The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-12-25

OF June, 1866, the receipts we're $55S, ,O32
O2O. and the expenditures SJ2U, 100, "a
leaving an available surplus oi S37 2Sl
$50. IL Is estimated that the receipts ~
the hseal year ending the 3Oth Of June
1867, will be $40, OJl $50, and that III
expenditures will reach the sum Of 1916
42S O7S. leaving IN the treasury a surp.u
of $l5o, 633 3OS. For the hscal year endin
June 30, 1865, il Is estimated that the re
ceipts viii amount a. $436. OOO, 900. an,
the expenditures will be 1850, "a. .64I
showing an excess ~ SO T52, ,359 IA ia
vour of the Government. These estimated
receipts may be diminished BY reduction
ot excise and import uutIes but, after al
necessary reductions shall have been made
the revenue Of the present and Of following
years viii doubtless be sufficient To cYvri
all legitimate charges upon the Treasury
and leave large annual surplus to be az
/ Piled 70 the payment Of the principal debt
There seems now to he no good reason VII,
taxes may not be reduced as the country
advances ia population aud wealth. ano
/ yet the debt be eAtIrguIshed within til,
next quarter Of a century"
I IL may be said that we have not seen the
/ final issue of this system. Tais Is true.
! The Americans may make financial ana
4 legislative mistakes which may check the
progress of the NatIpn, and cOunteract the
advantages which Paper Money has alread y
bestowed IN them. They may adopt the
UnmIse and unjust system which We adopt
ed IA this country at the termination OF
the French war They may resolve to pay
m gold and with low prices. But whatever
they may do, nothing can shake the evl-
dence which the ex peIience Of the Nation
during the last sIx years affords u the
power IF Paper MJney To promote a Ma
ton welfare
With Paper Money the United States
carried on costly and tremendous war.
borrowed. principally among themselves,
an enormous Im IT money, paid a larger
amount Of taxes than any Nation had ever
paid before, and with all this the resources
Of the country were at the same time de-
veloped and its prosperity Increased
When the war was ended their immense
armies we're dIsbanded without the nation
suffering Inconvenience, the demand for
labor absorbing the services Of the large
number III wUrkmen thrown in the labor
market. Aud, lastly, the financial position
Ut the Nation Is that described by the
President as more satisfactory than -'the
most sangune could have anticipated.
The Monetary Policy Of England since
the termination of the war Ia 1915 is a
warning to all nations. The greater part
Of the National Debt had been con.rac-
ted III What was called '-depre-
ciated paper currency with
high scale VI prices. car Legislators
determined % make the people paw
tins Debt m GpIt. wIth a reduced scale of
prices. ln thIs manner from thirty 70 nifty
per cent Was added u the burden which
the people uf Eu-ia had o. endure
Ana not only -, Dut. by the contraction
n the circulating meuIum. the productive
industry Of the country was checked and
enterprise Impedrd Inc burden Of ths
people was made heavier b. the monetary
system which simultaneously diminished
their strength. The distress, prlvatIon,
confusion and ruin which III 1916, 1919,
lo23, 1885,, 1889, lS41, 1897 and 1866 tins
fatal mistake entsIlvd ou TINS nation, are
asaertained and undeniable The agrlcul-
tural, the manufacturing and the commer-
clal interests have, IN turn, suffered most
severely. The working classes, the rtch
merchants, aud, as IN the panic of 1906,
y
pluud=red by toe operations ot Peel bIIls
Of 1919 and 1874 And tins notwlthstand-
my the enormous discoveries of Gold
which tended, AS the SILVER discoveries uf
the sixteenth century dld, to promote the
lerlty ~ all nations, and the achieve
ments Of science which have acted 50 pow
ertuliy IN developing the resources VI the
wlOle world. All these things have been
cOunterdctng, though luadvquately, our
pernlclous monetary system
The monetary legislation ~ 1879 was
step backwards. Peel lad nnt the power
OF destroying the system Of Paper Money.
Had he been able L. do 80, and had he
uune II, the nation would nave refrigerated
as speedily AS u had advanced. But Peel S
BhI crppied the monetary system winch
Dlr. PItt had introduced. Peel went as
tar as ne dared IA restoring au exclusively
metallic money the mooney N the cdny
ages Of bI,bdrism Nur shall We ever per
ma nently prosper a. a nation uii We r.
turn 70 a representative paper money the
money ~ CIvtiIZ ttIuH auu progress Money
which Is capable o. az andIng witn ex-
pandIng wealth ana increasing Tupu alton.
Money based uPul the great truth that a
Z
precious metals which are drawn our Of I t
mIne nut that there Is wealth lying hid
IA the nerves anu siurws ~ the lADuurer,
the enterprise 81 the merchant, the skill
of the artIztn, the discoveries ~ science
which. therefore gives L. every wealth
4 producing power W man, u land. and to
Iabour-no less than e. gold and silver
ITS representative, a. ~eli a. IT, actual value.
/ Money provided hy the Government for
the use VI the people, ia which debts can
4 be discharged and taxes paid Money
neither ut intrinsic value. nor convertible
into any liked amount ~ any commodity
4 whatever. and which is therefore secured
| from undue initiation when Gold is brought
INTO the country, and undue contraction
when Coli u Withdrawn from the country
-ENGLIsH MoNEY FOR THE ENGLIsH PEo
PIE.