The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-03-25

and the resumption act, should be repealed
Immediately. Let the money come from
pie National Treasury directly 10 the peo-
the. There Ii no necessity for subsidizing
middlemen to deal out government currncv
to producers. What is wanted is a self
resulating currency that will give an even
and unchangable measure Of values to all
products. A legal token. that will mesure
values as accurately and equitably IA We
arrive at quantities by legal weights ana
measures.
Labor should be the only standard Of
values and National Treasury Notes the
only measure Of values.
There il no more necessity ia making a
measure Of values out Of gold, than there
Is In making measure Of quantities out
OF that metal. If bushel NJ " heat il ex-
changed for one dollar legal tender note.
the receiver Of the note holds a legal re-
preventative Of the intrinsic value Of the
wheat, which Is exChangeable at any time
for quantity Of any commodity equal III
Intrinsic value to the bushel Of wheat
therefore It Is not necessary to have the
exchanging medium Of the same intrinsic
value as the commodity for which IL II ex-
changed. If the exchanging medium has
a high intrinsic value, and its volume can
not be controlled, il will furnish very
uneven measure, and cause frequent de-
rangements in trade. On the contrary, If
the medium has little OF no intrinsic value.
and the volume can be perfectly controlled.
it will furnish an Interchangeable and eauit-
able measure Of values.
But, say the hard money advocates.
government notes may be legal tenders.
NV enlnnn nN.
etc, but If dollar note cannet be ex-
changed for gold dollar, THE money
Of the world, " AS they boastingly term it.
II Will not answer as a measure III vulues
fair amount Of reasoning on the theory
OF currency and exchange, will amply re-
fute this bold assertion besides, we have
practical evidence Of the superiority uf
Of government notes over gold as a measure
of values. For nearly fourteen years they
have been our only currency and since
the var business has prOspered To a much
greater extent than it ever did under a
gold measure of values, with its accom-
panying worthless paper auxiliary. The
depression In trade for the past year IL
entirely owing to the attempt Of Congress
to force a resumption of specie payment,
and thereby shrink the value Of labor and
products to the vacillating standard Of the
speculators' gold measure. The people
have conducted exchanges without gold
since 1861 and, if Congress does not COM
pei them to use that juggling measure Of
values again, the country will continue 10
prosper, and gold will no longer be potent
in shrinking the value Of labor and pro-
ducts on the contrary its own value would
shrink, and the loss would fall on the gold
hoarders instead Of the producers.
1t Is utterly impossible to give a steady
measure Of values to the products of the
country under a gold standard, for its
value Is continually changing under the
operation of speculators and through
frequent changes in ths measure Of values
they secure the profits Of labor. With
mixed currency Of gold ana paper 1t il
equally impossible to maintain a steady
measure of values.
Trade requires volume Of currency ten
times greater than gold can furnish hence
1t Is absurd to expect any government to
furnish paper currency redeemable Ia
gold and a partial redemption ID u source
of great evil. Ii is claas legislati Oh i'll fa-
vor of a money aristOcracy. IL Is a legal
advantage given to speculators Osr- pro-
ducers. And any public man that aavo-
Gates the restoration Of this advantage t.
money oligarchy, will be politically
damned, when the people become thor
oughly posted Oh the subject.
Government should not issue demand
notes it's notes should be legal tenders, III
payment Of all debts, public and private,
including duties Oit imports, and whenever
gold is wanted, it should be bought III the
market, the same as other merchandise.
Payment Of the interest ON the public
debt having been authorized ia gold, III
should be bought for that purpOse.) The
people should understand that legal tender
notes are to be used in paying their debts
to the government, and ia purchasing mel
chandise from each other and not Az
demand notes ON the government for gold
When they want legal tender notes re-
deemed, they should purchase some cummu-
dity with then, and then they will receive
intrinsic value for representative value
Bakers will redeem them with bread
millers with -four farmers with wheat ,
and labOrers with labor aud * any one
wants gold, they can purchase II with legal
tenders, the same as they purchase tin or
any other metal. Gold hOarders, who
think there is no wealth ia any thing but
gold, would seek to employ their treasure
IN some way IN order to derive all income
from il. The demand for gold would be
light If 1t were no longer legal measure
Of values, and its own value would shrink
accordingly. The people should look upon
government legal tender notes not "a their
own property, tut as a loan u be used w
exchanging their conOdlties they should
look upon them as a loan that government
could call in at any time by levying a gold
tax upon the people, equal Ia amount tJ
the currency IN circulation. They should
remember that they receive the greenback
notes from the government il payment fur
supplies that the government had a right
to take from them 10y taxation, ana with.
out any money equivalent. They should
remember that when they ask to have GOV
ernment notes redeemed In gold, that they
virtually demanding the government tu
| levy a gold tax upon themselves, which
they are utterly unable To pay. ID should
also be remembered that government paId
out large amounts of legal tender notes u
spectators for almost worthless supplies,
during the war, and IN return those pat
riots purchased from the government gold
interest bearing bonds, and paid for them
in legal tender notes. Many Of the gov
ernment bonds were secured by the py, sent
holders tor forty per cent, Ia gold upon
their nominal value. $40, 600 ia English
Consols could have been exchanged for
500, 900 in United states six per cent.
gold bearing bonds, and handsome proht
real zed from the transactiOn-an nu
doubt many avsiled themselves Of the OPP
portunity. $40. go IN English Consols al
three per cent. would amount In fifteen
years, interest and principal, ~ S5o, 900
whereas, the interest aioHs on 500, 900 IN
United State bonds, at SIX per cent. would
amount ia the same time 70 SyU. 900 -IeAy.
ing a balance of S32, 600 III gold ia favor 81
the interest ON United States bonds,
against the Priacipdi di,d interest vi Englist
Consols and yet some of our CongressmeI