The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-05-20
THE CURRENCY QUESTION.

o1A/A.k0sO asssssss
THE CURRENCY QUESTION.
, Some time since, (April 22d,) We re-
;eived letter from Hon. Joseph Goar,
If Morristown, Rice county, Mimi, IN
reference to the question Of greenbacks
md bank currency. We felt called upon
to notice the subject editorially, and We
prefaced our own remarks by saying that
the only man who ever thoroughly un-
derstood the Schleswig- Holstein question
was German professor who soon after
ended his days in the insane asylum.
The currency question, we added, was
a good deal the same way; and With this
apology for our own failure to penetrate
all the rami6cations Of that most COM
plicated subject, we proceeded to give
our conclusions upon certain divisions OF
the question.
The Faribault Republican tried to
make it appear that we meant this as
rebuke to Mr.. Goar. Nothing could be
farther from the fact. We entertain for
that gentlemand and his opinions the
highest respect.
We publish in another column a second
letter from Mr.. Goar on the same sub
iect. We have, time and again, taken
the same ground which he assumes, that
is to say, that there is no necessity for
the people to pay taxes to pay interest
on bonds deposited by banks and
On which 90 per cent. of bank
notes are issued, which are
in turn loaned out to the people at high
rates Of interest. We see no reason why
the government should not redeem those
$436, OOO,0 GOO Of bonds, with $436,OO0,o0O
of greenbacks, and the banks lend out
the greenbacks to the people instead OF
their own notes. Are net greenbacks as
good currency as national bank notes!
Is not the national credit the foundation
of both?
The platform Of the "Independent Par
ty," quoted by Mr.. Goar, says:
i. 1t is the duty OF the government to es-
tablish monetary system based upon the
faith and resources of the nation in harmony
with the genius OF this government, and
adapted to the demands OF legitimate business
To this end the circulating notes OF all Nat
ional and State banks, as well as all local cur.
rency. should be withdrawn from circulation,
and q paper money issued by the government
directly to the people without the Intervention
of any system Of banking corporations, which
money shall be legal tender in payment OF all
debts, public and private, duties on imports IN.
cludcd, Except that portion OF the interest and
principal Of the present public debt that Is, by
the express terms Of the law creating it, smade
payable in metallic money, shall be SO paid
This money to be interchangeable, at the option
of the holders, with registered government
bonds. bearing rate of interest not exceeding
3.65 per cent. per annum.
Now let as look At this. Suppose the
national government determine to adopt
this course and pay off the $43e,00o, 0O0
Of bonds with greenbacks; who will re-
ceive those greenbacks Clearly not Mr..
0oar or ourself, but the men scho oso7a the
bonds, to.wit, the bankers. And how
can you prevent those bankers from loan
ing out that s436, 100000 Of greenbacks
at six, ten and twelve per cent. interest
And how will Mr.. Goar or ourself &c,
any of that currency except
by borrowing it from them!
We hare nothing to sell to the govern
ment that the government wants, and il
we had, the government would pay only
the market value thereof, and that W
can get anyhow. And does Mr.. Goar be
lieve that Minnesotian who had 500,
900 Of those greenbacks and could lcnt
them out at twelve or even twenty-foul
per cent. per annum, would convert then
into bond bearing 3.65 per cent. inter
est. And suppose he did; what benefi
would that be to us! He would simply
take his 100000 to Washington ant
bring back his bond, and the latter con
dition Of our debtor community woul'
be worse than the beginning.
The platform continues:
ID. This system OF finance will, by stimu
lating our industries and commerce, soon max
the United States the depository Of the pre-
cious metals OF the world.
; We fail to see it. Suppose Mr.. Goa
goes to Faribault to borrow $500. 90; wha
difference will it make to him, or to tn
: industry and commerce Of Rice county
, whether the banker lends him greenback
or national bank notes! Not Iparticl'
I'd. The adoption Of this system, by ful
nishing sufficient money 1t low interest, N
AZ ~ ohe