The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-02-13

We nave nov two legal tenderH, to Wit
lst. Gcld, The el3fr, endowed By tbs Da-
I I'd. The greenback, the younger, de
preciated In advance, and repudinted. AZ
truly defined by Judge Kelly by the gov
eminent tor itself as to cnstoms and duties,
and for its bondholders for intenmpt, and
with thiB legislative Discrimination In favor
of the one and agninmt the other. we claim,
that TO reduction whatsver of the volume
of the greenoack circulation, even thOuGh
Ito 81 ,OOO, 900, would give it equal pur-
chasing power with gold any more han a
horse, with one leg sawed of and the Others
tied, could keep even in race with al
other naturally has equal.
But the multitude, not knowing the
cruel legal impedimehts which impede the
greenback, ascribe e. ~ unfettered corr
petitors sapseme Ihherent sficics.cy.
We have clearly .shown that the green
back, convertible into an interest bearing
bond, = II Wa when created, raised the
gold Price Of our bonds from 90 to 102,
~ deeEea4sd tAa premium N cold two.
tEifu1. y - -
n. 1t is nov proposed to restore that con
vsrtibility, and We sabmlt to the common
sense Of the reader, thar. If our greenbacks
were to-day, a. they were IN 1862, convert
ible INTO six per cent. bond, and that
bond being as 1t now il worth eight per
cent. premium in gold, that such green
back, instead of ruling at twelve per cent
discount, would command eight per cent.
premium as contrasted with gold
And we further submit, that, if the
argument of the bullionists, that the dis
count on the greenback is exactly that loss
III buying power to the consumer, is correct,
then it follows that, If the consumption of
the nation Is the same as its annual pro-
ductlon, say 81 900, OO0, 900 per year, the
loss to the people ON the discount on gold,
even at ten per cent, is 500, ,O0O, 900 per
year, direct tax daily and hourly paid by
theproducing many in subservieney to the
weak superstition, the blind stupidity, or
the grasping avarice of the parasitic few
This sum, added to the figure Of 50, 600,
900 per day, nr 81, $50, 900, 600 per year
loss, resulting from the forced inactivity,
(Which loss is ascribable to a small volume
Of currency as compared with other civil
lied nations. our industrial competitors),
and We have a grand total Of 81, $50, 900, =
900 per year.
Can any one wonder that the /. ally en-
dowed recipients and monopolists Of this
Niagara Of wealth are daily and hourly
making more vivid the contrast between
themselves, and the impoverished worker
who, with all his God given powers Of pro
duction, caltured by education, is perhaps
breaking stone on the highways like the
locomotive builders Of a neighboring city,
or eating the bread of charity at our metro
polItan soup houses, while the newspaper
organs of the parasites are, huukey-like
and dog-hke, eXtolling their patrons for
their wondrons lIberality in keeping the
producers 81 an wealth from starvation
And while production and producers
the bed 70 k-the substratum-the very
foundation II our societary editce has been
thus necklessly destroyed, under an insane
Illusion that superstructure could be safe
and comfortable without a basis, our law
givers, having Just sanctioned the with
drawal Of SSO. COO, 900 Of the greenbacks
and a suhtitution for the same Of 500. 600.
600 National Bank circulation, at a cost Of
SlO.UOO, 90 Per year, are proposing a tariff
On tea and cvffee to pay this imperial gra-
rtultY, Yhleh IAsT have iusA bestowed on
their parasitic f4tBEis@ rom the alnAadNI
miserably plundered and depleted resources
Of the starving people.
And We here again rs.state what has been
placed for years before the eyes Of the bull
honistS. the contractionists, the states
men" and political economists Of this ma
tlun. without refutation.
AN AXIOM IRREFrTABLH A. ANY OF EUCLID.
Any debtor nation which bases its cur
rency, and consequently its production
and commerce, upon specie, exists inanci-
ally. productivity and commercially, on
the sufFcranc- II its foreign creditors, and
ours Is a debtor nation.