, 1877-09-12

-t"-~NAf - = AAC Ao9A0 u tAf!1l EullNll
cy based upon tho wealth aud RESOURCES oi
tho wholo nation; 3. Tint eight hours shal
De doclafed to be days work; 4. 4 taril
1or tue protection OF American industries
ahcfo woro mnny Others, but wo solcc'
tae8e, becauso OF their glariDg Inconsistency,
1of comment. Tho resolution demanding
Tue aoolition OF tito National Fnnk systuu1
nas oeon adopted by othor professed Labor
organizations, aud 1t possibly neHls e1plana-
tion' The woskingmcn certainly 10 not de.
mani mo abolition Of tho National hanks
their demand probably enls wi tho nboli.
ton OF tho bouk currency, which il so1ne.
thfng loss than the banks, and not by any
means essential to tho bank System. The
"oshnetn'n certainly do not vi sh tho nboli.
lion OF banks anu OF tho banki ng business;
nor, o. banks oro essential to Ill branchcs OF
business especially OF manufactures and CON.
merce' 10 they dcsiro tho abolition Of the
ono national system, to fall back upon thirty
OF forty systoms of banks orgn nizod by In
diTiduals ai'd corporations under Stato laws,
moro or less authorized to iss,fe currency.
u tho absence OF any cloar definition, wo
WILL assume that tho don,and Of tho Lnbor
party is that The Issue Of National Bunk notes
10 prohibited, and tl.at this resolution Is to
10 takon in connection with tho other d.
manding the iasaao of groonbacks xclusively,
aud, wo suppose, unlimitelly, *'based upon
tho woalth and resources Of tho whole na-
tion.' The country Is familiar with this
demand, but 1t docs not seem that tho
Labor men in Pennsylvania hayo yet
seen through tho trick phxnss Of n
currency based upon tho wealth OF tho whole
nation. 1t is not intended, of course, tint
THIS currency is to bo rcdoomablo on demand
IN coin; the design Is to have papor
money!, that is, notes Issued to bo "pay-
mont" of themselves, Tho same as coin, and
not notes Which aro to bo promises. The
pllraso "basod upon tho wealth." otc., OF tho
milton, Las Of course no moaning. II tho
notes arc not to DO paid, they aro based on
no'hing' II tho payment OF tho note CALL
not 10 enforced, then It iH based on nothing
Tho present greonback III promise to ray
dollars, and It ts basod upon TINT promise to
pay dollars; but noto not rolocmable at
oil, md not colloctabie, and for tho redonp-
ton OF whicl. no property 's bonnd. and Ii.
payment OF which no property oan 10 taken,
can hardly oo AMID to 10 based upon any.
thing except faith. That old phraso WINS
started as long ago as 1sG5' aud has long
since worn itScls ont among tho dreon-
hackers Of tho West, but Is now resar.
rooted BY tho Labor party In ponnsyl-
San'"' ot course, this Convention paid
no attention 70 the fact that tho
total amount TO which grcenbacks
may bo issued Is s4oo, 10000, or only $40,-
ooo'ooo IN excesa OF the amount now out
Standing while a'e prohibition OF National
bank notcs would blot out over $aoo, ,00o, 600
Of currency producing that very contraction
OF tho currency which is SO much drealod.
The great evil which opprossss these mon,
and Which oppresses tho whole country, IL
tho want Of employment. Labor Of every
kind Is unemployed. Men can got no work,
ono-half or one-third Of the skilled and un-
skilled labor not engaged in agriculture Gnu