The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-11-01


the question actually pending. For the great
er part of our national history, every debt of
every individual, aud all the debts Of the ma
ton were strictly payable in coin. Nothing
but gold or silver was legal tender in pay
ment of debt. Yet in half century and |
more, in which this was the law of the land.
both legislative and constitutional, how many
persons ever saw gold or silver rendered be-
cause the creditor refused currency?
The true question is not whether our nation
al bonds are payable in gold, but when shall h,
nation is, beyond all question, bound to pay
its debts in funds equal to gold, when gold it
self is at its normal par. Our national Curren- |
CIV is now absurdly out Of order; it can be put |
right in few months; then it would be enough |
to say that the bonds and all other matured Ii |
abilities Of the Treasury will, and ought to be |
paid to the entire satisfaction of the claimants
The debt of the United States can never be-
paid in gold or silver; it can and will be paid
in their equivalent, and in funds perfectly ac-
ceptable to the creditors.
The task now before Congress is, to bring
the currency of the country to condition in
acceptable as gold and silver, in all the ordina
ry domestic business Of the country.
The idea was started about a century ago by
an eminent writer, that there was strict rela-
ton between the quantity of money in coun-
try. the quantity OF commodities in the market,
and the prices. This simple mode Of adjust
ing some very complicated problems, has held
great sway for century in the minds of even
cultivated men. Another notion, nearly re
lated to it, and partly growing out OF it, is that
the value of a currency bears strict proper
ton to its quantity Neither Of these postu-
lates have more than mere shadow OF truth
in them, and cannot be made the basis of any
safe conclusions.
The business of a country and the various
kinds OF business vary so much in different 10
calities, seasons, and years, that the amount of
currency must vary by many mi, lions. at dit
ferent places and times. 1t is we'll known,
that in the more sparsely settled Western
States, from three to ten times more currency
would be required, for an equal amount OF
business, than in the seaboard States. Can the
currency in these Western States be regarded
as proportlonably deprecated on that account
when they happen to have enough for their
business? The Eastern States, with the aid of
clearing houses and bank deposits, can largely
dispense with currency in great operations; in
the west currency is equally needed in both.
Our public debt is not due; the public cred
itors are not clamorous, though many are anx
iously waiting to see some improvement in the
management of our national finances. The
b-st preparation for payment of the public
debt is a wise and welI-founded financial sys-
tenn. When that is accomplished they will
never ask for payment in gold or paper. 1t
Let the first measure Of reform then be the
repeal, without delay, Of the measure which
has caused the chief portion Of our present
financial difficulties, and still greater pro por-
ton of that confusion of mind on the subject
which prevades the whole country. Letthe
Treasury and the people be at once placed on
the same footing as to currency. Whatever
the government has contracted with its cred
itors to do, whether payment of interest or
principal specifically in gold, let it be 80 done;
but whilst this performance is satisfactory to
the public creditor, let it not be by method
discredtable to our skull in finance and dam
aging to our public Treasury; not by method
Of such evil results that it must be wholly set
aside before the next step can he intelligently
or safely taken. A very large number of peO-
pie believe that our currency IS deprecated TO
the extent OF the premium upon gold. To b.
consistent, they believe that the paper curr-n-
cy of this country has, during the last four
! cent. Of depreciation. Many who have large
|. : acquaintance with the subject utterly deny
this depreciation. But, until this mischiev-
Gus law is repealed, no mere human scrutiny
can decide how much gold has risen, and how
much the currency has deprecated. The pub
u lie voice pronounces that gold has risen. Ii
support of that view it may be said, that il il
has not risen, it is an extraordinary exception
to the rule that great demand increases prices
demand enforced by law, which exacts hal
!. million of gold daily for its satisfaction, i
! enough to force gold to high rate. But whei
we add to this that spectators, awaiting them
;, selves Of this erroneous action of the govern
: ment, have monopolized nearly all the gold il
# the market, we need not wonder that gold is VI
|. to fifteen per cent. premium.
a Gold will be abundant when we cease to bi,
so high for it. The premium paid with cur
, rency duties will provide gold for the publ
) interest, gold will seek owners when the dali
| IL l<.ov Cell
spectators will retire upon their spoils, an
employ their vast capital elsewhere.
The period for the resumption OF specl
g payments is the anxious inquiry OF many VIII
are fatigued with the psrplsxities and uncer
= tainties Of the present state and prospects Z
our currency, That depends chiefly on tn
rs national legislation which may be applied as
81 remedy for the present evils. One thing ma
d be assumed as certain, specie payments can
y not be resumed until the statue exacting pay
a ment Of duties in gold shall be repealed s
Of long Is that provision of the law stands larg
" profit may b. made by taking gold from th
Or 6anks and selling it to the importers, state
things which forbids any attempt on the pal
of the banks to pay specie.
-. The first step towards specie payments the
= is the repeal of the gold-duty bill, thereb
- ending the stupendous speculation in golc
T. one OF the chief causes of the APPARENT deprs
= ciation Of our currency. As over-impoFtatio
Z. is also an efficient cause of disorder and col
:. fusion to our currency, the repeal Of the gold
T. duty bill should not bs permitted to operate
IN announcement to increased importation
=. he duties after the repeal should be paid
- treasury notes with the addition Of the prem
= ium on gold. With that increase Of Il
o. amount Of duties the Secretary could provit
- gold when and where it could be obtained {
n the best terms. If the spectators attempt
H. maintain their combination, the Secretary c.
N obtain gold both at home and abroad, at {
~ less rates than the present market price, and
- course for less than the fund charged and CO
= lected with the duties. These measures won
=. 90 far to restore our currency and gold to t
IA condition of being equivalent The price
be gold would come down and be regulated
ne the rate Of foreign exchange. The rates
= foreign exchange, which is an open mark
of would become the known index of our forei
an debt, and gold would be in demand only
re shipment, and for payment Of interest by I
Ia United States
he As high price of gold for shipment is I
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