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

lawfll com dollars, which are the amount
of value when they were issued, or that
this was dollar containing SILT grains Of
pure silver. There is now outstanding
over nine hundred million dollars Of this
class Of bonds that the government has the
right 70 pay at any time.
Now Just as fast as this money came
into the Treasury, would have all beyond
what might be needed to meet the current
expenditures 81 the government invested
in silver, and coined INTO dollars contain
Ing 37lE grains Of pure siler, which at the
present price Is not worth over eighty eight
cents on the dollar With these lawful dol
lars | would pay the principal of the 90
bonds at the earliest option Of the govern
ment. Ii, as much as $500, 900, 900 should
come into the Treasury that could be, and
for this purpose it would, at The present
price II silver. redeem S1s4 900, 900 Of
these slx Ger cent bonds, the annual inter
est ,pon which would be $47 ,040, 900,
every dollar oi which would be saved to
the tax payers each year and the faith and
honor M the nation would be sacredly kept
ana maintained ia the estimation of all
but the ban ers and usurers and their re-
tanners. Thus, instead II proving bur
den OF 81. OuO, 900 each year. on the tax
payers. a. claimed by Gen. Hayes, 1t would
relieve them VI burden OF nearly double
that amount. ana 1t the same time furnish
,hs ps..pis v.,,h a botter currency than the
bankers : pecle basis fillacy ever did or ever
can. THIS General, Is my answer to your
question. what sense is there IN a tinan-
clAl system, &c III
AGAIN says Gen. Hayes
2. The tact Is, this whole system is in
the interest NJ the rich against the poor
Thus surplus money Will naturally
drift into the hands Of capitalists
aud bankers. They viii pass it over
10 the government and draw interest.
while the taxpayers foot the bill. "
Isitnot surprising that any man who has
studied the questions of political economy
aud finance tUr two weeks, 'or forever one
week. shout have the efrontery to make
the assertion that under monetary sys.
TEN controlled by the whole people, and
under which no one could get one dollar
without giving one hundred cents worth
IF ID, " for ID, the money would "uat-
urally drift into the hands Of capitalists
and bankers 4 class Who, for the most
part. never Kissed a finger to perform any
useful labor, but acquired their capital
through vicious aud corrupt legislation.
Just The reverse Of this is true Under
the system IL bonds ana currency, inter
convertible al the option Of the holders or
any other equitable system, the money
would naturally drift into the hands Of
tn Sc who produce, and distribute the
wealth shere it ri-htfullY belongs, and
not as under the present pernicious sys-
tem. into the hands Of so-called capitalists
aud bankers. Is it possible to conceive Of
anything more Improbable than that cap
italsts and bankers should be found OPP
p ,sing monetary system that would
cause money 70 % naturally drift into their
hands. Iou may expect to hear blast
from Gabriel's trumpet announcing the ad-
vent Of the millennium, before you will see
the truth Of such a silly proposition YER
flied. But, as viii hereafter be shown,
Gen. Hayes proposes to prevent the mat
ural drift Of the money into the hands Of
the capitalists and brokers, by giving it
all At once to the national banks.
Again, says Gen. Hayes
These men say this new financial
system il in the interest of the laboring
man They draw a very sad picture of the
present condition Of the laburing men OF
the country. They say the laborer is in
great distress that the furnaces of the
land are idle that the mills, factories and
workshops are 81 ent that the workers in
metal and miners III coal are out of en-
plOyinent that stagratlon IN trade, de-
preston Ia business, and public distress
are seen on every hand.
Every word Of which is true, and Gen.
Hayes, while admitting that much of it is
true, proposes to continue the national
banking system and general financial policy
that have produced this want Of employ
ment for labor, and depression in trade and
business. He says
eve all know what fantastic and ruin
GUS tricks with trade and business our
present currency has played by its frequent
fluctuations"
1t has played one ruInous trick with our
industrial and commercial interests not,
however, by its fluctuations, but by exor-
bitant rates of interest and onerous and
unjust taxation. 1t is the extortionate
rates Of interest on loanable capital, made
possible by the delegation Of the money
power to the national banks, and loaning
10 them. at less than one per cent. per an.
nun. $3.50 600. 600 (Which they can, under
our banking Law, increase to the extent o.
the whole national debit Of the peoples
money or capital that ought and would
otherwise have been employed in legti
mate business, that has mainly caused tbs
present depression in our industrial and
commercial interests. Again, he says
'sWhat could We oEpoot Is vo should at
tempt to do business With this deprecated
irredeemable paper money advocated BY
Mr.. Campbell A money as much unlike
our greenbacks as anything cal be, and
which would scarcely he worth the paper
before it was stamped.
Now, the kind Of money I advocate ha,
all the properties Of the present green
backs, and, in addition thereto, j, Ia u be
full legal-tender for all debts, public and
private-real money money that cannot
be obtained from the Government without