The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-04-24

organized. led IN Nv experienced Officeri
and able statesmen supported by an ar
dent soldiery, and all cheered on bv tn,
earnest prayer and active sympathies Of /,
great people.
Armies had 70 be assembled, organized
and equipped war-ships built and fitted
for action munitions of war and supple,
furnished.
The treasury was empty banks closed
their vaults capital always coward when
dangers threaten, stood aloof; the precious
metals were not to be had the gold and
silver coin had been retired from the func.
tions of their coinage, spEIted away with
in neutral Jurisdictions, to be shielded by
the BRITISH THRONE OR IMPERIAL FRANCE.
The union was trembling in the throws Of
war time pressed an experiment had to
be resorted to the example Of the mother
country was before us, and from long prac-
tice its expediency controlled the action Of
he hour 1t is hard to tear away from
old habits, customs and fixed opinions;
even prejudices often repel the assaults OF
reason and so 1t proved in our case.
| For although It was known from the
teachings Of history, that mouarches are
creatures Of the concentration of sovereign
| powers, and rest upon the civil inequality
If man, and that republics are created by
a diffusion Of the powers Of sovereignty,
and rest upon the civil equality Of men,
and that, system of finance which i'm
parts strength and perpetuIty to a mon
archy, must prove destructive to a repub
lie the statutes Of ENGLAND, were con
1 tinued "a the model of our monetary sys-
TEN, gold was recognized as the basis of
exchange and standard Of payment but,
through love Of country, 4 patriotic devo-
ton to our institutions and regard for the
rights of the people, to the chagrin and
over the protest Of money mongers. green
backs were made legal tender and drew
no interest and the Shylocks worshiping
no God but mamnOn, turned stubbornly
away, resolved on schemes more potent
with evils and woes to our bleeding coun-
try.
Green backs were issued, but unfortu-
nate for the people, they were not, by law,
made legal tender for all domestic pur-
poses und a consequence, we're sub
jected to gold as a standard of payment,
and to the infinite delight If money
brokers, went down to an average dis
count Of fifty per cent. The war still
raged-the necessities Of the government
we're great-the hour Of pilage was at
hand ; and concealing his selfish ends, un-
der the cloak of feigned solicltude for the
national honor and credit, the money
broker rushed 70 the capital Senators,
representatives and heads ol the depart
ments became his companions where
they went, he went where they lodged,
he lodged where they drank, he drank,
and when they took snuff, he did the
sneeEng. His deep concern Tor the
nations honor and credit, was ever
prominent His theme aae nnance-it
was difficult problem, Wrapt in MY steries
Trofound Factory men. farmers. mer
chants, mechanics. tradesmeD, laborers,
nor did the professions understand 1t .
bankers and money brokers alone could
comprehend it. He WAS broker and
practical banker hnance had been the
study Of his life Il; Us inevitable wot kings
were familiar to HIM he had read and
carefully weighed the writings Of John
Stuart Mills the philosophy of Adam
Smith was at his tongue end. The En-
glish system, was the only true one
America had early adopted it, and it should
be adhered TO ; the wealth and sovereign
power OF a nation was a fallacious money
basis sovereignty could impart no none
tary powers the circulating medium
should be convertible into gold it should
be elastic initiation, contraction, ire
deemable paper, Reputation, aud national
dishonor were familiar terms the sub
stance used for money purposes, should
possess IA intrinsic value, equal to its de-
nominated value gold possessed that in
trinsic vaiue-gold was the money Of the
world, green-backs had no intrinsic value !;
we're not convertible into gold were mere
creatures OF law, bore no interest. yet
were made legal tender and Sd abun-
dant as to initiate the price of commodities
they were obnoxious to all Of the rules OF
political economy recognized in the old
world stood in the way of progressive =
capital, standing ready to aid in the cause
Of union ; the circulation should be con
tracted the green backs should Be retired I;
government bonds, bearing gold interest,
should be issued and to secure their nego-
tiation, they should be exempted from all
taxation, and sold for green packs at par
Congress yielded borrowed money
policy, based on the non taxed, interest
bearing bonds were issued, sacrificed and
monopolized by money brokers the whole
property of the nation was pledged to
them the burdens Of government, were
cast upon productive industry-enslaved
labor was at tle feet Of capital the su-
premacy of gold, as the only true money
basis of exchange vas acknowledged /; and
the money broker had succeeded to the
control of the treasury of the nation but
he was not content, the measure Of his de-
sires, was not full his ivarice had not
been appeased-the thirst for gain, Is
never satiated by gain-his successes nut
emboldened him, stilled his moral prompt
ings there were expressions still in
store for the people state banks had
gone ont Of existence green backs were
being retired in the sale and purchase OF
bonds their place would have to be sup
piled the people, suffering on account Of
the want of medium of exchange, would
demand it has bonds ,UOuld furnish bank.
ing capital the field Of his former tri.
umphs was open before him he could
now command. Washington was again
visited, and an act, authorizing the estab.
lishment Of the national banks was passed
the broker because banoker; and Conpres.
surrendered to few Thousand bond hold
ing capitalists, the control over the cur
rency Of the people-the power to grant or
refuse loans-to initiate or contract the
medium of exchange.
The power to choose, whom they would
accomodate, without regard to their ability
to paw, or collsteraIs offered; the power
to demand a rate of interest wholly dispro
portionate to the profits of productive in
dustry the power over the very life O
trade, for without a medium Of exchange
possessing all of the tributes of money
and to be had, at q Cte Of interest pro
portionate TO the average increase Of pro
ductive industry, and an amount sufi
cient to give energy and activity to trade
our natural advantages must remain un
improved, our national resources remair
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