The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-29

itONtLl bEb.
Specie re- SUMPTION will result in funding
the greenbacks, bearing no interest, into
interest bearing non-taNed bonds and
will tax away the privilege Of paying the
national debt, or the larger portion Of it,
IA the equivalent Of coin, as Is allowable.
10y the act If March IL, 1869.
Specie resumption will not reduce our
liabilities public or private or facilitate or
hasten their payment; uu the contrary,
the difficulty and ImpossI billy Of payment,
will he augmented, IN proportion, as the
price III labor, and the value VI the pro-
ducts Of labor, will be reduced and the
legal tender currency Is contracted. Fund
ing a debt IS not payment. The H0tioH
should D, upi,peni,t N creditors, ud n
that eiei, he pabi,s ,isbt sIo,tid be pad at
the earliest moment pOsSibi, but the ecuno-
my If payment, does not consist IN gold
being made the sole means or standard OF
payment it Is wholly insufficient IN
amount % perform that function: aud
hence the very essence NJ a borrowed
money policy, necessltates funding bills.
pyrpetuates the payment w interest. ana
The unequal burdens borne hy the people:
but the economy Of payment does consist
pa avoiding the payment uf interest. and
III avoiding the unequal distribution NJ the
burdens. privileges aud blessings II govern
ment.
Nor is there relief Iu the fractional cur
rrncy being redeemed lu silver coin Of like
denomination; tins proposition, like its
kindred banthng, abolshing the percent
aye on coinage. is but an ,qittS tdfitys. lighted
by money mungers, to lure the people into
the quagmlres Of rulnOus financial poi
~. The fractional currency answers every
rssentlal purpose, and performs an 81 the
functions incident to silver: II Is no less a
.rgal tender. more convenient. and u be
preferred IN that, that II is not as likely to
Ue boarded or taken abroad and IL dis
pense with the charge for C image, is but
tu coin the precious metals Of individuals
INTO dollars, and give 1t the legal status Of
money at the public expense. Why not
manufacture the implements 81 husbandry
for the people-thelr wheat into -four.
their corn INTO meal, their cotton into
cloth, etc, at the public expense also
they are quite as necessary and as indis-
pensable % the public welfare Why is it
that an American Congress, ~ idohzes
this legal Pet and sceptre Of roy atty
Why should this poisoned shaft. planted
deep in the bosom of the young Republic
by the example Of the English monarchy.
he left there to rankle anG retard her
growth
Nor will free banking afford relief: on
the contrary, it will multiply our wrongs.
and, like the State bank system, exploded
by the,war, prove TO be an embodiment Of
national ills. 1t is Of doubtful constitu-
lOnally was never contemplated by the
founders, and 50 unlike the so-called bank
Of the United States, as not to have the poor
precedent, Of that bitter experience, to
Justify or excuse 1t. 1t cannot give
wholesome impetus to our trade; Or as
slst, or add to the financial strength Of the
nation while it may convert the whole
bonded debt Of the nation, into an un-
taxed interest bearing capital, and aban-
don to the national banks a few thousand
banking capitalists, the control of the
whole moneyed interests of the people
with a loan to the banks by the govern
ment, without interest or other charge to
the extent Of our entire circulation and
the power to collect double interest SIN
terest on their banking capital bonds
deposited by them, and interest on loans of
the bills of credit furnished to them Oh
the faith Of the bonds, whereby the whole |
If the profits of labor must be sacrificed to |
hem.
Free banking will not facilitate the pay |
nent Of the debt Of the nation on the |
contrary, the effect will prove to be a per
petuatlOn Of the debt, for capitalists will |
not permit the bonds to be paid, while |
hey Gan be used as banking capital ex-
-mpt from taxation; nor will free banking
stop the flow of our gold into foreign /
countries nor viii it induce capital to |
END gold into circulation, but il will con-
inue to be held, as now for mere specula-
i've purposes. An inferior circulating
medium will never force its superior into
and hence gold will never re-
ume its functions. as circulating medi-
I'M Of exchange, while the banks are au-
horlzed to furnish circulating medium
or the people, in loans Of their mere bills
{ credit
Experience will prove that gold viii be
cid as now for mere speculative purposes.
or do the bank directors, and stockhold- |
rs, IN Congress, land there are many of
hem), or their lobby coad tutors, anticipate
different result, nor would they have it
therwlse. Their object is not to protect the
eOple against, but to profit by, the sacri-
ces, and coniscation Of property, sure
. follow, if our debts, public and private,
re required to be paid in gold or its !
lmvalent, or in deprecated paper at gold {
Ates II Is not specie payment in general,
ut IN the abstract, that banking capital
It's want, they would have the people re- I
uired to pay in gold; they would be /
'voi ed with the privilege Of presiding at a
ne altar Of the peoples sacrinces to specie C
ayment, and be made the sole benefciaries 8
the offerings Of value; bur suspension il
nd the Reputation of the demands of
heir deposit )rs would assuredly follow I
al on them, Ito do as they would be done Il
", to redeem their obligations in gold v
here is not a national bank in existence t
or will there be one organized. that o
ould, OF could, sustain themselves under c
emand on them to pay in specie n
While supported by public confidence Q
lille far removed from their bill holders. I
leir credit may be upheld, but. over d
ken by war, by commercial convul- a
ons or financial panics, they will v
ii to maintain specie payment-the
Use pretence of banking specie basis .
ill be exposed; and the banks will take =
'fuge in suspension or Reputation. !,
merica is not without this experience, u
deed she has no other.
Nor will the banks multiply, as n
divided for in the late act Of Congress, 9
all in preparing for specie payment, or
the revival, or give prosperity 70 bust O
-. The payment Of our debt, is only Y
acticable. through profits derived g