The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-03-19
Official Press Of King County.
Tuesday, March 19. 1878.
THE WORKINGMEN's PARTY.

national issues In the DniteQ StoIss
are fast crystslizing into two great new
parties party Of capital and the
party Of labor. The lines of political
contest are already joined in Cslifor-
MIA and other States. The provoking
caose that has brought this agitation
to head AS dividing line in politics,
causing the old differences between
Democrat and Republican to be lost
ont of sight. is the popular distress
arising from the money trouble.
There ought not to be legitimately
In the United States any embittered
aniagonism between capital and labor
for many years TO come. The country
Is new. and comparatively unpeopled,
and 10 capable of afording natural
outlet for oil tho surplus labor in the
millions of untitled acres on the from
tier. But in the disorganized state of
the finances every interest is crippled
and psralyzed. Hence. there are in
every State in the Union thousands Of
miserable. starving creatures, who think
they have as good . natural right to
live % the millionaire, whom no home
stead or presumption laws can effectu-
ally relieve in their instant suffering.
In point of theory it Is probable that
neither the capitalist party nor the
labor party are absolutely correct in
their doctrines respecting the financial
question. carried out to their logical
termination. Both are extremists-a
little on the fanatic order, il we may
use the term-and, like oil extremists,
ultra and impracticable. Either the
ultra hard cash notions of the capital
lists. or the ultra vapory, unsubstantial
financial fabrics of the greenbackers, if
allowed to prevail unchecked, would
bring the country speedily into ruin.
The outcome of the former would be to
bring on kind of Gilded dry rot. It's
spirit is the recrudssence of the ancient
Midas. at whose touch everything turned
into gold. yet dwelling amidst heaps
of glittering splendor in q poverty and
restitution more absolute than that of
the furnishing peasant in drought
stricken China. The greenback theory
OF an unlimited, come-easy. go-easy
money on demand. resting on the
credit of the people Of the United
States. stamped simply as money, and
not with promise to pay, is On absur-
dity; and if adopted, would prove
short.lived bubble.
Nevertheless. the country to-day de-
mands relief from an unnatural and op-
pressive condition of affairs. The gov
eminent should, 90 soon as possible,
provide a more perfect and sound
money system one that shall furnish
free and natural circulation. and facili-
tate rather than hamper production.
II might be desirable improvement to
have the full direction of the finances
TO DO taken in hand by the Govern
ment; but all the theories of paper
currency must be held within the limit
OF this one tenet. that is inexorable and
universal. that is. that paper is utterly
worthless as money. except so far as it
is the veritable representative OF the
actual modified wealth of the commu-
nifty. Its face value must DO secured
by IN absolute equivalent of real value
held in pledge for Its redemption on
demand. There is plenty Of gold and
silver in the world to serve IS security
for oil the circulating notes that might
be required. and there is nothing else
DO we'll adapted for the purpose. This
rsdsmptibility and cash in hand securi-
ty 10 the thus far shalt thou come,
but no farther" barrier which fxes the
limit to the soundness of ell the paper
money theories.