The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-07-12
THE FINANCIAL ISSUE.

The 7th inst, made grave mistake
when they voted down the following
preamble and resolutions, presented by
US:
WHEREAS, It is admitted that our national
currency should be made to correspond in
Value with the currency Of the rest of the world;
Dut lnasmuch as the rate at which foreign
countries are willing to accept our currency in
exchange for their own depends upon their
confidence in our financial stability, the degree
o1 our pro- perity, the amount Of our exports,
ana 70 some extent upon their sympathy or
want OF sympathy with our free institutions;
and
WHEREAe, The effort now being made to
Dring our national currency to the value OF
gold has utterly failed, and the margin of
difference between gold and greanbacks is
greater now than 1t was before the experiment
began, while the system of contraction has re-
duced the values of all forms of labor and
property, and has produced general bank
raptcy and widespread poverty and suffering;
Kesotued, That in the jugdment of this con-
vention the true road to specie payment is
through economical administration oil the
government, reduced taxation, restored pros
perlty, developed resources, and increased ex-
portaflon of the products OF our inexhaustibie
fields, forests and mics.
Resotred, That we are opposed TO the with
draWal from circulation of the SAT- ,OUO, 900 Of
g greenbacks and fractional currency, evidences
OF debt upon which we pa. no interest, and
the substitution therefor OF like amount of
national bank notes, based upon new issue
OF $4oo, ,WO,0OO Of government bonds, on
which the people would be taxed to pay inter-
est at the rate Of 500, ,OOO, 900 annually.
Resolred, That we see no reason why legal
tender government notes bearing no interest,
should not he gradually substituted for the
S3SO, ,OOO, 900 of national bank notes, based on
$4t 900 100 of bonds, bearing interest at the
rate OF $.2, 900 ,OOO per annum. Such q sub
stltutlon would give us an equally valuable
currency at large saving Of annual taxation.
They adopted the following plank:
Fourth.-A return to gold and silver as
oasis OF the currency OF the country, with i'm
mediate preparation and effective measures to
secure the resumption of specie payments.
But for the fact that the question is a
new one. and that it was suddenly
sprung upon the convention, and that
three-fourths OF the members had never
discussed it. we should regard their
course as disastrous in the extreme 10
themselves. But Mr.. Buell., ID his ac-
ceptance speech. in few plain words
showed the fallacy Of the doctrine. Said
he: 'How can We return to specie pay
ments? Our currency is over 700 mil
lions, and We have Is millions of gold
to redeem it with. The attempt s0iU bust
US al,n
The very next day after the conven-
ton met. we found the following item
in the telegraphic dispatches:
WARRINGTON, July 7-Under act of july
18th, 1874, providing for the resumption OF
specie payments, the government has disposed
OF about ten millions Of bonds known as Der
cents, authorized by the act of July l4th.
1870, and with the proceeds has purchased
about nine millions in silver for the purpose OF
retiring fractional currencyI
Now mark this:
Here is the govelnment putting upon
the people ten millions of debt, bearing
five per cent interest per year; or $780,
GOO annually, to be paid by increased
taxation. And for what? To withdraw
ten millions of fractional currency
which serves Our purpose as well rs sill
yer, and on which we pay no interest.
And il the silver commands q premium
over paper money, will it not be bought
up and boarded. or shipped out Of the
country as gold is now?
1t is all wrong. We only 60 through
this world once ;-and this is our time,
now. Why plunge a whole generation
into bankruptcy to force resumption Of
specie payments? Why this terrible
hurry? Why not leave something for the
next generation to attend to. This gen.
Grafton fought through the war, bore
the heat and burden Of the day, and
poured fourth its blood and treasure
lavishly. Why wreck it now at the bid
ding of Wall street? Are not prosperity,
plenty, industry, human happiness worth
more than q theory? And how does the
premium on gold hurt Minnesota?
Minnesota never was so prosperous as
when gold was worth $3.50. Wheat
sold then for s2 so per busnel. Wheat
being subject of export rises as gold
rises, and the gold premium is added to
its price.
If the present system of contraction
is TO be persisted in it will be five years
before we can hope for good times again,
and in the mean while, as Nr. Buell.
saws: "It viii bust Us all"
We hope Democrats and Republicans
will discuss this thing and arrive At Just
and pound some new ideas
into the fossilized heads Of their leaders.