The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1877-04-21

AcroS, April 4th, 1877.
To the Editor Of the woRKmssAxs ADvoeAIR.
1t isa question whether tie presentNsn-
GRAFTON will learn the right way to success-
ful life, or whether there must come new
and more desolations, decay and bloody
revolutions, before the great lesson Of
justice shall be learned and applied 10 the
afairs of society.
The next step turns upon one central
truth. 1t was always so. The late war
was powerful illustration Of this idea.
When enlisted a. q soldier in 1862, tHld
my comrades that We were all practical
abolitionists; many of them spurned the
idea, thinking that they were only lighting
for the Union but knew better. We
all know about that matter now. Well,
gentlemen of the 3. 80 bond and currency
persuasion, let me frankly tell you, Vour
scheme cannot preraiE am compelled to
say this for several reasons. First, il has
no reasonable base. and secondly II tCoWld
do no good, in the long run, ,chaterer. To
be sure, it would give temporary relief,
just enough to continue the agony, and
finally bring US to same point, when the
whole battle must be fought over again.
That picture is not inspiring. How much
better to say, now that we a'e at it, let US
finish up this work for all time
In 1869 Mr.. Trevellick said to me in
substance ''It has been ascertained by
statistics that the increase of wealth 10 only
about three per cent now if the rate Of
interest is higher than that, it cannot be
paid perpetually, SO that is a good reason
Why government should arrange matters,
and limit interest Sc mewbere in the vicin-
lty of this figure, to the end that obliga-
tions can be met and debts be paid" ]
replied that the argument was good, but
| wished co know, WIZ the bondholders,
the idler, should obtain the whole Of that
which was produced by the various work
ers : That Is to say, although portion Of
the active business men and the laborers
may save some Of the surplus of the whole
product OF labor, yet the interest receivers
will, in the long run, covering q term Of
years, receive an amount equal to the whole
increase of wealth, which will in the ma
ture of things, imply bankruptcy on the
part Of somebody, which means, substan-
italy, repudiatiun.
As | remember, that question was not
answered. And | have persistently press
ed this point yet, no snswer from any
quarter. Again and again ! ask If the
farmer having wealth in the form a fsAts-
ing property-but no money nor any bonds,
why Is it that he is not permitted to bor-
row money on his wealth, Of the govern
ment, at cost When that question is
fairly, fully and intellectually answered,
the first step will have been taken to bring
about good times for the laborers in every
department Of productive labor. | wish
to offer Az APOLOGY for repeating this one
idea so frequently. But our opponents
have never, to my knowledge. considered
the question. If this presentation is wrong,
faulty or in any way erroneous, will some
friend or foe show US wherein In your
issue of Feb. 5, Mr.. J. +. Bray comes to
the point 50 nicely that must quote one
or two sentences, although the whole com
munication il almost perfect presentation
of my view of the subject. He says, "The
strong point Of the greenback movement
was Its hostility to the national banks. ''
Again, There is no reason Why federal
loans should not be granted to industry at
cost Of iss~s." This cannot be repeated too
often. Heretofore, ] have differed with
Mr.. Bray, on some points, but for some
reason we are on the same platform now.
Yours for the truth,
BFaJ. SKINNER.