The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-08-16
The ACKNOWLEDGEMENTS.

when she was compelled to stop specie pay
ments, and relied exclusively on paper
money, until an evil spirit came over her
Parliamentin 1916, when it enacted laws to |
contract the currency and to resume specie
payments in 1921 Was not the whole |
prosperity Of Tint great country completely |
ruined during those four unfortunate years
Of preparationefer the resumption Of specie
payments? Has this dreadful historical ex
perience no value Of consideration for our
public law giverss Are they all fooled and
blinded by that arch traitor who writes let
tiers from London to his s.dear fellow citi-
zens'' Of the, United States, representing
them as criminals in the eyes Of the COM
mercial world, if they don't ruin themselves
by futile attempts to resumespecie payments,
to please the European capitalists? Itwere
we'll if some sound and sensible patriot
would silence him as Gov. Allen once 81
lencedithe eloquent representatives Of the
London capitalists WHO proposed and adyo-
Gated the assumption by the United States
of the debts -of the States, in the United
States Senate. W
If Gov. Allen favorably advocated with
Jackson and Benton an exclusive currency
of hard money, and now appreciates the great
value Of paper money, SO well advocated by
you, he proves his progress with the age. |
IN only sorry TO see that the Democratic
party generally is, in this respect, as be-
| logged as Benton was, who Boosted that he
had never read newspaper. To initiate
now against paper money is like fighting
against steam power and the electro magnet
ic telegraph. 4at .ttf 81
The main cause by which France recup.
Grated SO quickly from the immense losses
and destruction induced by her terrible
war with Germany and the enormous indem-
nifty in money imposed on her BY her victor.
was her free issue Of paper money through
the Bank of France. Now France is brew
ing q panic and her downfall again. by
adopting measures to contract her currency
in order to resume specie payments, thus
proving that her measures of salvation in
resorting to the issue Of paper money were
only the result of inevitable necessity, and
not of true financial sagacity, just exactly
as our own experience teaches. q.
Although much might be said against
your statements regarding the present pan
ic, which is far from being over, will only
touch on the word -"indation," Of which
YOU speak in that connection "Infiation
the very name, implies buoyancy, expansion
gas, destruction and, alas, the destruction
often falls IN those who did not breed tn.
Storm" You evidently speak of imitation al
. dangerous result Of an abundance Of pa
. per money, or of any money Now suppos,
that our gold mines had yielded six hundred
millions each year, instead Of sixty millions
and we had twelve or twenty hundred mil
lions of gold as part of our circulation, woult
! that .'iniate" the price Of any commodity
Is not the price of every commodity deferm
} ined by the old law Of supply and demand
ii Would not the possession Of 50 much none,
, stimulate industry, enterprise and healthy
! production Should such result be Gale,
: imitation, gas, destruction Would not tn
3 general stimulus given to enterprise ,us
such general abundance of production tina
= the supply would exceed the home demand
and would not thereby general reduction
. of the prices Of all commodities be effected
. by which we would be enabled to expor
: our surplus to other Countries? Would nc
i. such be the most reasonable and practice
! way to secure the balance of trade in GU
! favor? Now, it we have not so much gold
i we can have an abundance Of equally valu
. able paper money, issued by our govern
. ment, and secured by the property of til
). whole country, whether we resume spc.i
!. payments now, or at any future time, whe
i it suits US better. All our citizens will
y satisfied with our legal tender currency, il
!. sued by our government, and an abundant
a of such currency will enable our people
n exchange their commodities freely, witho,
. initiating the price Of single article,-sue
ID being exclusively regulated by the law
- supply anil demand. The mutual intercour
=. and home trade among our People has mo
y than trebled since the war, and the amou
81 of currency which ten years ago was sui
he cient for US and made all prosperous, Dug
10 now to be at least trebled, to come up to o
no wants. The great value Of paper money,
" similar certificates Of value, for the spec
IN transaction Of business, is shown in I
in New York Clearing House, where, by /
il means Of paper, an average business
Il. lthiriy- three millions is daily transa cited
To- few hours. Paper money, in abrndan,
NO would serve . similar purpose to the cou
IA try at large. Each government note IL . e
10 ti6cate Of undoubted value which can
ID used among the citizens for the mutual
NO change Of their commodities Paper mon,
70 properly secured, is for the financial wo
m. what steam is for the physical and the te
graph for the intellectual world.
Of If an abundance Of coined money wo,
NJ not hurt US, but improve our condition
nts every way, there is no reason to fear {
t." ca.amity from an abundance of paper ~,
ire ey, which is nothing else than small boz
IS, issued by the people Ct the whole count
ore and secured by mortgage on all th
60 property. Since these bonds are inten,
ii 10 circulate among The people. and not to
the main long enough in any ones hands
hat earn any interest, it is thought unnecess
nd. to make them subject 10 the payment Of
u: terest.
Q. You say, ssIndustry is gradually revivin
nal etc Our experience here in the East is I
inc ferent. Here industry is gradually dy
ne! ont, and the great mass Of our people
.ea On the verge Of general bankruptcy and P
tne erty. There is really no earthly sign .
eel revival OF business. It sounds like trif
al, with our vital interests to declaim on
"a. resumption Of specie payments as the hi
req est object Of Craftsmanship. One-fourtl
my all our houses are for sale or rent, one-l
~ Of our factories are closed or work on