New-York tribune., 1876-01-05
SPECIE RESUuPTION.

THE LABORER AND THE CJRtLNC1'
ADVANTAGES OF CAPITAIl-VoIiNG FOR coNIRAC-
TtON wIsE-IuE "LEr ALONE POLICY.
To the EdttOr Of The TrtbUne.
SIR: / would like to call attention to two
propositions ia regard To none, winch believe are uiy
accented by the masters of he science of political eooh-
oGy aud which 20 pretty To- the roots OF the qnes
ton as regards The interests ol labor.
First: Mil SAYS What supports aud emnioys produc-
tive labor j. the capital expended in setting 1t to WORK.
ana not the demand of purchasers for the produce oi
labor when completed Demand for commodities is not
demand fog ia5oI. propositions manifest should he
accepted sight ana yet We 80 constantly hear that the
con ler PAYS the ontrc cost of the conaoty that We
are liable take up the notion that he pays the aboicr
This is au lie merely rcra59 the eaIi-
talist tie amount of wages advanced py
him. When purchase hat | do ho
service whatever 10 the l.horogs VINO made H. Their
wage, have been paid ana probably spent long ago. II
the s appcars doubtful, we need only rhc't th''
the laborcr stands III precisely the same P"s'u"i'
whether h products are consumed hy purchasers or hy
fire. II would scem therefore that labor gets IT. iHy
directly from capital aud from other source what
ever directly or indirectly. Wages mocode pIoducu"n
while the profits Of capital must wait upon the disposal
O; the produce. | must insist strongly as possible
upon this close alliance 0f labor and capital as upon u
will mainly depend the application Of ny argument
Hand I'm hand they must go in ndIsaoluhe partnership
Helpless both when sundeTcd; together my MAINTAIN
the state Of the world"
The second proposition IA that the purchasing power Of
money increases or dccrcas u inverse ratio the quan
ty in circulation Is increased Or diminished That is q"
.ay (ohcr conditions remaining the -acl, II We double
the amount Of currency the cost OF other commodities
will be doubled likewise, and rice ccrsd But ~hc II
may take time for all other commodities To adapt
themselves the change labor by reason Of t Intimate
relations It's almost absolute contsulty with capital
must respond nj once, and 10 its great disadvantage
either by the depreciation or the reduction of wages
When money falls in value the l'borrr asks 'or an III
crease Of wages. The capitalist rcpcs 81 also am
loser | have made contracts for the delivery 0' my
whole stock and must receive payment in deprecated
currency. Therefore / cannot help you. On the
other hand, II money should rise in value,
the capitalist informs bis lab0rcIs mat thry nTe
getting larger share Of their Joint products
than was contemplated In the onslnal allotment on
which their contracts were based and therefore wages
must be- readusod-that IT, rcduced And yet, In this
case the aborer is only injured In far the adjust
meut of his preccds that OF the prices of com
modtes in general II will nc seen, then hat the labor
ers predicaIncnt IL worse hen money falls In value
through imitation than when II rises by contraction In
the first purchasing power Is lost aud wages not
increased In the sccoud though wages are reduced, the
purchasing power will rise in ratio
general adjustment Of prices taxes place. IT, therefore,
he should be reduced 10 dilemma let h!m rather VOto
FOR contraction than imitation.
Paper money, to he beneGciay employed, must vary
]
s stead, the paper money being "Ithd4a"h h-thiah"e
dn substmcCl.
ithc currency instead Of being kent in subj ction TO
this law Is made subject TO the caprice o the hour. there
can be no method devised 10 estimate lt5 value from day
10 day. Moueyed men viii Withdraw their circulating
caita from the aid Of labor. They viii not lend money
which may be repaid In currency of less value They
viii invest In any other securities raLer Than hold OF
deal in your variable currency.
This exposition which I have attempted Of the evils
ia
assumption that the currency s c0reTtJe The Is
bad enough from this point Of view Bat suppose now
apply imitation to an 'cDHrertLie currency. The re-
suit must be ruin swift and Ii certainly must a-
pear that II behoOves labor 10 be at least ciy 20
capital H. therefore, old Moncyba,s should refuse e,
grip his own. bat administer. II possible, financial
needs is eooddence How shall we give II to him
s'andId measure O money Is quite an desirable ms
one for feet, bushels gallons pounds, Sc II In tue the
Constitution suggests the proper method for obtaining
is equally true that Congress possesses Tie (unconsu
tonsD power to act rs IT lcases IN The matter Now,
| "ouly tlls and nothin. more" Suppose, again. they
subsequent contracts. As for the promise tn
specie payment 1879 viii let that stnd Tor
nntn 80 II il suits us better Perhaps then confidence
| might be restored, money how freely aud once more
neiInoute the channels OF trade" and TIE dollar note
rise Ia par Then no one need bother any more about
resumption These suggestions are made under 10 pre-
/
moral Of INV remarks, IL there lie moral is, let alone the
cnrrenry but above all things, don't Initiate
For we the people" not competent To handle this
on.stion Ia must he decided "wheTc parallels are
spolen" In seats OF Judgment much higher than those
DC nccuny When therefore, lucky enough To gct
a uaper dollar, let r1ye most humble ana hearty
thanks that IL IL worth 50 cents and hot gnnle about
IL And beseec Iny cllOwcltizens that they do not by
ony rash act run any risk Of Hlrdrtng Hs PWchdsmg
D0irer Otherwise they may possibly get more money,
"caed and yet be compelled to shorten their allowance
of cakes and ale" And this all know would be Il
national calamity. fO"lAIAN h"bINhoN'
UuIitsriiie, Aia, Nov 90 1879.
an u1f ETH