The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-10-04

Let us note some Of its points as briefly
as our crowded space will permit:
Under any we'll guarded plan Of resumption
one hundred million dollars in coin would
probably be more than sufficient to meet all
actual demands on the government for redemp
ton.
Ii that were so resumption should
have b zen reached long ago, forthe gov
ernment has, many times, had more than
one hundred millions OF gold on hand.
But suppose the government had one
hundred millions and resumed specie
payments. Here are A. 7. Stewart and
a few other importers have got to pay
one hundred million dollars of duties on
imported goods or pay for the goods
themselves; they cannot do it with
greenbacks for the government refuses
to receive greenbacks in payment for
duties; so A. T. Stewart and his friends
walk up to the Treasury Department
and present 500, 100000 Of greenbacks
aud demand gold for them and the gov
ernment is '.ousted," This fact becomes
known and every greenback is a. once
pr. sented to the Treasury, and as the
gold is not forthcoming gold rises. But
this is not all; suppose the Treasury
survives this shock, what nextp The
government has to pay the interest on
the public debt in gold; this amounts to
about Sl2O.OOO.0OO per annum. This
the government pays out to brokers,
capitalists and foreigners. They find
that gold is scarce and that merchants
must have it to pay for imports and so
they hold on TO it as they are doing now
and put up the price.
The whole trouble is that the govern
dishonors its own paper. 1t refuses to
receive it for certain kinds of taxes
1t compels these taxes to be paid in gold.
Ii il is requi 9 thc m to be paid in black
eats toe price Of black cats would rise
\ at once and the fellows who had their
cellars full of black cats would insist
that no more blacA:: eats should be bred;
for that would be species OF black eat
expansion, which would cheaper the
price Of the article and bring them
down to the value of all other cats.
That is the financial question in a nut
she'll
But it will be said, 1--WE have to collect
our duties in gold because we have to
pay interest on the public debt in gold"
| We answer as the celebrated DR. Aber-
nethy did when a lady patient said to
him: doctor, whenever | bend nv
right leg away around behind my lett
leg,-this way,-it hurts me.-Ouch :"
why the ID do you do it then ? :" sa d
the profane.old Doctor.
| There we had the 80 bonds, payable
principal land interest in greenbacks.
They were popular with the people
Why We're they driven OF, OF the market
and their place usurped by collaborating
bonds? Why was not all cur debt put
into these bonds? Ii that had been done
| gold would be worth no more to-day
than greenbachs. for who would want
to buy it. 1t would be like lead or iron
or copper or cotton.
But it will b. said what would we paw
for our foreign pur b S 3 with? We an
swer with COR exports Ii the foreign
manufacturer would not take our green
| backs. he could exchange his wares TOR
our whea', cora. pork, cotton. tobacco.
ETC.. and II ne did not want to do this,
he could keep his goods, and that would
help our home manufactures. Aud ii
he said our greenbacks were not fair
| measure ct value and that a dollars
worth ct wheat, corn. oats, or a POUND of
meats, cotton or tctacco, was really
worth one dollar and fifty ceats, that
hall dollar extra would be premium
on agricultural exports and an enrich
msnt o. the producing classes
The Pioneer-Press continues:
Unless, indeed, there should prove to be
such . redundancy OF paper currency that a
larger reduction Of Its volume would b. neces-
sarv 10 accommodate ii to s'the wants Of trade. I
There would he no contraction unless there
WAS REDUNDANT currency, and the fe-auty o
specie redemption il that BY making banks 81
issue on n gold basis tree, the currency is M
longer an arbitrary quantity fixed by the ca
prices of legislators, but adap;s itself by the
laws Of trade 10 the wants OF trade IL
Now mark the absurty of this:
|. Specie redemption cannot exist i
the volume OF paper currency Is out o
proportion to the wants of trade. a
indicated by the value OF gold.
{ III. If there is redundant currency
! it must be reduced largely to bring abou
!. specie redemption
LII. Having reached specie redemp
ton by thus reducing the. volume OF cur
q rency tOu c1u tucu opcu the HoOu Sdlc:
of tree banking and let out an unlimite,
: quantity OF paper. money and still retail
: specie redemptionH.
But the Pioneer Press continues:
) For there are yast supplies Of gold in all th
countries of Europe which are At the serric
e of our government If IT should find it necessar
f to purchase the coin required, and which
when our currency is r-deemable and gol
and silver coins are again made current /
:. small denominations, and TOW naturally frol
!. those countries 10 this In fact the products
our mines alone would IN three years suppl
e nearly sa00, ,O0o, 900 Of the precious metals
a an amount more than sufficient tor resumption
And If our government proposes I
buy this gold in Europe what viii it bu
: it withe Net greenbacks for we are /
issue no more3 No. wheat and cott1
tor the government owns none. Sha