The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-12-09
From MASSACHUSETTS,.

ACroN, Nov. 24th, 1876.
To the Editor q the WussiSeNAS's ADVOCATE
i Nov that that the election is over | wish
10 communicate 70 your readers touching
I the great questions which overrIdes all
others in Importance, at this time at least,
some ~ my ideas Of ;Ight, and the best
methods to bring about the desired result
] Aud when say my ideas, l do not
wish 70 be misunderstood as claiming any
thing new or original
Truth is as old as the eternity of the
past and all the thoughts which have
found lodgment in my little thinking ma
chine, can also 6nd IN books presented
in thousand and one different forms.
NV theme Is Honest Money"
1t appears to me that though the writers
of the ADVOCATE are generally quite cor
rect, yet, 1t SO happens that some common
errors are admitted to be truths, or are
passed over as # 10 Importance.
Now, it Is well known that gold, for in-
stance, Is used as money, and al are
agreed that it IL the measure of value, the
contraction Of the quantity extends the
purchasing power OF given amount, and
rice reJSa increase the whole volume, and
you contract the purchasing power u a
definite quantity. In other words the
more dollars there are, other things beng
equal. the less viii our dollar he worth
The advocates Of what j. called specie
payments ignorautly suppose that TINS
must ever continue e. re true, IS applied
to paper money. That suppositon brand
as superstition, and consequently as a
false notion.
If the Issue q paper money i 60 be
arbitrarily nmited, az the greeubacks are
nov, then The Old theory remains true
the more there il, the less will a gwen
amount be worth; but let there oe no lln.-
itation, except that whoever Issues pro
mise to pay shall receive the same on
par with gold for goods uf al kinds ON
sale in the country, then an iucreass ot
such notes vii no more affect their pur-
chasing power than an Increase ot account
books For, as Bishop Berkeiy 50 iong
ago suggested, money, by right, should
consist Of tickets or c0tu.tefs
Suppose farmer buys goods at the
store for a certain number of dollars
gold, if you please-hGt pays ma goods ot
another kind, the gold dollars ale only
referred to as a measure Of the value sup
posed to exist in the goods bought and
sold. He may Use au account book aud
no money whatever; he may pay and ra-
ceive paper money, OF he ma, 1--WE and
take the real hard gold dollars. it makes
no difference IN the hnal resu.t-goads pay
for goods.
Nov. l assert. with no fear Of successful
contradiction. that no definite amount II
gold is required to commence the exchange
OF goods -of- par Witb gold al over The o1un-
try, Just SO soon AS equ Al rights shall have
been obtained in the issue Of currency.
We do not want the gold, but payment
should be made IN goods at the price ~
goid
Let me present another point. And IN
order that no one shall say war, Or
initiation, | viii take an illustration
from Edward Kellogg Some rich men in
New York had one million dollars, and the
Legislature Of that State granted them
the special privilege of lending two mil
lions and a half 10 Bly nothing of the
monstrous wrong. could a greater absurd
ity be conceived And yet nearly all bank
ing in the civilized o. world employs the
same cheat Amy ordinary intellect can
see tl.at IN the course of time that extra
ordinary advantage viii eat up all legltl-
ana q incomes and break down the bus sness
of the country.
When our little ring Of bankers can draw
per cent. interest on 81 900. 600 irhtch
they do not Otca how can the farmer ex-
pect to reap fair income from the money
which he mas invested il his farm 1t
should be remembered that when ne man
obtained dollar that he has not earned,
some other man has earned a dollar and
lost it. If all money, and all wealth, and
all value could draw interest ana profit and
dividends, why, nobody would complain.
And, although there is profit or advantage
in the exchange of goods, yet all useful
classes should in that advantage have an
equal share; but that can never be while
a monopoly Of money is to be tolerated..
BENJAMIN SKINNER.