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

conceding in their convention and platform,
that there was no hope whatever of carrying
the election this fall with hard money and
contractlve plank. The pronunciamentos of
the Minnesota Democrats for immediate pre-
paratlcn. for specie payments is not half so
important as it is assumed to be by the press
OF the money centres, as it was adopted after a
discussion upon the question whether this dec
laration, or whether Donnelly's irredeemable
shlnplaster, without security, resolution should
prevail.
This is an error. We wanted green
backs on the basis of the security of the
nation; can you desire any better securi-
ty than that ? Are not your national
banks resting on the same basis, in the
shape Of national bonds? Neither did
we favor indefinite expansion. We
simply asked to stop immediate and con-
tlnued contraction.
EDITOR ANTI
The convention merely choose the
least of evils. The money question has never
been discussed, and is very vaguely understood
campaign this fall than that of polygamv.
Democracy in Minnesota is under the hand of
st. Psul Democratic capitalists of the old
school which preached hard money and free
trade before the war. This class of gentlemen
dictated the hard money plank in the Demo-
cratic platform, which the people do not under
stand, and are not yet ready to study.
But before the campaign of 1876 opens, this
question is bound to loom up until it over
shadows all others. Why does business stag
nates Why is industry crippled? Why is
currency abundant and interest low in New
York? Why in Iowa, Wisconsin and Min.
nesota is it scarce and interest IL to Is per cent
Why does gold rise under policy Of contrac.
ton and immediate preparations" for specie
payment? These are serious conundrums t.
which the people will, ere long, frame thei
political action.
We should not be surprised to see {
lively fight in the Republi can State Con
vention over this all-important question
Ben Butler, who, whatever his persona
faults may be, is a clear-headed, well
informed man. says:
BY policy which seems almost to border OF
insanity, we have entered upon a contraction
Of values, with a view in certain limiteC
space of time to enfOre "specie payments" q.
they are called, but which every one who re-
members the state of things before the wal
knows to be delusion and snare. There
fore, houses, lands, manufacturers, ships
goods, produce and labor have all, within two
years, been deprecated from % to SO per cent
until all business is crippled, all enterpris,
stopped, and to-day more than million O
men and women who are willing to work arr
without employment in the United States
OF course, while this policy OF contraction
prise or make any new production who is moi
obliged so to do by the necessities Of his bust.
ness relations Who desires to build shit
or mandatory when he knows that before j,
is completed it may depreciate 90 per cent?
A certain class of men are loudly crying ou,
that this depreciation is necessary in order t6
bring down values of all property to specie
be to the individual, however detrimental t(
the national industry, yet it might be toler.
able if all values are brought down; but thu
fact is-and this may account for the outer,
Of the class to which we have alluded-tha
only two-tbirds of the property in the country
Is being deprecated to quite thirty three pc
cent. in its value, while another third at leas
is being appreciated at least ten per cent
! There is at least one-third Of the wealth o
/ the country invested in Indictment, national
municipal, or private. All this appreciates
All other property depreciates. To illustrate
| a man Is house has within the last two year
| deprecated thirtythree per cent. in its ex
| chanoeable value that is, he can sell it 70
that sum only as compared with two years ago
but the mortgage for greenbacks borrowed up
on it has appreciate ten per cent in compari
son with gold. The property grows continual
/ ly smaller, while the mortgage grows con
stahtly larger. So with all property and al
debts. And the busine.s man sees sll his pro
perty and hopes swept away in favor of tn
money-lender. How long the business por
ton OF the country will submit to this for tn
benefit Of those who hold bonds, notes an
mortgages, is question which must be solve
apparently by the Democratic party, and upo
this question Ohio bas given no uncertai
| sound