The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-01-30

PONTIAC, Jan. Is, 1879


To the Editor Of the woRkEeHAS's ADVOCATE.
Two fatal errors permeate all the RENE
dial measures brought forward by labor re-
formers generally First, that interest
must be paid on government currency
furnished and secondly, that IT is neces
sary to maintain the present social divis-
ions an employing class and wages
class.
Kingcraft, priestcraft, and interest Oh
money, may be called the triple headed
dragon that has enslaved aud devoured
nations from the most remote ages While
se have partially cast aside the two first,
We cling to the latter as if it were indis-
pensable, whereas interest makes kings Of
all who have money TO lend, and ahJect
serfs of all borrowers.
1t is proposed, in our greenback RENE
DIV for national distress, that the Federal
government advance loans at 800 per
cent. interest. A labor is the creator OF
all wealth, and therefore ultimately pays
all interest. it seems incredible that work
ing men should maugurate and demand n
financial reform that takes from them
almost one per ceLt. more than the annual
national accumulations. II the govern
ment represents the people, the payment
Of interest to the government is equiya-
| lent to paying interest 10 ourselves the
people If the currency be interchangea-
BILE for bonds, then the government itself
pays interest to individuals.
Although individuals may refuse loans
without interest, why should We pay in
terest to our own government Is it Of
any special advantage to the people OF the
government Is not interest perpetual
drain on the vitality Of every community
Are We not striving to free ourselves from
bondage to the monied classes 'ud
would not the abrogation o. interest on
our government greenback issues tend
( more than anything else to destroy this
bondage Does not interest convert ma
tons into chaingsngs, and doom them to
perpetual servltude 10 capital Is not
interest the everlasting horse-leech, con
tinually crying. give, give Al We eN-
change labor for labor, and produce for
produce, but what do We ever get from
| interest !
Labor reformers must strive for a free
| greenback currency 50 far as interest Is
concerned. The cost Of issue is all that
! ought to he paid. II We obtain currency
without interest, is it not equivalent t,
/ producing commodities SO many per cent
cheaper
Tens Of thousands Of the community
are now supported in princely magnihcenc'
through interest. 1t matters not thougl
this interest has paid the principal half !
dozen times. Where can We find a better
illustration Of injustice and stupidity
/ Who ever pays man twice over
And of the same nature as interest. anC
coming down from the same venerable in
tiguity, we have an employing class and 1
wages class social division indispensa
tie under some conditions, but every day
demonstrating its uselessness ineficiency
anI tyranny under the new conditions
which modern discoveries and paper none,
have generated. For paper money is no
wealth. like gold and silver, but only
representative Of wealth, as well as a me
dium Of exchange Our government
when il issued thousand millions Of dol
lars IN paper currency during the war, Oh
tanned for this paper everything which tin
nation could produce, and 1t was, wheI
free from speculative influences, equiva
lent to SO much silver and gold. And i
the federal government, calling in all othe
currency. should issue another Thousand
millions, loaned at cost Of issue, would j
not at once start production to an amazin,
extent. and furnish employment for all
And, while we are about it, why no
loan this currency to organized co-opera
tive bodies of working men AS labo
creates everything, and supports all class
es. why not give labor chance to work TO
itself. and save the profits which now 90 t
employing classes Is there any injustic
in it 1! Does not labor pay all taxes, prof
its and interest Why should it continu,
in pecuniary and social serfdom, when tn
means for its liberation are 50 easy to b,
obtained
Yours, j. +. BRAY.