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

The Chicago Tribune, after great deal
81 beating around the bush, has hnal'y
given its financial plan to the world, In all
ITS devilsh deformity. 1t possesses the
merit, however, of being understood.
What MIR. MedilI and his associate Ma
tional Bank directors want is the privilege
of issuing SllO IN promises to pay gold,
for every $40 in gold their banks hold.
As the banks state it, they want the Law
changed, 10 enable the National Banks to
issue currency to the par value OF the
bonds deposited at Washington, and ten
per cent. more to cover the gold redemp-
ton fund. They want the treasury to re-
agency IA the country. They want all
taxes On circulation and deposits repealed.
They want the greenbacks funded into
! legal tender interest bearing bonds, so rs
Il enable the banks to draw interest ON
their reserves at all times. They affect to
| believe that these changes would make Il
pr htabic for the National Banks to issue
gold notes. 50 d. we, for the following
reasons.
Under this plan the national banks
would draw d per cent interest, in gold, on
| their bonds. and 10 per cent. more on the
F! fun face value Of these bonds on their
bank notes, making 10 per cent. interest
Oh their capital They could also draw
! 3. - per cent ia the resources held IN the
/ bank, through the agency Of this patent
plan, and ten per cent. On that portion OF
taeir deposits that were loaned out TO Gus
TONERS. Every single dollar around bank
would be drawing interest. 1t would be
strange indeed if banking would not pay
under such favorable circumstances This
plan is undoubtedly good one for the
banks. but the only real security which il
oilers t. the public is the national honds.
Nov if national bonds are ample security
for the bills IL national banks, they are
equally good security for the greenbacks.
Yet the Tribune Is one If the most bitter
enemies Of the bond and greenback theory
II the United States.
The Tribune, having shown its hand 50
/ plainly, eau no longer pretend that the
Ireenba,k platform IS unsound, for it has
ludorsed every essential principle in it.
When writing up the advantages of its own
/ plundering bank scheme. All Of its pala-
yer about gold redemption, when it only
claims to provide SO IN gold to pay SllO
of Promises with, is such senseless twaddle
4 that no one with a grain Of common sense
viii De deceived bylt. 1t simply favor.
Nlid eat banking and like all other advo-
Gates II Wild car currency, talks Justify
about the beauties and advant ages of spe-
Gle payments.
Every working man should understand
that the contest now before the people is a
Z contest between Wild cat banking and
greenbacks. No one is contending for a
specie currency, for every one knows that
/ specie payments in reality are an impos-
4 sIbIlity, and everybody knows equally
| vel that any system Of banking which
\ issues Sllo in promises to pay gold, foI
every $40 Of actual coin on hand is bare
I faced fraud. and the man who advocates
should be classed with confidence opera
I tors and bunkO steerors The only men
in favor Of honest money" in the United
.
1-: s,:;; Today, are the greenback men.