The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-07-26
many who have in all countries set themselve
up as doctors in finance


up as doctors in finance.
But the Tribune fails to remember that
in this respect the national bank note is
in precisely the same condition as the
greenback, The national bank note is
redeemable with greenback, and OF
course it ductuates in value with the
greenback. The foundation Of the ma
tional-bank system is the greenback, in
other words the national solvency and
credit. When you scratch away the
national bank notes you reach the green
backs underneath. The national bank
note is simply an attorney to do the
work of the greenback; 0ta cost OF
tUenty tVo million dollars per 07altn1.
Why not sweep away the expensive
shadow and depend en- the inexpensive
substance? The banking system could
continue; but instead Of issuing their
own votes and charging both the nation
and the borrower interest on them. they
would use greenbacks and collect inter-
est only from their private customers.
The Tribune says:
If, as we have said, fixed value could be
given to the greenbacks, then national cur
rency might W II take the place of bank pa
per.
viii not fixed value be given to the
greenbacks when you reach specie pay
ments? Why not then make the resump-
ton Of specie payments and the substl-
tuition OF greenbacks for national bank
notes 60 in hand? And in the mean
time does any man believe the national
banks will resume specie payments be
fore the government does?
Continues the 1rijame:
| There is another deiusion set forth in thi:
resolution, and that is, that if the Nationa
banks were abolished, the government woulc
save the interest now paid on the bonds depos
tied to secure the circulation. The bonds ar,
the private property ot the banks. and all
they have to do is to deposit with the Treasury
an amount of greenbacks equal to the amoun
of their outstanding currency, and Withdraw
their bonds. How will such proceeding sav,
any interest to the Government
The government found no trouble ii
1862 and 1868 in driving the state banks
out Of existence; and compelling those
who owned them to open national banks
Congress can in the same way devise
legislation that in one year would make
it to the interest Of the banks to return
every national bank note and acccp
therefor greenback.
This is the way our national debt nov
stands:
Interest bearing debt, $i,7O7 ,99S ,4O
Non Interest bearing debt, 49S, 1872, Al
Total g, ,2O6, 1870. 81
The Republican programme is to turl
| ranr1v oil i0A A0 Ill IN
S432, ,7i3,OD0 Of non-interest bearing
debt into an interest bearing debt. s.
that instead Of paying s96, ,40S.570 an
nually OF interest, AS now, we woul'
pay SllS,045,970.
i Now our programme is to let tina
non. interest laying debt remain non
interest paying, and reduce the interes
paying bonded debt by issuing $3.50,
VOO,0OO of greenbacks in lieu of ban
notes. Then the debt would stan
thus:
Interest paying debt, sl,a27 ,e9s, AZ
Nom interest SIS, 1872 Al
Total, s2,2O6, $50 81
Let the government give the bank
such advantages and facilities as may I
| feaSOn3ole. linen lnSlSs.J Ol luNcstlul
) $4,000 to purchase 100000 goverl
+. ment bonds and receiving thereft
100000 of national bank notes. Il
banker could turn his 2lOo, ,ooc Of bons
into 100000 OF greenbacks; which |
would loan out to his customers. He th'
gets 10 per cent. more c,,rtnccy, and
currency that can never TAI! or suspen
and that has million men ut arms b
hind it to sustain it against all comers
! These would be the results:
/. The Republican plan:
e Annual interest, payable through
q taxation: SlS,ui5, 81
: =. The Anti-Monopolist plan:
!, Annual interst, payable through
. taxation. SO, SIS, IS
: Annual Profit to the people by our
!, plan: SN.II, 3
4 WIZ, Mr. Tribune. should We not sa
!, this sum of' nearly .fifsy millions each yea
. Can you give us a reason? Who wou
be hurt By il? Are not fifty million
t year worth saving?