The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-08-14
FROM MICHIGAN.
PONTIAC, Mich, June q, 1875.


To the Editor Of the woRKNeHASs ADVOCATE
Our friend Benz. Skinner, in your issue
Of the 18th, asks pertinently how the new
greenbacks are to be issued at the start
Who is to get them, and how These ar
important questions, and the value Of the
greenback movement greatly depends on
the answer. Probably those who borrow
will do 80 upon the idea Of friend Skinner,
pledging property worth twice as much as
the loan asked for.
There can be no real currency reform
while losns are restricted to those who
have property The men and women who
have no property are Just those who must
need currency facilities, because currency
carries with it profits and interest, which
are the very things that ImpoverIsh labor.
Any financial reform is a sham, unless it
enables labor, equally with capital to Dor
row currency.
Every paper currency naturally rests on
the wealth and resources Of the nation.
These We always had to foot the bills
when the banks burst The specie
basis has been cheat from the beginning,
and we are gradually working out Of 1t.
But we have been 50 accustomed to tina
idea that the paper dollar must rest on
a real or imaginary gold dollsr, that it is
hard to consider currency merely as Q
representative Of commodities.
While 1t would be insanity to loan cur
rency to every individual in need of it,
the success Of cooperative societies IN
England ana elsew here, show a tangible
foundation for loans to labor Every CO.
operative association purchases something
with its funds as a basis for business.
Co-operators, therefore, united for carry
ing on manufactures, mining, or anything
else, can offer as security the whole real
estate or commodities which the loan pur-
chases. The whole people, therefore, as a
nation, will hold a mortgage on all property
purchased with the currency loaned. There
will always be something to show for the
money.
We must ultimate into social re-organi
zation on a cooperative basis. Every cor
poratiOn exhibits the powers of such com
binations Of capital and labor. The indi-
vidual system has worked us into few
millionaries and many beggars. 1t begets
monopolies, frauds, tyranies and mis-
government in every direction. The peo-
pie at large must possess and enjoy the &C
cumulations which the people themselves
create, and this can only be done through
cooperative reorganization Of society.
Mr. Skinner truly says, that amy monetary
system founded ON bonds, and usury and
dividends to loafers, cannot in the nature
Of the case, become permanent success.
This is Just one Of the great wrongs that
require remedy.
The poverty of the masses is a natural
consequence Of vast private accumulatiOns.
Every true labor reformer seeks the good
Of the masses. AS they have little or no
property and cannot borrow loans to set
themselves TO work, the real problem to bt
solved Is, how shall the masses become
self-employing, well paid, have an abund-
ance of the good things Of life, with
leisure for progress and improvement :
Any scheme which does not touch this
touches nothing.
A combined and cooperative labor,
furnished with abundant currency, with
Just compensations for all creating, ex-
changing and accumulating unlimited
wealth, can alone get rid of the evils we
suffer. This constitutes true republic of
labor. 1t is as easy to unite labor into
cooperative bodies as into trade or other
unions. AS labor creates everything, la
Dor will of course be compelled ~ make
good all losses from mistakes or misman-
agement, and this it does now and always
has done.
We must contend for currency for the
masses, and this currency should be is
sued at cost. A public currency has no
claims to interest. j. F. BRAY.