The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-11-08
Another Interesting Letter from our Phila.
deIphia Correspondents Relations
Of Paper Money to Civilization.

Editor init Non opohst:
You have declared yourself and your power
full machine the -MOxcPoLlsT, III favor
of the financial reform movement now spread
ing over the whole country. THIS is in keep
ing with the position you have taken as an OPP
ponent Of all monopolies. Paper money Is
sued by the government in such abundance as
to facilitate the free and rapid exchange of all
commodities among the people, stimulates as
ricultural production, manufacturing, and the
culture of arts and sciences. Abundance OF
production in all fields OF industry brings with
It healthy competition, and thereby such re-
duction Of prices as will enable this country to
compete with all other countries. This Sc
cures large expectations Of our surplus pro-
duction, and soon the balance of trade in our
favor The cheapness Of all commodities,
caused by abundance of production, does not
diminish the remuneration of labor, because
the general cheapness Of all necessaries as well
as luxuries OF life enables the laborer to live
on the nominally diminished rate OF wages,
especially if he is sure of always finding en-
ployment. In no other way can the people Of
this naturally wealthiest Of all countries real
ize and enjoy the innuMerable blessings placed
within their reach.
How our government can expect to develop
the wealth Of our country and enable US TO
pay our foreign debt, bv withdrawing from
the people the only existing legal circulating
medium, the very Fife blood OF industry, and
thus paralizing our physical and mentai pow
| ers compelling our labor to compulsory idle.
ness, and in every way destroying the sources
| of our necessities and orr wealth, is more
| than can comprehend.
Paper money, IS the movable representative
of solid wealth, is the most labor saving and
humanizing invention Of our modern civlli1ss
J ton By il the farmer is enabled to conva84
/ one third or one half of his property, temp -
arily, into movable values, or money, by
winch he can make the whole in the highest
degree productive, and consequently remuner-
alive In like manner can the manufacturer
| easily obtain one half or more OF the value Of
his factory as q working capital, and TINS en-
ploy many iaboring hands and enrich himself
| and his country to q degree otherwise Impossi-
| ble The institution OF paper no iey IS per-
petual and convenient cleaning house OF the
whole nation, through which ne dsily and
hourly business Of all the people, in al iocali-
| ties can be easily transacted and settled, and .
healthy, vigorous, and constantly expanding
commerce induced. Without an abundance Of
| paper money all tn. advantages OF represents.
| tiy. values can only be enjoyed by capitalists
and banking institutions, among whom their
| mutual paper Issues are used 10 settle their
business transactions, by which il Is made
| practicable, for Instance that at the New 1OrL
Cleaning house there is dsily, within few
hours, an average business OF thirty three mil
lions of dollars transacted and mutually settled
without the use of any actual money, save q
small fraction. All our National Banks repre-
sent a capital Of about five hundred million
dollars, OF which they do not possess. in act
ual money, the one twentieth part. They is
sue circulating notes to an amount OF nearly
four hundred millions, based on bonds Of oul
national debt, deposited with the government
a security for the notes issued. Thus ths
notes of the National Banks are practically
government notes, issued on, and secured by
the credit of the government. which credit
again Is based on the property Of the people
With this movable representative Of our ma
tional wealth the banks do : profitable loaI
business not only to the amount Of their pApel
issues, bat to an amount three to i've times u
great, which is based on their deposits, which
again are nothing ele but promises TO pay
such paper issues. In this manner the bank.
reaii1e three to five rates Of interest on then
capital.
Il Yet the banks are not satisfied with this
Although they know that the very basis o
their circulation il the government or tn.
peoples credit, and that the circulating medi.
um Of right ought to be issued alone By th'
government or the peopls, who should EMO,
The benefits Of such Issue, leaving TO the bank
| who may avail himself Of their benefit, tn
banks are jealous Of that portion of the gov
esnments issues, which the government i8uet
. directly in the name of the people, and mad.
! legal tender, Wis; the gxeennacks, and by tn
issue of which the government saves IN IN
Z nual interest Of twenty four million dollars
, These greenbacks the banks want to se
. | withdrawn, and IN their place hnknotes IS
] sued. the interest Of which flows into thei
! --th% banks --cof5ers, to be pocketed BY tn
+ stock holdezs-
I'll That Is the sense, and the only sense, Of Ii
, universal cut cry a91inst the greenhAckz
which are called bridesmaids iu0atim issues
H. -