The Labor enquirer., 1883-12-01

A spade, hoe, or scythe to NOW,
And something for my toll.
FINANCE.
fConcluded from First Page.
while National Bank currency represents
q free gift of the government to rich
corporations, and behind it is no labor
at all.
We have shown that such currency
was used by Venice for centuries with
marvellous success, and also that we have
given it partial trial, and, as far as tried,
It has done for us what it did for the
Venetian republic. This system is rep.
resented and illustrated by the green
backs. Notwithstanding these credits
held by individuals were outrageously
crippled in the interest of Shylock,
they sustained the nation through four
years of sanguinary war, built the Pa
cifc railroad, inspired the unparalleled
industry that followed peace, and for
twenty-one years have proved far bet
ter currency than bank issues. just as
soon as the secretary of the treasury or
dered them received for custom dues,
they rose to par with gold and are now
equal to gold, Lot only in our own ceun-
try but in every capital of Europe. II
They now constitute much the largest
part of the basis of our currency. The
national bank notes are redeemable in
them.
These facts from our own history de-
monstrate the wisdom of Mr.. Jeferson's
noted statement, Bank paper must be
suppressed, and the circulating medium
must be restored to the nation, to whom
it belongs. 1t is the only fund on which
they can rely for loans. 1t is the only
resource which can never fail them, and
it is an abundant one for every necessary
purpose. Treasury bills, bottomed on
taxes, bearing or not bearing interest, as
may be found necessary, thrown into
circulation, will take the place of so
much gold or silver, which last, when
crowded, will find an efflux into other
countries, and thus keep the quantum of
medium at its salutary level" H.
I will add the testimony of Henry
Clay to the same import. Whatever
the government-the people-agree to
receive as payment of public dues, is a
medium of circulation, is money, current
money, no matter what its form may be;
treasury notes, drafts, etc.; such notes,
bills, or paper issued under authority of
of the United States, are money. 1 con-
ceive the establishment of this bank
(National bank as dangerous to the
safety and welfare of the republic" "
The most important issue which now
confronts US as people Is, shall bank
ing oligarchy issue our currency and
exact double interest for every dollar
and dictate, in their own interests, the vol
ume we may use; or shall the people
through their representatives issue it in
payment of the expenses of the govern
ment, and regulate the volume in their
own interest? We have both systems
now, but between them there is an ire
pressible conflict. While legal tender
treasury notes circulate, they menace the
national bank issues The people are
learning that while each has given about
the same amount of currency, the ma
Stional bank notes have cost enormously,
and the greenbacks have cost only the
expense of printing. There is danger
that they will choose the latter and the
bankers understand this fulfwell. They
did from che first. One of their Europ-
can organs was foolish enough to state it
in the following language. Slavery is
likely to be abolished by the war power,
aud chattel slavery be destroyed. This,
/ and my European friends are in favor
Of, for slavery is but the owning of labor,
and carries with it to care for the laborer;
while the European plan, led IN by Eng
land, is, capital controls labor by con-
trolling wages. A.
This can be done by controlling the
money. The great debt, that capitalists
will see to it is made out of this war,
must be used as the means to control the
volume of money.
ITO accomplish this, they (the bonds)
must be used as the banking basis. 1t
will not do to allow the 'greenback,' as
it is called, to circulate as money any
length of time. for we cannot control
them. But we can control the bonds,
and through them the bank issue"
GHassard's circular, 1862. This awful
statement is as true as it is frank. 1t
puts the real issue between capital and
labor, clear as the light The robbery of
labor by capital, is mainly ACCOMPLISHED
BY control of the medium of exchange.
As long as capital does this, so long
laDOr lS nOpeleSSly -enSlaVeQ, so long
will poverty and want, with the degreda-
ton and crime they cause, blight our
| civilization. +
That the enormous debt scored against
the nation was the result of deliberate
conspiracy limited in this statement, is
demonstrable. have in my possession
figures taken from the books of the
treasury, which show that if the govern
ment had issued Notwithstanding
full legal-tender treasury notes, TO meet
war expenses, supplementing the taxes
paid during the war, and had paid no
shave or interest on bonds, the amount
at its close would have been only about
81 100000. That indebtedness would
have been in circulation as needed cur
rency, and need never have been called
in. but, instead, increased annually, as
population increased. The money power
has controlled the currency of civilized
peoples, by the specious pretense that all
money must rest on gold.
Allison, in his History of Europe, says,
sIn every one of the great monetary
ckiees, which have occurred every five
"a 6ix years during the past thirty years,
{1bon 1850 600 to $750,OOO,OOO have