The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-08-16

to her interests; tie latter. without any
specific culture, remarkable for nothing so
much as for unAinching tenaeity to the de-
clining Republican party. But. Mr.. Editor,
if the people fairly comprehend the con-
dition of things, wiser counsels will prevail, |
and we will place at the helm i man Of
whom we shall not feel to hang our heads |
in sore notification Let the Anti Moko- |
poL1sr reach every home and I hsve no
fears. 5ias 8 ,i93' 4s ILL ~
Y8,as .ssa. ELK, RIVER.
The Financial Question Very Ably consid--
ered-A Letter to John Sherman Review
ing His Campaign Speech ii Ohio.
For the anti Nonopolist.l i.a-a
PHILADELPHIA, Aug. 4, 1875.
Dear Sir: Having carefully read your
remarks on currency, in your speech Of last
Saturday, as reported in the New York
Herald Of Tuesday, yesterday, Itake the
| liberty of addressing few dissenting re
marks to you, believing that you will give
them all the credit they may in your honest
| opinion deserve. as..,s.
| You say, sEven now in the United States,
1 where we have legal tender paper curren
cy, its depreciationis daily measured by the
j standard Of gold" In this / think you
are in great error, which is the result
of your views frequently expressed, that
the gold premium which varies from day to
day, from hour to hour, and from minute to
minute, is the expression Of the depreci-
alton of our legal tender currency. An un-
BIASED observation Of the facts in the case
may disabuse your mind Of this fallacious
view, and consequently change your judg-
ment in regard to the depreciation Of our
legal tender paper currency being daily
measured by the standard of gold. The
daily and hourly quotations Of the price of
gold show uniformly the reIative supply and
demand of gold for the special purposes for
whichit is required, viz: for the payment
of duties to our government, and for the
transmission of gold to foreign countries.
Whenever the amount of gold on hand is
small as compared with the demand for it,
the price rises, and whenever the supply in.
creases more than the demand, the price
!. falls, exactly as is the case with all 9th er
commodities. It is certainly very great
. stretch of our Imagination, if wefsee in the
+ constantly changing rise and fall Of the
4 price of gold an ever varying value Of our
f legal tender cur1 ency, and all the deduc-
tions we make from such fanciful imagin-
I alton must be equally fallacious. Although
gold is the best standard measure of all val
) ues, it practically serves as such measure
0 only where it is used as currency. Since
it is not used as q currency among us, al
' present, it is practically commodity which
5 serves only special purposes. Hence al
persons, brokers, bankers, etc, who keeI
S gold on hand, in order to sell it to those who
0 require it, charge q premium on, its sale
- nd how ito infp vo1
$ they cannot make profit from its use in an,
n other manner. If gold were exclusively
= our currency, and government notes wer'
# only accepted to pay our taxes, these note
a would command premium, varying accord
Il ing to the law of demand and supply, ex
g actly as is the case with gold at present
), In Prussia the treasury notes are demande,
IS in certain proportion for all payments t
;. be made to the government. Hence thes
! reasury notes frequently command q pre-
8, MUM over gold and silver, resulting exclu
h sively from local disproportions Of suppl
l. and demand. have myself once paid gol
Is and one per cent. premium for three hun
e dred dollars If russian treasury note.
as which desired to send by mail to distar
D. friend in payment Of debt. 1t would be
ir great stretch Of the imagination if ha
We judged that the Prussian gold currency VI
or ried in value according to the varying pr,
y, MUM paid on treasury notes. Again, | 50,
in that the premium on gold in our country
he present, is only the natural profit that Il
" dealer in gold requires for keeping supp
lie of gold on hand, to accommodate those WI
he want it. If gold were used as . carrenc
he it could be used, by the dealers in money,
Of shave notes, buy and sell stocks, and
all many ways to make profit, or interest, by
if All this being cut of. 1t present, the des
ed ers in gold indemnify themselves BY
s. handing premium, high orlow, accordi1
err to the law OF supply and demand Go
as coin is at present, with US, commodity Iii
ess gold plate and other articles made Of COL
en- which are bought and sold, not aceordil
o.. to their intrinsic value, but according
20 their uses and according to the law of su
II ply and demand.
he / dwell 50 long on this point, viz:
len viewing the gold premium in its true chs
rly acter, because thereby oil your stateme,
g q Of "our paper money" ssthe public credit
ce. .bobbing up and down." and s.if We q
the not blinded by ignorance and carelessne
der We know that gold has not risen any me
&C than the sun has risen - .gold cannot
len down any more than the sua goes down.
pie is the public credit, the promise Of I
ro- United States to pay = dollar in coia, Il
ifc rises and falls, ETC.. etc., fall to the groul
the You really corrob,rate this by sayin
nan 1.-The Republican party cured one defect
ion our old bank currency by giving us natio1
ing money Of uniform value throughout
ual United States" Can this national mon
the of uniform value throughout the Uni
.rty States s.bobb up and down" Just g
hat supply and demand Of gold in Wall str
ich bobb up and down. 1t strikes me as , {
,ess jimmy and an insult to our nation to sp,
Tor, thus of its paper money, Who is i9u'
ege by our legal tender currency. Does .
her American citizen suffer any wrong from
one Does ii not answer all the wants of our
ed mense internal commerce better than Z
the currency We ever had. Although b.
Mr.. always belonged to the Democratic party
elf, gratefully give to the Republican party
this full credit for having given rs such {
an rency. Why should We disturb our 10
By bssiness throughout the country TO graz
II . foreign capitalists and spectators, Il
IN whom alone and their satellites the cry