The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-04-22
THE CURRENCY QUESTION.

writes letter which we publish IN an
other column, upon the Currency Cues
ton.
Il vas once said that the only man IN
tho world who thoroughly understood
the schleswig- Holstein question in all its
combinations and ramifcations, was
professor in German University ana
that he speedily ended his days in a mad
house.
It is good deal so with the Currency
o,ost;on. In Minnesota it has been but
little discussed, but in Indiana, Illinois
and other States it constitutes the dlvld'
ing line Of politics; parties have been or
oan;zed and newspapers established to
advocate particular views upon 1t. 10
the majority of the people however, 1t IS
still "a muddle.'
But out of the middle certain truths
can, we think, be extracted:
I. That nation, constituting part
OF the world, cannot divorce Itself from
the world; and hence cannot separate
;tsolf from the trade and commerce OF
the world. This is the fundamental
HI ,nder Of the Protective theory. 1t
seeks to isolate our great, growing ao-
venturous, industrious population from
the rest of mankind, in sort OF Chlnese
or japanese secluslon.
TT. That this being true, our COM
MERGE mnst touch the commerce OF Inc
world at a thousand different points; our
wealth be interchanged with the wealth
of mankind, the results Of our mutual IN
dustries; in thousand seaports; and that
this interchange must be tested by the
worlds standard of values-gold and Sill
yer. Whatever currency we have must
when it reaches the borders Of our coun-
trv submit to this final arbitrament, and
be rated by the worlds judgment OF It's
value, not by our patriotic confidence IN
# This is an memorable law. We can
mt live in the world and not be part o.
} it.
III, Therefore our currency must, II
anv event, rest upon gold BASIS LOT
0 even if the law creating it docs not Sc
i. provide, the external world will reduce
to gold rates when we come to deal witt
5 them and these rates will in turn con
n troll it's value in New York and here Il
. Minnesota.
". But all this being true, 1t does no
follow. because foreign bankers rate GU
= preenbacks at ten or twenty per cen
:. lower than gold, that therefore that
d their intrinsic value; or that we nave
e therefore, too much currency TO
t the necessities of our people. fo
: the gold price put upon GU
I currency represents the judgment Of tn
: European financial circles as to IT
y value: and into that judgment enter
many elements,-the prosperity OF GU
: country, prejudices against our form
: governments. doubts as to the perpetult
Of our institutions, &c, &c.
V. Neither does it follow that tn
: amount of currency per capita, which
found sufficient for the needs of trad
and commence in old and almost finisne
y countries, is any standard Of the amour
II reou,red here. We are colonizlng col
O tinent; We represent the human family
process of taking possession of a large Sc
= ton of the surface Of the planet; we re-
l. resent continual movement and perpetu
: unrest; villages, towns, cities, state
snr;nr ND in night like Jonahs gour
- The individual here lives faster, do
" more, and therefore requires more none
q than in the old world. The per capita
money should therefore, be measure
: not by population alone, but by II
IL growth and activity of the people.
4 VI. Neither does i. follow that Il
great end of government is the resum
). ton of specie payments. The prosperi
st ef the whole people is OF mo
=, Importance than the per Ger
= age of foreign discount on o
Re currency. The Boutwell, theory has be
1T to force resumption by contraction, a
contraction meant business-stagnatio
=, and like the Irishman's blanket what
lQ cut off from one end We added on to
other; for as fast as we advanced tow'
resumption by contraction, We were dr''
back from it by universal poverty
sue distress. The European banker said
; of himself. .sthis is nation OF oankrup
We their railroads cannot meet their intere
7er. their merchants cannot pay their deb
we VIC had better steer clear Q: them.
ask 50 up goes the rate of premium on g
the V. The path to resumption Is tnr0'
ee,- the abundant prosperity OF this glga'
'ers nation. The mines, the wheat heids'
cotton fields, the workshops are the
by sources of cur greatness. GIVE us p
who perity and We will speedily grow 10
era required reasonable standard oil Seaitl
'ass vi. But this being true, the soiutio
vas our difficulties does nos lie IN an until
nen, "A u.rnfa cture Of money. for as 500