The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-10-28
FROM SAN FRANCISCO
SAN FRANc1sco. Oct. IL. 1876

SAN Francisco, Oct. IL, 1876.
To the Editor u the WoRKISsMASs ADVOCATE
But when to the monopoly Of transpor-
tAtion--by which means European Shylocks
fatten upon the toll of our farmers and
the monopoly Of lands that shall not BE-
sold" saith the scriptures, and we chris
tisn people protesting to believe the bible
to be the word of God-we add the mo-
nopolY Of money. What shall be said Of
these bare fsces frauds that make the
working classes slaves If the human
mind was educated up to the full compre-
hension Of these atrocious swindles the
whale world would stakd aghast at their
contemplation. This is all accomplished
by legislation, and if it is not treason to
betrsy ones country into the power Of its
enemies for monarchy is the enemy of
liberty. Then pray what is treason
By making us the debtors of European
money lenders, and for which there has
never been any need-they have made us
and our children slaves. By the sweat Of
our brows these foreign Shylocks live in
luxury and idleness We are told that
foreign capital is blessing; it is the great
est curse that can happen to any nation to
borrow money abroad. The borrowers are
always at the mercy of the lenders be they
nations or individuals.
Our present money system is so contrived
that it may be monopolized by foreigners.
They may buy up our government bonds
by operating our citizens as agents
thousands of whom are ready and even
consider it an honor to become their funk
ies-they may deposit national bonds in
the United States Treasury, and receive
national bank currency, with that they
may open q national bank, and loan the
currency to those to whom it really be-
longs, and make them pay interest for its
use.
BY this means European capitalist NAV
invest their money in United States bonds
bearing 5 and per cent interest, and from
this same Investment may obtain the addi-
tional interest for which the national bank
currency is loaned. By the report Of the
currency Comptroller, we learn that the
average interest earned by the national
banks amounts to 10 per cent. Thus these
European Shylocks reap an annual harvest
out Of our money system of from 10 to Is
per cent. But even this is not equal to
the annual dividends paid by the L ,ndon
and San Francisco bank to its London
shark holders. This is the way the profits
Of our labor goes abroad to enrich foreign
money lenders. Will our people ever put
an end to this infamous money system
If yea, how soonl
But the end liz not yet, our country is
flooded with European treaders agents,
and insurers who carry away all their
profits. They purchase our mines, and
take ali the profits abroad, this is worse
than the monopoly Of lands by our own
people. They may and do invest in all
our stock companies, and their ships con-
vey our produce, while our own vessels
are rottening at our warves. All this is
the effect Of our financial system. ana it
Just what our national Legislators have
made it.
II may be stated as truism, that wealth
will surely and steadily flow from all those
where interest il high to those
where it il low. Give US q low
rate OF interest on money which can only
be- obtained IN this country by legal ten
Ter paper currency, and We need not ask
'or free trade for our tariff lava will repeal
themselves for we shall with raw material
n abundance be able to manufacture
cheaper than all other nations.
Q. b. SMITH.