The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-07-29
CHICAGO DETROIT AND CINCINNATI SATURDAY JULY 29 1875

then it is legal tender, and the power ex-
lists to enforce that law like all other laws.
have endeavored to elaborate the ques-
ton in hand, solely from standpoint,
without alluding to the monetary systems
in mOnarchial governments. 1t Is not ne
ceissry that cur system should have any
connection with those of monarchial Eu-
rope, because we are a self-supportlng, in
dependent nation, capable by the general
development from year to year OF our vast
resources, of supporting ourselves with all
things needful, and therefore not Obliged
to carry on commerce with any European
nation whilst there is no nation on the
continent of Europe capable of supporting
their population and progressing, unalded
by the advantages they derive from com
merce with other nations and it now ap.
pears that the prediction Of Mr.. Bazely, and
Mr.. Roebuck, members Of the British Par
lament in 1868, ''that the day was not far
distant when America would supplant Eng
land in the most coveted markets in the
world, " is being fulfilled. In 1873, our
rolling mills received orders for rails from
Liverpool, and we send our hardware and
cutlery to London, and calico to Manches-
ter.
1t may be profitable, however, to refer
to the mastery craftsmanship that the
qHasi-republic Of France has exhibited to
the world in recuperating to her former
station amongst the nations of the earth
from the terrible helpless condition which
she appeared to be in, at the close Of the
war with Germany. -
| quote from the historian of to-day
Never before had great and powerful
nation been so speedily and thoroughly
mastered rarely, if ever, had brave and
proud people been compelled to conclude
hostilities with so disastrous results. This
great nation, heretofore one of the most
powerful and influential in Europe, seem
ed to be on the verge of political ruin.
Such was France as she appeared before
the world some years ago, and what is her
condition to-day her financial
condition is III most respects better than
that of any nation in the werld. Her waste
places have been restored her industries
have been stimulated into unprecedented
activity her exports largely exceed her
imports, having made her a creditor ma
tion. Gold has been steadily drawn to
her until the Bank Of France
of three hundred millions of coin and bull
Iona sum three times greater then the
amount Of gold in the Bank of England
and i'll the Treasury of the United States).
France paid her indemnity debt Of one bill
hon of dollars to Germany in two years.
1t is true that the debt was paid with bor-
rowed money, but it is also true that the
French people were chiefly the lenders.
The French debt, the largest in the world,
more than twice as large as that of the
United States, is literally a home debt.
Now the question arises, and is one of
special interest to the people of the United
States By what means has France been
able to retrieve her credit and recover from
her misfortune what is the secret of her
recuperative power!
The historian comments as follows The
government of the United States changed
the ownership Of our national bonds from
our own citizens to foreigners, by substi-
tuting gold interest for currency interest
as to the 5-20's, and then created al alb
sentee landlordism, which is crushing US
as its counterpart crushed Ireland. France
retained the national debt in their own
hands retained at home their own ro-
wrongs Of war and turn the balance of trade
in their favor. France has thirty-four dol
lars per capita we have thirteen dollars
aud tifty cents.
Statistics for 1875 show that France dur
ing the year imported 484, 569, 90 francs in
value of manufactured goods, and imports
of raw material amounted to 2, 246, 400, ,O00
francs food was imported to the amount
of 779, 1884, 900 francs. Total imports
amounted to 3, ,672, 266, 900 francs exports
amounted to 4, 022, l62, 900 francs
The happy condition Of France is solely
attributed to her monetary system having
been established on a cOrrecJ basis Her
necessities, caused by the war, like those of
the United States, obliged France to sup
ply her treasury, and following the exam
pie of the United States, she issued tokens
of her sovereign power on paper, differing
from the latter, however, in this The
tokens Of sovereign power issued by the
government of France upon paper, is a
legal tender alike with that impressed on
gold throughout the realm, and therefore
it Is that her domestic commerce is carried
on with her legal tender tokens stamped on
paper, leaving the gold to be used in her
foreign commerce and her exports of
manufactured goods largely exceeding her
imports, the quantity Of her gold is being
continuously augmented until it now ex-
ceeds the amount III the Bank of England
and the Treasury of the United States two
fold.
The legal tender tokens of the French
nation, in the shape of notes of the Bank
of France, will sell in any Of our metropoh-
tan cities, like the notes OF the Bank Of
England, for premium in gold equal to
the rate of exchange between the countries
But the notes of the Bank of France are
much stronger than the notes of the Bank
of England-the former are based upon
the sovereign power of the government and
are legal tender throughout the realm,
whilst the latter are not a legal tender nor
are they based upon the sovereignty Of the
nation, but upon gold supposed to be in
the Bank of England, which Is not there,
nor has it ever been there in an amount
equal to one-fifth of their bills Of credit
outstanding.
The legal tender token Of sovereign pow
er, issued by the American nation, Is
stronger than that Of England and France
combined and if properly issued, would,
like the notes of the Bank Of France, pay
debt in any country that our merchants
deal with.