The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-11-04

| worth twenty-five cents on the dollar, or the
Republican Greenbaek worth one hundred
cents ON the dollar. We Republicans are
convinced the Greenback, and when MIR.
| Campbell saws the Greenback must be de-
stroyed, and his worthless trash be substituted
for them, we say mo. such thing must not
| he done The Greenbacks form the best cur
reney we have ever had and We should hold
fast to them until something better can he
devised
Now 1 never have proposed nor advo-
Gated the destruction of the Green5acSs.
| No fair minded man can or will put this
construction on anything have written or
said on the subject, and this is particularly
true with respect to the articles from which
Gen. Hayes Processes 70 quote. On the
contrary have always contended that they
should be made full legal tender, which
is the only way to make one currency equal
TO another The specie basis fallacy al
ways has and always will prove cheat and
fraud When thus improved | have ad-
vocated their substitution for the national
bank currency that they should constitute
whatever currency we were to have other
than gold or silver.
Now let Us see how 1t Is proposed "a inn
prove and keep the legal tenders the best
currency we have ever had. In the re
sumption act of the forty-third congress
he third section repeats those sections OF
law limiting the aggregate amount cf cir
culstiug notes Of the national banks. ana
provides that the banks may increase their
circulating notes without respect To the
aggregate limit. The act also compels the
Secretary Of the Treasury to retire legal
tenders ID the extent ~ eight per cent OF
any such increase in the bank currency.
] That Is To say when the national banks m
crease their circulation one hundred thou
sand dollars eighty thousand Of green
backs are TO be retired and destroyed, un-
til there shall lot ba outstanding over
three hundred millions u Greeubacks
And On and after tbs lst of January, 1879,
the Secretary Is required e. redeem IN coin
1 the legal tenders then outstanding and %
enable HIM o. prepare aud provide for the
redemption in this act authDrI1. "a ana re-
! CURED, he is authorized to ase Any surplus
revenues from time e. time ID the Treasury
not otherwise appropriated, ami u issue,
sell and dispose Of either Of the description
Of bonds OF the United States described in
the act OF Congress Of July l4;h, 1870 for
refunding he national debt, which bonds
were 70 bear 4, 4 and per cent.
Now it Is not denied BY any one that
the legal tenders retired as the national
bank currency is increased are to be destroy
ed, aud the same is true If AL legal ten
ders coming to the Treasury after the lstOt
January, 1879, for there is no authority ia
the Law for their reissue All the talk
then about keeping the greenbaek dollar
and making it equal to one hundred cents
Of the best gold ever issued from the
mines Is deception ana a fraud The
/ object, purpose and Intention Of the
authors Of the Resumption act was and is
TO retire and destroy every dollar IF the
Greenbacks, and to surrender the whole
money power Of the nation to the national
! banks.
Now this is Just what Gen. Hayes is in "a
vor 81, and what the Republican party Is in
favor Of he is authorized to speak for 1t,
for he says " But they say this system
| gives elasticity to our currency. That may
be true. But our present system gives elias
ITCHY to our currency, aud all the elasticity
any one can ask. If more currency j. de-
handed at any time to meet the wants Of
trade, new banks can be established under
our free banking law, and thus the demand
can be promptly met II we have too much
/ currency the surplus can he returned to tine
government, which stands ready to receive
1t and give in exchange tie bonds LETT with
us when the currency was issued thus
| under the operation Of our free banking law
We have the means OF expanding Or crn-
tracing the volume Of our currency to meet
the wants of trade, and to meet tn I'm
promptly and eiiectually'
Now the advocates Of tine system Of cur
rency interconvertible at the option Of the
holder with government bonds, bearing an
equitable rate Of interest do claim that IN
der it the whole people would have the
power not only to regulate the volume Of
=
to regulate the rate Of interest on loanable
capital, which is the most important prin-
ciple of monetary system. Bnt General
Hayes and those who hold with him, while
denying this right or privilege to
the whole people, are quite willing
to give it to the national bankers,
and that, too, at expense to the taA-pay-
ers of over forty million dollars annually,
when the greenbacks for which they profess
so much love-a love much like that which
Judas had for his master-are retired and de-
stroyed, which they propose to do lat the
earliest day practicable.
When we propose to give this privilege Of
interconvertibiIity to the whole people. they
call the currency WORTHLESS trash" but
they propose to give it to the banks, aud to
authorize them to issue -four T. six dollars %
currency for each dollar Of coin IN their
vaults, and then call each dollar 81 their cur
rency equal to a dollar If the best gold ever
issued from the mint" Let me ask # this is
not base deception and fraud, This Sys-
tenn contains the power u expansion aud con
traction. 1t gives the bankers the power to
expand their profits, and 10 contract the
value Of all property, as well as the rewards
OF labor How can such a system be in the
interest of the industrial ella se-, when 1t
compels them to pay an enormous tribute to
aprvileged ass of banking corporations, for
= currency inferior in every respect to one
they can have without any such burdens ,
The fact is, the banking system always has.
and always must, in tine very nature Of
things, prove oppressive TO the laboring
classes.
have shown from Gen Hayes own state
ments