The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-01-08
FUN Wash ING T0h.
WASHINGTON. ID. g.. Dee, lS1;

WASHINGTON, ID. O.. Dec, 1873.
To the Editor VI the wokkINeNAN's ADVocArK
DEAR SIR The question Is sometimes
asked by those Who desire To inform them
selves ou the subject Of the proposed sys-
TEN OF national currency and national
bonds, mutually nterconvertible, how,
should the system be adopted wo.ld the
people procure the money
An extended answer was gwen by you
in Your paper nf November p, 1879, IN
al article headed An Important Ques.
upu Answered. tn which some additional
views might appropriately be given.
As preliminary observation, 1t may be
said that y d could be- proved that the IN
tercouyertlble currency would be obtained
only ia tne same manner and under the
same difficulties that the existing currency
Is obtained, ~ Wand objection would
thereby be found 10 the new system, for
even then the people, IN regard to the
mode ut prpcurin. money, would De no
worse utt than now The truth is, how
ever that the ur~ system, by afordlug a
means If constantly absorbing any excess
ot currency over the wants Of the nation,
any greater supply than corresponded to
the demand, and by furnishing currency
which would be subject to no fluctuations,
and free from the possibility of being mo
uJpohzed by the bankers, would necessa-
rily render its acquisition more easy 20
the producers oi wealth.
The question, however, admits Of a
wider discussion, Ter it obviously suggests
the existence OF a desire for some more
certain and rapid mode Of making money
.hau Is afforded under existing relations
Two great lmpedlments to money making
nov exist:
l. The producer cannot always find
work to do, and sometimes, as in this
country since September 1873, and now,
hundreds OF thousands OF producers are in
a state Of forced ldleness.
=. When the producer has created a
product he can not exchange it at once for
the money he needs IN order to obtain
other products, but must part with It to
merchants and traders who stand between
him and the consumer, adverse To both.
II must be clear that If these two I'M
pedimeuts could be removed Immense ben
eGts would accrue to the people. If every
worker could always have work. and the
produce If his work could always com
mand an Immediate price III money, II is
certain the amount oi wealth produced
would be l.n,neasurabiy increased, and the
comfort and happiness OF the people aug
mented IN corresponding degree. To
effect these desirable results we must add
supplemental machinery To The mtercon-
yertble bond and currency system. Let
there be a bureau of the Treasury Depart
ment organized as bank Of issue, whose
duty 1t snail be, among other things, ID
issue money To all producers who offer
sufficient guarantees Of repayment.
These guarantees may be made perfect,
so that no loss can possibly occur; and 1t
can " accomplished ia this way. The
producers must organize themselves as the
capitalists dp.
number III capitalists who nuW unite
to loru bans ar declared by la~ to be a
cooperation, and are Al once brought into
rotation ~Itb tlr National Treasury, and
become part u the hnanclai system of
the country. su n should be With the pro
ducers. Any Euu4brr previously deter
mined by Law, forming themselves into an
association. should become a corporation,
and be brought thereby INTO relation with
the National Treasury. A certain number
ut such corporations should be allowed to
have "A bank II their OVID, uf which there
should be no stockholders. but simply an
office. a. a branch 30 the Banking Bureau
Of the Treasury, with suitable body Ot
officers, properly chosen, to carry on the
business. and acting under the control of
a committee chosen BY the corporations.
Tins bank should receive no deposits OF
money. but only deposits Of the products
III labor, previously determined upon by
the industrial corporations which called
for the bank, as proper objects Of deposit.
Whoever created such product should be
allowed To deposit 1t with the bank, and
receive at once its full value III money,
provided the industrial corporations to
which he belonged should have previously
guaranteed the bank against any loss in the
sale pt Ike object deposited.
Advances shvuld also be made on pro
duets not deposited, but certified to be
under the control of the corporations, and
by them guaranteed, though remaining on
the shops Of the producers.
The more widely the system should be
extended, the more safe and beneficial it
would become. As soun as proposed to
the people. by an act Of Congress, It would,
by the voluntary action OF the producers,
be put INTO operation IN every direction.
This Is the way IN which everybody
who knows hoF to work may get the green
backs. am, yours truly,
THos. j DURANT.