The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-10-28

non 1itf- Cdmpced Speech Continued.
years from the date of their issue, IN the
lawful CON dollars, which are the amount
of value when they were issued, or that
this was dollar containing 37ll grains Of
pure silver. There is now outstanding
over nine hundred million dollars of this
class Of bonds that the government has the
right to pay at any time
Now. Just as fast as this money came
into the Treasury, would have all beyond
what might be needed to meet the current
expenditures of the government invested
III silver, and coined into dollars contain
ing 31lf grains Of pure siler, which at the
present price is not worth over eighty-elght
cents ga the dollar with these lawful dol
lars / wuuld pay the principal of the j-20
bonds az the earliest option Of the govern
Ineut. III AS much as $3.50 OO0, 900 should
come into the Treasury that could be, and
for this purpose it would, at the present
price uf silver. redeem S7S4 900, 600 Of
these siA per cent bonds, the annual inter
est upon which would be S47, O40, 600,
every dollar II which would be saved tn
the tax payers each year, and the faith and
honor IT the nation would be saoredly kept
and maintained in the estimation Of all
bat the bankers and usurers aud their re-
tanners. Thus, instead Of proving bur
den Of 81, 900, 600 each year, On the tax
payers, as claimed by Gen. Hayes, it would
relieve them Of a burden of nearly double
that amount, and at the same time furnish
the people with a better currency than the
bankers specie basis fallacv ever did or ever
can. This General, is my answer to your
question "Nhat sens is there IN a tuan-
cial system, nc f'
Again says Gen. Hayes
Z" The fact Is. this whole system is in
the interest 20 the rich against the poor
This surplus money will naturally
drift into the hands Of capitalists
ana bankers. They will pass II over
W the government and draw interest,
while tie taxpayers foot the bill. n
situot surprising that any man who has
studied the questions 81 political economy
and finance for 1.-TWO weeks. Tor forever one
week should have the etfrontery to make
the assertion that under monetary sys-
TEN controlled by the whole people, and
under which no one could get one dollar
without giving one hundred cents worth
II labor fir il, the money would nat
ura.ly drift into the hands Of capitalists
and bankers A class Who, for the most
part. never rsised a finger to perform any
useful labor, but acquired their capital
through vicious and corrupt legislation.
just the reverse of this Is true. Under
the system Of bonds ana currency. inter
convertible at the option II the holders or
any other equitable system, the money
would naturally DRIFT into tie hands Of
those who produce, aud distribute the
wealth where it rIghtfuIly belongs. and
not as under tho present perniclous sys-
TEN, into the hands of s3-called capitalists
and bankers. i 4 possible 70 conceive Of
anything more improbable than that cap
italists and bankers should be found op-
posing a monetary system that would
cause money III naturally drift INTO their
hands. You may expect to hear blast
from GabrieIs trumpet announcing the ad-
vent Of the millennium, before you will see
the truth of such a silly proposition yer
fled But "a viii hereafter be shown
Gen. Hayes proposes 70 prevent the mat
ural drift" OF the money into the hands of
the capitalists and brokers, BY giving it
all at once to the national banks
Again, says Gen. Hayes
These men say this new financial
system Is IN the interest Of the laboring
man. They draw a very sad picture Of the
present condition Of the laboring men OF
the country. They say the laborer is in
great distress that the furnaces of the
land are idle that the mills, factories and
workshops are silent that the workers in
metal and miners in coal are out Of EN-
ployment that staguatlon in trade, de
preston III business, and public distress
are seen on every hand.
Every word Of which is true, and Gen.
Hayes, while admitting that much Of it Is
true, proposes to continue the national
banking system and general financial policy
that have produced this want Of employ
ment Tor labor, and depression in trade and
business, He says
''We all know what fantastic and ruin
Gus tricks with trade and business our
present currency has played by its frequent
fluctuations.
1t has played one ruinous trick with our
industrial and commercial interests not,
however. by its fluctuations, out by exor-
bitant rates Of interest and onerous and
unjust taxation. Il is the eXtortionate
rates Of interest on losnable capital, made
power to the national banks, and loaning
to them. at less than one per cent per an
nun. $3.50 900, 900 (Which they can, under
our banking law, increase to the extent of
the whole national debit Of the peoples
money or capital that ought and would
otherwise have been employed in legiti-
mate business, that mas mainly caused the
present depression in our industrial and
commercial interests. Again, he says
"What could we expect if We should at
tempt to do business with this deprecated
irredeemable paper money advocated by
Mr. Campbell A money as much unlike
our greenbacks as anything can be, and
which would scarcely be worth the paper
before it was stamped"
Now, the kind of money | advocate has
all the properties Of the present green
backs, and, in addition thereto, it is to be
full legal-tender for all debts, public and