The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-07-19
THE POLICY or CONTRACTION.


We know that few things are more
unattractive to the average reader than
the discussion of purely financial ques-
ton. But when it becomes evident that
the prosperity of that individual, him.
self, may depend upon a proper ap-
probation of that question, the issue be-
comes one of bread and butter, OF pow
erty or plenty, of personal failure or sue
cess.
If our action in the late Opposition
Convention, in relation to the financial
plank of the platform, has done nothing
else, it has at least set thousands, all over
the State, to thinking upon and study
ing the currency question:
Let US set ourselves right in one or
two particulars:
In the first place, we did not and do
not advocate any system of indefinite
financial expansion. We do not insstup-
on any expansion, unless il can be clearly
shown that we have at present, In this
country, less currency per capita than
any other civilized nation; less, in fact,
than is absolutely demanded by the bust
ness necessities of the most rapidly de-
veloping community Of people on earth
Our idea may be thus illustrated:
Let us suppose that the proper
amount of currency for each individual OF
the population OF the nation is, we
will say, $4,000; and let us suppose that
instead of that sum we have $4O.O 90 each.
Now as the nation is increasing in pop
ulation at the rate of very nearly 33
per cent in every ten years, 1t Is easy
TO see that if the amount OF currency Is
not increased we would soon grow to a
population where the per capita OF cur
rency would be $50 90 instead of $40 90 !;
and that specie payments would thus be
reached without any shock to the busl-
ness or prosperity of the people That
is what we mean by our resolution:
Resolred, That in the judgement of this con-
vention the true road 90 specie payment is
through economical admins istration OF the gov
ernment, reduced taxation, restored prosperity,
developed resources, and increased exportation
of the products of our lnexhaustlbie fields,
forests and mines.
This is one course The other is to
force down all values 33 per cent. by q
compulsory withdrawal of 50 per cent
of the currency. That means. virtually,
to take away 33 per cent. OF every mans
apparent fortune; to compel settle
ment of all debts ut that rate of reduc-
ton of assets; to cripple al industry ;
and to produce in short the calamitous
condition OF affairs now upon us.
And what have we to gain by it?
Flippant newspaper editors talk OF
greenbacks and national notes as rag
money" Is there any one of these ed
itors who has too much ''ragmoney" to-
day? Has any one refused to take rag
money in payment of their debts? In
fact was there ever n time when gold
and silver constituted the exclusive cur
rency of this country, or even the prin-
cipal part of it? What the nation wants
is prosperity. Money is a mere incident
y means of making exchanges. GNe
us growth. development. prosperity
and who cares whether the medium of
exchange is paper or gold In fact
who. il he had to carry $500 or $1,000
about his person. and gold and paper
We're Of equal value. would not prefer
paper to the bulk and weight of goldeI
Set the happiness and the prosperity
OF this great people in one scale and the
premium on gold in the other. and
weigh them. which is the more impor-
tant of the two9 Is it right to sacrifice
the first for the last the people for a
percentage? See the contraction that
has already taken place:
John Austin Stevens. President of the
New York Chamber of Commerce, a
bulhonist, says:
By reference to the report (Secretary of the
Treasury OF August 81, 1865, il will be found
that the circulating medium consisted of
United States notes, green
backs, and fractional cur
reucy, $i59, SOS. .Sll 81
National Bank notes, and State