The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-03-25
M48GSGAU 3ETTS.

A,rrN. March 10, 1876.
II the Editor " t.e WokAt>evA>'s Ap,oy,rA.
Believing that the great problem, as re-
CARDS the rl-ht aud W 'ng IN production
ana compensation, trade ami money, Is IN
tellectuail, solved, / wish to present What
to my mind Is, the key L. the situation.
claim that a few men are perfectly
agreed ~ I'll the philosophical truth u
which the world is sra iualIy and certainly
moving
Belief belongs u barbarlsIn, aud results
in confusion and strife, bat knowledge
brings harmony aud justice.
When truth IS scientifically presented,
the same Is generally met by misrepresen-
tation and black. .uardism, but II" candid
criticism.
And the reason II this is apparent. |
wish to b. correct; and have every rea-
son to congratulate myself that ] have
made no mistake.
So, beg to enuuciate III as brief Il man
ner as possible, the central fact relating to
a scientific monetary system as follows:
LAS light. heat and electricity are but
So many forms Of one power, likewise, 1t
is equally true that security, credit and
money are the forms u one power.
Credit is not thing Of substance that
you can eat and destroy ia using, but 1t Is
power which belongs to all persons alike,
that is 10 say, whoever holds wealth
wherewith to secure payment, that is the
redemption, that is the return Of notes
which are certificates of credit, by right
and really possessed that which Is money
III fact Nov If the community will sim
ply acknow ledge the fact that A and Is
hold. according to law, certain wealth, and
that their credit is good to certain
amount and that these men are by right
entitled to certificates OF public credit on
the payment Of the cost Of transmitting
their private and property credit into
money, then the monopoly Of money Is
abolished, and interest on money, which
implies dividends to loafers, ID abolished, /,
and stealing from the poor by the rich Is
abolished; and the world we live III will
have become all that We can possibly de
sire
The monopoly Of money implies a mo-
nopoly of everything that money will buy.
Corners ia wheat, pork and butter are
effected by cornerln9 the money market
first. This Is the central fact around
which all others revolve in the whole world
of trade, as things are now.
We must know this for certainty, or,
all is confusion worse conionnded.
Profits which are based on interest will
eventually destroy all profits as eompensa-
ton to the business man
Although this truth has been quite gen
erallyi Overlooked, It, at the present time
there are thousands Of merchants Who feel
the force of the fact, even If they do not
intellectually see the philosophy of the OPP
Grafton.
Abolish monopoly, and then the Law q
supply and demand, through a free com
petition, ~iii regulate pr,ti,s and prices,
as we'll as compensation IA the form oi
wages.
Ia self defense am compelled to repeat
''nO one undertakes u criticlse what | say
Oh this question Of money"
La your issue of Feb 10, Mr.. j. +. Bray
refers to letter Of mine. hut as he mis-
represents me, | can only notice that |
cannot waste time and paper on pre-
sumption which has no foundation on
what | have written. He says
Loans are restricted to owners Of rea
estate, and are issued, it is presumed, by
the government at 3.65 interest.
at is presumed : Why Inever sale
so, nor anything like it.
can see that if labor produces no NOR,
than 365 per cent. per annum over an,
above what is consumed, why the rate o
interest should not be above that figure
but, ask, Why should the idle schemer
steal that or any part OF 1t
But there is no reply.
Mr.. Editor, in order that we may un
derstand each other, ask you to print tn
following extract from my pamphlet
which is as clear a statement as | cal
make.
| A
MATTER.
-..e cause Of panics the world over ID
the people give away their money, an
then buy it back at high price. The
give special privileges to few bankers
thus making monopoly which no afte
effort can obvi&te; for the monopoly o
moneymeans Q monopoly of everythin,
that money will buy. Intereat on none