The workingman's advocate., 1876-05-20
FROM ICnlGAN.


PONTIAC. May "a, 1876
To the Editor Of the woNKNsN,S ADVOCATE
In your issue OF the 9th, friend Skinner.
of Acton, criticises some views | expressed
to him in opposition 10 his monetary theo-
ries. For he, with few others, believes
that all persons having property should
have the privilege Of issuing currency to
half the real value Of their property
stupen 1ous absurdity, that out cats all the
wild cats ever imagined II this indi-
viduAl currency be legal tender, or its ac-
oeptance be compulsory, it is an outrage
on those who have no property, for the
man Of property is enabled to use one-h half
more means than he possesses and if its
acceptance be optional, we should practi-
cally be without currency, as We we're in
the early part Of the war, when every
saloon and corner grocery issued its shin
plasters, that were mostly worthless.
He considers that 1t IL a fatal mistake
to suppose that, in granting to capital the
privilege or right Of using its credit in bu- :
siness without any tax in the form Of in
terest, that thereby the lsborers are
Wrongcd. As no business man would
borrow or issue currency without a view
to the profits to be derived from It's use, Is
it not clear that all the pr ofits would be
drain upon labor No man carries on bu-
siness for amusement, and if man Ac-
quires certain profits OF property worth
$lOO, 600, would not the privilege of issu-
ing $50, 900 in currency give him moIe
profits And are not profits the same as
interest
1t is a fact that, "as matter of bust
ness, the poor man cannot borrow money
under any system" True, and it is for
this very reason, and to relieve him from
supporting other classes, that industrial
reorganization is absolutely necessary,
with abundant legal tender government
currency, and no other, to set co-opera-
tive industry in motion. Further, what
we want is representative money money
that represents some wealth now in exist
ence." Exactly, and this is a true green
back, purportlng to be q dollar and not
promise to pay dollar, would do as well
as gold or silver What can be better
than greenbacks, resting on the wealth
and resources OF the nation r. Are they
not infinitely better than wild cat shinplas-
ters, that may or may not represent any
thing
The National and State Governments
have mortgaged the property and the la
Dor of the nation to the amount Of five
thousand millions of dollars. This is in
bonds. Why should not labor, which
pays all principal and interest, now de-
mAnd and secure a mortgage in currency
on itself, to any extent necessary, without
interest, that it may be organized and set
in motion for itself Does friend Skinner
believe IN the perpetual serfdom Of labor,
and its outlawry from loans, because it is
poor, and all its earnings have been mono
pOlized by others
The labor of the nation is the final Sc
eurity for all State and national debts,
but it would be unwise to loan individuals
oudustrisl corporations currency on
the avn account. | contemplate nothing
of the kind merely seek to supersede
the individual employer by the State, and
would have all factories, mills, mines, etc,
ultimately public property, in which labor
could secure constant employment, and
wages regulated by himself, through off,
ciAls elected by himself.
Standing on the broad platform that
labor is, and Of right ought TO be free and
independent Of the control and exsctions
of capital, | advocate industrial recon
struction on national basis, with national
currency, as the plan most in accordance
with ordinary ussges. The serfdom Of
labor must be ended by means Of some
kind. Wages slavery has become more
intolerable than chattel slavery. Labor
is being driven into the last ditch. All
classes that profit by it's helplessness, its
competitions, it's internal conflicts and dis
union will do their best to keep it in per
pstual bondage. The labor reformer who
devotes his attention TO assisting labor in
directly, through benefits to the employ
ing classes, has much 70 learn
J. F. BRAY.