The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-03-04
FROM MICHIGAN.

Pontiac. Feb. q. 1876.
To the Editor Of the woRkINsNASs ADVOCATE.
Public thought is now almost univer-
sally directed to the currency question. Ii
has heretofore been as a sealed book; but
the exigencies Of the times require that it
should be laid open and examined in al
its bearings on Individual and national
welfare. Almost everything Of value has
at times been used as a currency; which
shows cunclusively that 50 long as gold,
paper, or any other article will at all times
exchange equitably for some other article
needed, the nature of the currency is Of
no moment. Reliability and convenience
are all that are essential Gold aud silver
ultimately superseded other currehcies, and
paper is now superseding gold and silver.
No man contends that We can do without
a paper currency as an auxiliary to the
precious metals, which is a virtual confess
sion that paper can do, in the matter Of
exchanges, all that gold must alike rest on
labor or products Withouc labor or pro-
ducts, gold is as useless as paper With
labor and products, paper is as good as
gold, as a medium Of exchange.
Much confusion Of thought arises from
the fact that, standing ON gold currency,
We issued paper as representative Of
gold. A Il our paper has been promise
to pay" gold, instead Of standing on its
own merits, as an original representative
of value, totally unconnected with gold
or gold redemption.
Some governments claim, and to others
are delegated, the power to determine
what shall be the currency, and y hat shall
arbitrary dollars .l. ...4ds sterling. the
exchangeable value Of which, as against
commodities, is always indefinite As
labor underlies all values, a true currency,
no matter what its name, should represent
a specific amount Of labor OF an equivalent
in commodities. We act somewhat upon
this idea at present, but Imperfectly and
unsatisfactory, sustaining vast losses by
speculative shrInkages, because the cur
rency is in the hands of and is manipulated
for the benefit Of exclusive classes and in
terests.
The interchangeable 3. 50 bond system
does not furnish a remedy, nor prevent
speculation, nor insure labor permanent
and profitable employment. 1t leaves
everything to chances and uncertainties,
the same as We now suffer from. AS all
Reformers are contendIng for the with
drawal Of the national bank currency, and
its replacement bya universal public green
back currency, legal tender for everything,
this currency must come into circulation
in exchange for bonds, as now contended
for, or in exchange for labor and
products. as ought to be the case.
COntending for industrial free labor and
self-employment, what would be the effect
of gradually recalling all outstanding cur
rency and replacing it by one or two thous-
and millions Of combined labor and dollar
currency, issued to the States IN proportion
to population and undeveloped res urces,
distributed to COUNT IS and Townships, and
devoted to the purchase or erection oi
suitable manufacturing establishments, the
employment of labor Of all grades. the
creation Of home markets everywhere, and
the production and exchange Of an unllm
! tied amount Of commodities Would il
not be Just rs easy 10 organize and SCI
la or to work in cooperative enterprises
as 70 organize companies and regiments foI
the war Would it not quietly ana peace
ably reorganize our whole industrial sys
ten Would not the currency be secur,
while resting on the consolidated accumu
Iations OF the nation
Such a currency would be literally cer,i
ficates of deposit, representing so mucl
labor or products, and exchangeabIe 70
these. And all currency ought to lie Of thi
nature, totally unconnected with gold
always exchangeable for its face in labo
or products, and placed beyond the reacl
Of all rings and hostile influences. Labo
must and will have the use uf currency 70
cooperative eself-employment, and its re
demption from servitude.
J. +. BRAY.