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

49, of Morristown, Rice county, MIMI,
vr;tos a letter which we publish in an
nther column, upon the Currency Vues-
ton. =
T. w.s once said that the only man in
the world who thoroughly understood
the schleswig- Holstein question in oil its
and ramifcations, was a
nrofessor in q German University, and
that he speedily ended his days in mad
house.
It a good deal so with the Currency
Ouost;oa. In Minnesota it has been but
little discussed, but in Indiana, Illinois
ora other States it constitutes the divid- |
ing line Of politics; parties have been or
ganized and newspapers established to
advocate particular views upon 1t. 10
the majority Of the people however, 1t IS
still "a middle"
But out of the middle certain truths
can, we think, be extracted:
I. That a nation, constituting part
Of the world, cannot divorce itself from
the world and hence cannot separate
itself from the trade and commerce Oh
the world. This is the fundamental
hi ,nder Of the Protective theory IL
seeks to isolate our great, growing ad-
venturous. industrious population from
the rest of mankind, in sort OF Chinese
or Japanese seclusion.
II. That. this being true, our com
merce mnst touch the commerce OF the
world at thousand different points; our
wealth be interchanged with the wealth
If mankind. the results Of our mutual IN
dustries: in a 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 Its
value, not by our patriotic confidence IN
lit. This is an memorable law. we can
not live in the world and not be part OF
it.
III. Therefore our currency must, IN
anv event, rest upon a gold basis; for.
even if the law creating it docs not so
nrovide. the external world will reduce it
to gold rates when we come to deal with
them; and these rates will in turn con-
troll its value in New York and here in
Minnesota.
Nv. But all this being true, it does moi
follow. because foreign bankers rate ou'
preepbacks at ten or twenty per cent
. lower than gold, that therefore that il
| their intrinsic value; or that We have
; therefore, too much currency fol
the necessities Of our people. FOL
the gold price put upon ou'
currency represents the judgment Of tn
European financial circles as to it
value: and into that judgment enter
manv elements,-the prosperity Of oul
country, prejudices against our form o
Government, doubts as to the perpetuit.
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 finished
countries, is any standard OF the amour
l reouired here. We are colonizing con
} tinent; We represent the human family il
process Of taking possession OF large sec
! ton Of the surface Of the planet; We req
resent continual movement and perpetua
unrest; villages, towns, cities, state:
! spring up in night like Jonah's goure
The individual here lives faster, doe
' more, and therefore requires more money
q than in the old world. The per capita
money should therefore, be measure
: not by population alone. but by tn
i growth and activity Of the people.
4 vi. Neither does it follow that ii
great end Of government is the resuml
). ton Of specie payments. The prosper''
It Of the whole people is Of MOI
:. importance than the per cen
= are of foreign discount on OF
e currency. The Boutwell, theory has be'
It to force resumption by contraction, Al
contraction meant busincss-stagnatio'
- and like the Irishman's blanket what
q cut off from one end We added on to I
other: for IS fast Is we advanced iowa
resumption by contraction, We were dr'v
back from it by universal poverty =
ne distress. The European banker said
Of himself, .sthis is nation Of bankrupt
Ne their railroads cannot meet Their intere'
er. their merchants cannot pay their deb
we vc had better steer clear Of them. A
lsk SO up goes the rate Of premium on 60
the V. The path to resumption IS tnrou
ct the abundant prosperity Of this gigan
ers nation. The mines. the wheat nelds'
cotton fields, the workshops are the q
BY sources Of eur greatness. Give US pr
rho perity and We will speedily grow %
'ra- REQUIRED reasonable standard Of wealth.
ass vi. But this being true, the solution
IS. -. 1;fFscnlties does nos Lie in IN unuu