The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-07-26
THE CURRENCY QUESTION.

THE CURRENCY QUESTION.
The Chicago Tribune, (Rep. the other
day, indulged in nearly column OF dis
approbative commentary upon one OF
the resolutions we submitted to the Con-
vention of July 7th, to wit:
Resolued, That we SEE noreason why legal
tender government notes bearing no Interest
should not be gradually substituted for the
based on S411 .OOO, ,OOG of bonds, bearing inter-
est at the rate Of s22, coo, 900 per annnm;; Such
a substitution would give us an equally val;'-
able currency at a large saving OF annual TAXA
ton.
The Tribune admits that:
In this resolution, which the Convention re-
;ected is expressed one of those fallacies which.
nevertheless, to large number OF persons WHO
have not considered the subject, appears reas-
enable aud just.
The Tribune then proceeds. in cour-
teous and gentlemanly style, to give its
reasons for believing this resolution TO
be a "fallacy." The 7ribnne is not
aware that custom, as established in this
State. requires that in discussing any
question with us, an adversary should
open his argument by denouncing US as
ga pestiierous demagogue," and close II
by proclaiming us 4 "scoundrel." we
are not prepared for such courteous and
respectful treatment by a Republican
newspaper, and it quite unnerves and be-
wilders us. Nevertheless, to the best OF
our ability, we will reply to the points
made by the Iribene.
II says:
Papel money, having no intrinsic vaiue, can
only be kept at par 10y the certainty OF reaenp.
tion. and to keep this redemption REASONABLY
certain. it must be sustained by actual alo
available capital. For this reason no uoverll-
ment has ever been able to MAINTAIN paper
currency OF its own at par
But suppose the government reaches
specie payments now, II ten years iron
now, and the greenhack is convertible
into gold at par, in the markets OF tht
world, where is your argument then!
Our resolution was prospective. i
spoke of ''gradual" subtitution 0
preenbacks for national bank notes. A
long as neither greenbacks nor natlona
bank notes are redeemable in gold the.
are on a perfect equality; when both ar
redeemable in gold they would still b.
on an equality. Then why not substitute
the notes bearing no interest tor thos
on which the people are taxed $4,000
600 per annum?
The Tribune continues: fsHl
PAPER money can only be kept at par by
combination OF private capital actively EN-
poyed in profitable business, SO conducted
to enable tine banks TO maintain redemptloi
Ii so why then is the government pre-
posing 10 hoard gold in order to resum
specie payments? Why is it sellin
bonds to buy silverP Whena dollar greer
back is worth, in every bank in the cour
try. a dollar in gold will any machir
ery be necessary to redeem the one wit
the other?
This continues the Tribune, has been dor
in most Of the countries in Europe and
Canada. is now successfully donein taiiiornr
and yvas done in various States OF the uniu
until Congress interposed and broke up u
hns,ness Congress superseded this pap
currency, sustained by private caplta ana u
culauny at PAR, and substituted for = iorcs
loan currency ISSUED by the gossrhneil. ~
war necessity, and which Is net redeemanl
and can only he redeemed bv besng put In
the form of All interest bearing bond.
And who will compare our prese'
government greenbacks with the ant
war State-b bank notes? The West 10
millions of dollars BY wildcat bank
in that day. and by immense discoun
even or those not wildcat" II
greenback now passes from hand
hand without discount; it is as good
cold save where We want to deal wit
a foreign nation; and if it initiates valu'
II initiates all values in the same propo
ton.
The 1ribuae adds
II those persons who advocate governmel
currency can or VIII devise any scheme
measure hy which the currency can be kept
nar. or at so. so, 20, 90, so, or any 9th pric
f any plan can be adopted by which this Gu
rency Will have 4 fixed value. something Pc
nanent and staple, then thai will be aocou
,,l,shad which has never been accompiiShs
ksfore and all the objections to nation
naner currency will he removed. Ii N
frnatius Donnelly can propose any schsane
which greenhacks can have liked vaiue-al
Il Is inlmatsrial what that value may oe-l
vill become more famous than any one Of