Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-06-02
THE WORLDS NEWS,
ESPECIAL DISPATCHES TO THE nrcoRD-usros. !
DOMESTIC.
The knights nf Eubo-.

CLEVELAND, June 1st.-At the Knights
of Labor Convention ihis morning the first
business was the adoption of the amended
report of the Committee on Strikes and
Boycott. The Executive Board must ap-
prove all future strikes, and, except in GER
tain grievous cases. where immediate ac-
ton is necessary, a strike or boycott is not
to be allowed without their approval. The
address to the Women's Christian Union
was adopted, after which the Committee on
Legislation presented report recommend
ing that petition be sent to Congress to
fix the measure of value and regulate the
value of money. Adopted. The petition
says:
Your petitioners are mostly citizens of the
United states and of the laboring classes of So
clety, that which produces all the wealth that
those who have performed no honest labor have
the least right to enjoy. We feel this state of
things to be largely due to both vicious legisla-
ton and want OF proper legislation by Congress.
That the money of the United States is of TN
certain value, differing widely in different parts
OF the country at all times and at every part of
various times Whereas, being measure of COM
mercial value, it should be fixed and unyariable
in value. For example At this time in one
part OF the country, money is worth only per
cent per annum In another u and in another
20, and the range from to 20 per cent causes
distrust and uncertainty in ali transactions
insomuch that capital is timid and labor unem-
ployed, and periodical panics occur in all buSi-
ness in consequence of which the industrial
classes are financially ruined and laborers
thrown out of employment, and indeseribable
want and suffering are brought upon the masses
of the people. and unjust gains are acquired
by those who manipulate the money. That
the supply of a large portion of the money of
the country is in the control OF private cor
porations called National Bank Associa-
tions, creators of Congressional legislation, with
whom private gain is the only motive for sup
nlyinp money To the DeODle. Inat II is through
the manipulations of said corporations and
other money lenders that the people suffer
many of the misfortures ana grievances here
inbefOre mentioned and many others not men-
toned. That the right to issue or coin money is
a high sovereign pIerogatIve. which ought not
10 be exercised but by the highest power in the
nation; and we view with alarm the exercise OF
such a prerogative by private persons or cor
porations. As a remedy for the evils COM
plain and for the 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 i'll Section OF
Article l., which provides that Congress shall
have the power to coin money and regulate the
value thereof and Of foreign coin, and fix a
standard of weights and measures. That you
fix the measure of value by establishing a just,
a Uniform ard unvariable rate OF interest for
money loaned. That, in order to maintain such
a rate of interest as normal rate, you repeal
all laws authorizing private persons or corpora
tions to issue money, and in their stead estab-
lish public loan office throughout the country
wherever needed, at least one in every county,
with proper officers to perform the duty of SAID
offices That the National Government lend
money to the people at said offices good and
sufficient security, and at fixed rate of inter
est on demand, and that the profits arising
from the business of lending said money be con
verted into the public treasury for public uses
and said loan office be also made a depository
for the savings of the people.
Representative Low. of Pennsylvania
then introduced bill for recommendation
to Congress entitled, "An Act fixing the
measure of value and further regulating
the value of money"
money by the Government at three pei
cent ,.er annum. The bill contained six.
teen long sections. After the adoption Of
the above report the Committee on the
State of the Order read its report, and the
General Assembly took recess.
SECOND DISPATCH.l