congress. The depreciation m the price
of gold bonds would result from the action
of the banks, in throwing their bonds ON
the market to such an extent As To- over
load it, and force prices down. OF course
then would he the time for the Govern
destroy them. There could be no initiation
81 the currency. because every body could
fund their grueubacks into 8. 30 bonds. The
e-sult would be that We would exchange )
sui u per cent. gold bonds for 3 50 Der
cent currency bonds On all currency fund
ed, and We would pay no interest upon
such currency As the people choose to
keep IN circulation. No one would be in
Jured but the bankers, and the bankers
would have no good reasons for complaint,
because their own charters expressly pro
vide Tor JUS such a contingency. The
banker would IN no way be interfered with
IN his legitimate discount business. but he
could no longer monopolize the money Of
the country, and make it scarce OF plenty
as best suited his own purpose Bankers
would cease to be kings and become 'only
bankers; they would be deprived of
many exclusive privileges by depriving
them OF their circulation this is the rea-
son why they fight 50 hard. but they are
lighting for cause that has no real merit
When the manufacturer cnnld ~. assured