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

THE CURRENCY QUESTION.
Some time since, {April 22d.) we re-
ceived letter from Hon. Joseph Goar,
of Morristown, Rice county, Mimi, IN
reference to the question Of greenbacks
and 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 gentleman and his opinions the
highest respect.
We publish in another column 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 Tor
the people to pay taxes to pay interest
on bonds deposited by banks and
On which 30 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, 600 of bonds, with $436,OO0, 600
of greenbacks, and the banks lend out
the greenbacks to the people instead OF
their own notes. Are net greenbacks as
good a 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:
L. 1t is the duty OF the government to es-
tablish monetary system based upon the
faith and resources Of the matt IN in harmony
with the genius OF this government, ana
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rency, should be withdrawn from circulation,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 a 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 1t, smade
pavable 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 US look At this. Suppose the
national government determine to adopt
, this course and pay off the $436,OOC, OOO
Of bonds with greenbacks; who will re-
ceive those greenbacks9 Clearly not Mr.
: 0oar or ourself, but the men sch0 Oion the
: bonds, to.wit, the bankers. And how
2 can you prevent those bankers from loan
, ing out that S436, 100000 Of greenbacks
2 at six, ten and twelve per cent. interest
, And how will Mr.. Goar or ourself get
j, any Of that currency except
5 by borrowing it from them!
! We have nothing to sell to the govern
I. ment that the government wants, and il
7 we had, the government would pay only
{ the market value thereof, and that w
S can get anyhow. And does Mr.. Goar be
e lieve that Minnesotian who had &lOO,
: 600 Of those greenbacks and could lcnt
S them out at twelve or even twenty-foul
per cent. per annum, would convert then
/, into bond bearing 1855 per cent. inter
est! And suppose he did; what benef
would that be TO usi He would simpl,
take his 100000 to Washington ant
e bring back his bond, and the latter con
q dition Of our debtor community wouls
be worse than the beginning.
= The platform continues:
\ ID This system O. finance will, by stimu
: iating our industries and commerce, soon max
= the United States the depository Of the pre-
II cious metals OF the world
ir We fail to see it. Suppose Mr. Goa
= goes to Faribault to borrow $4,000; wha
J. difference will it make to him, or to tn
, industry and commerce Of Rice county
10 whether the banker lends him greenback
!" or national bank notes, Net particle
- Sd. The adoption OF this system, by ful
nehing sufficient money At low interest, VI
:, solve the question Of cheap transportation, bt
IL cause it will enable the railroads and carryin
0. trades to relieve themselves OF their LOADS
Ct debt, lower their rates, and enable the peop
to construct additional lines wherever intern
u commerce may require.
e How viii it afford any more none
re than beforei Unless it is proposed thu
y the United States shall print a
n unlimited quantity Of greenbacks an
scatter them around to Tom, Dick ~
e Harry, without consideration. IS penni'
te are flung by the handfuls to beot-black
Sc But if this is not the plan how can N
Goar get any Of those greenbacks unle
- he has money or bonds to exchange #
them, and bonds he can convert IN
:, money! Wewould be glad to suppo