The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-31
THE CURRENCY.

THE CURRENCY.
Wendell Phillips, crack-brained COM
pound of New England philosophy and
French communism, says, in recent
letter upon the currency:
| like, first, abolition of banks second.
government currency third, every man to
nave as much as he needs, giving security
(bonds, etc., and returning it when he
chooses for bonds at per cent.
We would favor the abolition of
banks if we could at the same time
abolish the farmers notes held by them.
| But there's the rub. What's the use
of abolishing the banks if the debts re-
main! But we especially like that
third proposition :-''every man to
have as much currency az he needs. -
Amen to that! Put US down for five
millions.
| All, but we see, when we look at it
again, that we must give security for
the money! What security! "Bonds,
etc." Louder on the et-cetera-the
und so 1Veiter. But if the bonds are
good we can already get all the curren-
cy for them that they are werth. We
can 20 into the market and sell our ma
tional bonds, state bonds or county
bonds at premium, and fill our peck
cts with the greenbacks. But suppose
you have not the bonds what then !
Then says Wendell Phillips you must
trade your et-ceterds for currency.
Agreed. We have got any quantity Of
et-ceterds,-old farm machinery, head.
ers, reapers, ploughs, old iron, old
clothes, &C.: that we would cheerfully
turn over to the United States for
greenbacks. But if we did this every
body else would have the right to do
the same, and we would make of the
city of Washington one universal junk
shop, and Uncle Sam the greatest dealer
in old traps ever known in the world !!
Wendell can't mean that! Does he
simply mean that we should have the
right to trade to the government for
currency anything we have of real
value that We can now sell for currency I?
If SO what do we gain by that ! Bat if
he means that every farmer in the
United States shall have the right to
sell or mortgage his farm to Uncle Sam,
at a high price, for greenbacks,
then Uncle Sam would have to
issue billions upon billions
Of greenbacks, and what rould they
be north! And Uncle Sam, like Pha-
raoh, during the seven years of famine,
would soon own every piece of real
estate in the country; and then we
would have patcrnal government in
deed.
We have got surplus Of food and
manufacturers in the world. Let US
call halt and cat up and wear out
that surplus; and then we can COM
mence again.
We are in debt for over-trading and
over-confdcnce. Let US call halt and
60 to economizing; and pay up where
we can and 60 under where we can't !;
and when the books are all balanced;
business will revive.
Let US, above all, stop all the steal
ings cut down taxes; reduce expendi-
lures. and bring the business Of the
nation dewn to the hard-pan of real
fact. Let us, in short, protect the hon.
est laborers, and leave the drones to
perish.
Our national banking system needs.
not abolition, but amendment. 1t
needs to be relieved from the central
lied power Of the genera. government,
for the last Presidential election showed
that 1t was dangerous political engine
in the hands Of dominant party; and
might some day be used to overthrow
free institutions in our land. Secondly,
the bonds now deposited by these banks,
as security for their currency, should
be bought from the banks for green
backs; an equal amount Of bank notes
being withdrawn. We would thus
save many millions Of national taxes
annually upon the bonds now locked up
in the vaults at Washington; while The
greenbacks would be as safe q currency
as the national bank notes. Bnt :
national system of banking, properly
guarded. should always be sustained BY
the West, as it gives US uniform vaapes;
and if abolished we would have M
back on State banks, and we woue1ose
millions annually in discounts fU no
two States would adopt the same sys-
TEN. and many Of them would q to
wildcat banking.
ROCHESTER is to have . new -
Office, the government having an -