The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-08
No. IL

fold medium 81 exchange and borrowed
money policy Is inflicted upOr the people.
| Contraction increases the earnings and
power 0f money centraiizes wealth,
weakens the hands Of labor aud emdangers
| free government. Under the influences of
contraction individual confidence, nu long
er constitutes An element Of credit He
who has not the security to offer goes un-
aided and he who has the security and
- 80 reckless a. 10 brave the hazards of
business On borrowed capital, must sink
under the burdens of taxation, and a
rate o. interest and discount that eats NJ
ms profits, and absorbs his capital
| Nor IS relief attainable IN the resump-
ti"n of specie payment, As provided for in
the late act uf Congress.
theoretically, specie payment promises
much, but To accomplish IL IN gold, il
is, and must prove tp he practically i'm
| possible promise 20 the ear, to be
broken ~ the heart policy originating
IN the Avarice Of money sharks, and en-
! forced as contemplated, over the bank
rupting sacrifices sure to follow, will prove
/ u be the most direct road 10 repudiation,
pregnant ~rth revolution. If indeed. it
docs not evrntuate IN erecting an aristoc-
racy u wealth ga the ruins Of our instr
tntI"ns
The people cannot perform an impossi-
blhty, aud II - not the part Of patriotism,
or good government - put them 70 such
a test
Their individual debts, and the debt of
the nation. have been contracted on a de
Preciatei currency basis and the propo-
sI'ion 10 fund Or ray the grcenbacks. must
s"on appreciate them to par with gold
ami To- require the people To- resume specie
Paymrnr IN four wears. without a legal
tender IN circulation, Is the extreme " in
Justice; and NIll, and rightfully. work the
Vverthr"W # IT, authors.
II the people would justify thee ensure
~ la faith and rePudiatIon, by IgI@rlng
th.ir obligations contracted 10 he paid III
COIN q is crime. {" compel them to pay
IN gold ar iis equivalent. an obligation,
which was payable ~ currency or green
backs. under the Law Ia force al the time
the obligation was assumed
Ii u ~ould be bad faith, 10 ieglslate a
promise. ~ pay IA gold. into promise to
Pay IN laSfui money "r the equivalent of
gold, into promise q" pay IA gold only.
Yet. such has t--n the course Of our leg
lslstIun, amt that too. without arousrng
the yIrtuous indignation ~ the public
press.
The resumption of specie payment. on
tine part 80 the government. however aD-
I.allIng the sacrifice will require the
taxes levied for the support nr govern
meut 70 meet the interest and pay the
national debt t. pay the current ex-
penses. meet the interest aud pay the
delstS ~ fh.s Afaf.s .ur ,.,uuf,.s apI t,,,t
nicipaIrIes, to he paid IN gold Our gold
com does not exceed me hundred and
s.venty-five millions and England. nor
will France, Germany or other foreign
power, suffer their precious metals to flow
INTO tins country. Ours will continue to
accumulate them.
The star of Empire may he westward
bound, hut gold moves IN an opposite di-
rectIon to the East. ItS stay, even III the
city Of New York. the money center ~
the nation, Is bat transient II moves on
through Europe, to Its bourne in India,
never a. return
The current expenses NJ the govern
inent. even in peace, and the interest on
the national debt. will amount 70 three
hundred millions annually and the an
nual expences. and interest account of
the States. counties and municipalities
will not tall far short OF that sum be
sides, the .reenback debt ~ three hundred
and eighty odd millions, the national debt
Of two billions, the bonded Indebtedness
of the States, counties, municipalities, and
our individual debts. amounting ~ many
millions more. viii all under specie re-
sumption, be converted INTO gold obliga-
tlons. How can these vast SUMS be paid
IA com Ii will prove ~ be impossible .
and after ruin has been brought tO every
debtors household. resort viii bc had to
public loans secured by non taxed interest
bearing bonds payable IN goid-th- curse
of the people n"W weighing down their
energies. rybbing them of their liberty
and destroying their happiness.
Nor is this all, sl.,cle resumption. will
further increase the already overshadow-
ing powers II money moBopolies, lower
the standard Of labor, and further restrict
the wholesome control and influence ~
productive industry
To BE CoNTIN ~.