The anti-monopolist., 1875-07-26

many who have in all countries set themselves
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 fuctuates 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: at Il cost Of
tecenty tuo million d9llars per a,snunl.
Why not sweep away the expensive
shadow and depend On 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 Tri5une says:
If, as we have said, fixed value could be
given to the greenbacks, then a national cur
rency might w i take the place of bank pa
per.
VIII not fixed value De given to the
greenbacks when YOU reach specie pay
ments9 Why not then make the resump-
ton Of specie payments and the substl-
tuition OF greenbacks tor national bank
notes 90 in hand And in the mean
time does any man believe the national
4 a
! fore the government doeso
Continues the 7ri5ame:
/ There is another deiu.ion set forth in this
resolution, and that is, that If the National
] banks We're abolished, the government would
save the interest row paid on the bonds depos-
/ tied to secure the circulation. The bonds arr
the private property oi The banks, and all
they have to do Is to deposit with the Treasury
an amount Of greenbacks equal to the amount
OF their outstanding currency, and Withdraw
their bonds How viii such proceeding save
any interest to the Government!
The government found no trouble in
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 a greenback
This is the way our national debt now
stands:
Interest bearing debt 1907 ,99S ,40t
| Non Interest bearing debt 49S, 1872, Al
Total 8, 200, ls0.Sl
The Republican programme IS to turn
nearly all tnat S495, lS2,41l, to WI
1882 lis, 900 OF non-lnterest bearing
debt into an interest bearing debt. ST
that instead Of paying 800, los.570 an
nually OF interest, as now, we wouls
pay Slls,o45,97o.
Now our programme is to LET tha
non. interest raying debt remain non
interest paying, and reduce the interes
paying bonded debt by issuing 1880,
COZ, eco of greenbacks in lieu OF banl
notes, Then the debt would stan
thus
!, Interest paying debt, sl,aa7 ,e9s 40
Non interest SIS, -, Al
Total, so,206, Isl, 81
Let the government give the bank
such advantages and facilities as may b
!. reasonable Tneu instead oil investing
5 Sill, ,ooV TO purchase 100000 govern
. ment bonus and receiving thereto
$4,000 OF national bank notes, til
banker could turn his SlOo. 900 of boud
into 100000 OF greenbacks; which h
would loan out to his customers. He thu
gets 10 per cent. more curtnccv, and
currency that can never tail or suspen,
and that has million men 1T arms b.
hind it to sustain it against all comers.
These would be the resGlts:
/. The Republican plan:
E Annual interest, payable through
a taxation: sils,15, 81
!; > The Anti-Monopolist plan:
4 Annual interest. payable through
e taxation: s7e, SIS, 80
I Annual Profit to the people by our
:, plan: sI.7l1 s.
! WA. M Tribune. Should r. not sa
), this s,on d nearly firtp millions each yea
. Can you give us reason? Who woul
be hurt by il? Are not fifty million
t year worth saving?
I