The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-09-27
CITIZEN.
The Financial Question Discussed---An In
teresting Letter.
HAssAN, Mimi, Sept. 4, 1875.

Ed. anti Nonopolist:
The financial question seems to be IN mud
die The great men OF the country either
don't understand it, or don't want the people
to. So far as can understand 1t, the Repub-
lcan party, as represented by their President
when they get down to specie basis, are IN
favor of free banking. Now of all the evils
that ever afflicted this nation, free banking
was the worst. don't care what restrictions
the states put into the charters of the state
banks, they will avoid them; they always did
and always will. And besides, the country
was more honest before the war than II Is now
There is TO safety for the common people,
only in the Government becoming responsibie
for every dollar of paper money that IS issued
As to coming down TO specie payments through
the meaus OF free banking, 1t Is SIMPLY I'M
possible. The government can't hoard up IN
its vaults four or five hundred millions OF dol
lars in gold and silver and they know it. What
better security do we want than the bonds OF
the United Statel So long as the government
holds together, those bonds are as good as gold.
Greenbacks are as good money DIS we want,
The trouble is. there is no cha zee to cheat now,
but when-we have free banking the chances
are unlimited.
The effect of this insane policy upon the
country has been to make the ''rich richer, and
the poor poorer" while bonds and mortgages
have gone I'D ten per cent, all other property
has gone down thirty or forty per cent. 1t
has either been done through ignorance or
knavery; and in either case it totally units our
present rulers for the positions they occupy,
So far as the issuing Of paper money by the
government is concerned | can't See as It
makes any great difference whether the gov
eminent issues this money directly, or through
the national banks. Those bonds are In ex-
istence. and they don't draw any more interest
in the hands Of the bankers than they would
anywhere else. My advice to the farmers and
IL 50 fafa
State is, if you don't unite in anything else,
unite in demanding that the wealth OF this
country shall pay its proportion OF the taxes;
and that the government shall become re-
sponsible for every dollar of paper money that
is issued Yours truly,
~ GORDON JAcKSs.
-FOUR friend Mr. Jackins is nearly al
ways right; but he makes mistake in
supposing that the issue of greenbacks
instead OF national bank notes, would
reduce the amount OF intere st on the
national debt, and hence the amount of
taxes to pay that interest. Suppose
national bank to be started in New York
They buy up one million dollars worth
of U. S. bonds; they take them to
Washington, and they receive 100000
of national bank notes; the million dol
lars of bonds are still owned by them,
but are deposited in the vaults of the
Treasury Department rs security for the
5000, 900 of notes and on that million
dollars of bonds The people continue to
pay interest; while those who borrow the
notes pay interest tor them also; thus
the million dollars of bonds draws in
terest on 81 10000! Now suppose when
these bankers went to Washington with
million dollars of bonds there was
law permitting the Treasurer to give
them therefor one million dollars OF
greenbacks. and put the bonds in the
stove. Clearly the government would
save the interest on that million dollars
of bonds, while the greenbacks would
be just as good currency as the ma
tional bank notes; for, after all, the
holder of national bank note does not
repose his faith in the bankers who issue
it, tor they may be rich to-day, and in
suicides grave tomorrow. like Ralston;
but in the fact that the nations faith,
to-wit. government bond, stands be-
hind the note.
If there is any profit in coming money
out of paper should it GO the nation.
deeply in debt from its efforts to save its
own lite; or should it go to few veal
/ thy men in each city, who are FULLY able
to take care of themselves without any
such extra privilege There can be but
one answer to the question.-ED. ANTI
MoNoPoLIsT.