The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-11-04

Now these Treasury certificates are just
what the present greenbscks are, evidencs
, Of service or value rendered to the Govern
ment but as money they are better, be.
cause they are to be receivable for customs
duties, and legal tender for all debts pub
lie and private, when the present green
back II not receivable for duties ON i'm.
pOr.s, which is the nam reason why they
are At discount.
How the additional qualities Of being a
full legal tender, and interconvertiEle with
government bonds, is TO impair the value
Of thess Treasury certificates a. compared
with the present greenbaek is not clear
to the ordinary mind Il in only bankers,
usurers, and their allies that can see it in
tins light.
Gen. Hayes continues:
'How many ii thsss csrti6cAtes he
lwonld iasnav u do non knaW- hRG anqncd=
ding to the North WesseFn E<sGtsS. u
Nov. 1873, he would nol hAED lrss
than 81 ,29O, ,OOO, 900. The issue might,
indeed 60 beyond that, and equal ~, 600,
600 600 the amount Of our national debt.
Now Gen. Hayes knows that aid not
say would not have less than 81. 29O, 600,
600 in circulation. In the article 20 which
he refers, l assumed that thirty dollars
per capita would remain in circulation,
and that our population was at that time
43, 900, 600 which would give circulation
as above stated. Blu. | also said in the
same article that this was merely a matter
Of opinion. That under the operation of
the proposed system, the currency would
be under the control of the whole people
They could and would regulate the volume
thereof, according to their Judgment and
convenience. 1t will hereafter be shown
that Gen. Hayes favors the National bank
ing system, which not only authorizes the
expansion of the currency to the full e1 tent
Of the National debt, but really encourages
such increase by offering to the bankers
double interest on their capita. One on
the bonds deposited with the government,
and another on the currency which they
loan to the people.
He proceeds
Now let us enquire what would be
the result in case such a financial
system should be put IN operation in
this nation 1t will be observed at the
outset that these certificates are never to
be paid Mr.. Campbell proposes not only
to destroy our greenbacks, bur to do away
entirely with gold and silver As medium
Of exchange OF a measure Of value. Ills
money is not to be redeemed IA either ui
these coins, or anything else that has any
real valne. la fact, II has n r-,iremlng
qualities. 1t has merely a trading quality,
and that is all. Ii a porson has one II
his non-interest bearing certificates, an9
gets tired Of it, he can exchange il for
bit Of paper that bears interest. If, il
turn, he gets tired Of the interest -brarin.
bit Of paper, he can return 1t and get his
non-interest- bearing bIt Of paper back
again. Under this system all other kinds
Of money are to be destroyed, aud these
irredeematle certificates are to be the onIy
medium of circulation"
Now, instead of destroying pro-
pose to improve the greenbAck or gov
ernment currency by making it equal with
coin, legal-tender In payment u All
debts public and private, and substitutin.
it for the bank currency. ! do not now.
nor have l ever advocated, doing aNay
with gold and silver as lawful money. All
that | have ever claimed was, that whatsv-
er circulating medium we are to have be-
sides these metals, should be issued by
the government direct to the people, with
out the Intervention Of any system Of
banking corporations, and made full law
full money.
As will hereafter be seen, Gen. HAYES.
while denying to individuals the right or
privilege OF exchanging one bit Of paper
for another, is quite willing that ma
tionAl banks shall have the right to DO So.
Again, he says
''Supposing now that we issue these Ger.
tificates to the lowest amount prop lsed by
Mr. Campbell, 81, go, QUO, ,OOO, all exp,-
rience teaches us that paper money az.
creases in Value in proportion as its vol
ume In increased.
Is this not equally true Of the precious
metals, and Is not this the reason for the
demonetization Of silverl
Gen. Hayes continues
"Our currency at present, intending
greenoacks, national bank notes and frac-
tional currency, amounts to S762. OOO. 900
and Ia worth about ninety cents On the dol
lar. Now double this amount as Mr.. Camp
bell proposes, and what will il Be wor.h \
Even If the new currency was to be re-
deemed in gold it would not be worth. III
such volume, more than fifty cents on
the dollar. But if we were to declare
that It never was to be redeemed at all, 1t
would not be worth twenty-five cents on
the dollar. We all know how diff cult 1t
has been to bring our present currency.
limited as It Is In volume, and bearing up
on It's face the promise Of the government
to redeem 1t In coin, up to the point where
it Is worth ninety cents.
adopt Mr.. Campbell's inflated, ire
deemable currency, and it would become
absolutely worthless, or nearly So"
Now all that ever advocated was. that
the power to make money and regulate the
volume and value thereof, was an essential
attribute Of sovereignty. And, as under
our system Of government the people are
sovereign, they should not be deprived Of
the right to determine this question Tor
themselves, by delegating it to privileged
class of banking corporations, as General
Hayes claims it should be.
There has been less difficulty in bring
ing our currency up to ninety cents on the
dollar, than there has BEEN u keep it from.
coming to pa: with coin. All our fnan-
cial legislation since the CIose Of the war,
and much Of it daring that struggle, has