The Argus. (Rock Island, Ill.) 1885-1886, 1886-06-02
MONEY FOR EVERYBODY.
WHO CAN PUT UP GOOD SECURITY,
AT THREE PER CENT.

knights of Labor Resolve In Favor of
AboIishing All Banks of Issue and Es-
tablishing n Government Loan Office In
Every County Boycotts and Strikes.
CLEVELAND, Ohio, June 2.The Knights
of Labor convention was opened at 5
O'Clock Tuesday morning, the iirst business
being the adoption OF the amended report of
the committee on strikes and boycotts The
executive board must approve all future
strikes, and except in certain grevious
cases, where immediate action is necessary,
a strike or boycot will not he allowed with
out their approval
The committee on legislation presented
the following report, which was adopted:
an place of document No II, entitled An
act tixing the measure of value and further
regulating the value OF money your com
mIttce calls attention TO the petition passed
at the annual session held AT Hamilton, in
October last, embracing the same subject,
which petition was known as docu-
ment No. Il, and is printed in
pages IFS and lla of the record
of proceedings of that session, and We urge
that said petition be presented to congress
as there anu tndt ~ dAsO Dc
given to the press for publication, as We
deem this course necessary before further
legislation by the general assembly on the
subject
Document No a., referred to by the COM
mittee, is as follows in substance, and was
introduced by Representative A IL Low,
OF Pennsy lvania.
1t calls attention to the fact that some
men are richer than others, and claims that
labor does not enjoy just share Of what il
produces; declares that the money of tho
United States is Of fiuctuating character as
to value, both as to time and place, whereas
such value should he fixed and stable. For
example, at this time, In one part OF the
country money is worth only per cent in
terest per annum In another II per cent.
aud in another 20 per cent, and ranges
from to 20 per cent throughout the coun-
try; that the uncertainty in the value of
money causes distrust and uncertainty in
all commercial tranactions insomuch that
capital is timid and labor unemployed and
periodical pauics occur in ell business,
in consequence OF which the industrial
classes are financially ruined and the
laborers thrown out of employment, and in
describable want and suffering brought
upon the masses of the people, and unjust
gains are acquired by those who manipulate
the money; the supply OF large portion Of
the money OF the country is in the control
of private corporations called national bank
ing associations, creatures of congressional
legislation with whom private gain is the
only motive for supplying money to the
people; that it is through the manipulations
OF said corporations and other money lend
ers that the people suffer many of the
mislortunes and grievances hereinbe-
fore mentioned; that the right to issue a
coin money is high sovereign prerogatiy Q
| which ought not to be exercised by any but
| the highest power in nation, anu we view
with alarm the exercise Of such prerogatives
by private persons or corporations, and as
! a remedy for the evils o. which we COM
| PLAIN anu for redress of the grievances we
suffer as herein set forth, we pray that
| your honorable body will fulfill the duties
imposed on you by the constitution in sec
ton s of article ], which provides
that congress shall have power TO coin
money and regulate the value thereof, and
| of iorei n coin and fix the standard of
weights and measures that you Tx the
measure OF value by establishing Just uni
money loaned; that in order to main ain
such rate of interest as the normal rate. you
repeal all laws authorizing private persons
or corporations to issue money AMI in their
stead establish public loan Offices throughout
the country wherever needed, at least one in
ever county, with proper officers to per-
form the datles of said offices, that the Ma
tional Government lend money to ths peo-
pie at said offices on good and sufficient ST.
curity, and at said fixed rate of interest on
demand, and that the profits arising from
the business of lending said money be GOV,
cred into the public treasury for public uses
| AM that said loan Offices be also made de-
positories for the savings of the people.
| Delegate Low OF Tennsy lvania then in
| PRODUCED bill for recommendation to con
gress entitled, An act liking the measure
| of value and further regulating the value "
| The bill provides for the correction of the
| abuse set forth in the document No. II, and
| provides for the loaning of money by the
government at s per cent per annum- The
| bill contained sixteen long sections