The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-06-03


Jackson and hard money. [Applause ihese 9
heedless enthusiasts did not know what issue
Iaclxson made. He fought the United States
Rank. and the greenback men are lighting the {
banks Of the United States: [Applausel ne
fought for the people and ple sssnd 1 IN f them
in this tight. [Applause.] Though l am not
On Andrew Jackson, do not think 1t will be
d;f4cnit to persuade the people that great sys-
tenn of national banks is a. inimical to their m
terest as one great national bank coulo possibly
When Won ask, my friends, can things
mend? When will they begin to get betterl
Never in vour time and mine unless wiser
connsels prevail in Congress and the admins
tration Of the government. [Applanse]
There is nothing before the American Peo.
nile but ruin. ruin; ruin as utter as that which
overlook the industrial classes Of England IN
1920 and 1S2l-when they were put threugn
the same process Let him who would know
what sufferings are before the American peo,
pie if the present system be persisted IN, fea9
Allison's England, from 1915 to l845 OF A ouI-
sons Economy of Capital Donbleday's Sta
tistical History of England, in all OF which ne
will see precisely what the same process dlo
in England, and laarn that landed esta1es,
upon which half the purchase money mad 6een
paid and thousands of pounds expended IN
improvement, and the income from which had
at such prices as to leave the mortgagor SO
burdened with debt that finally many OF them
combined and petitioned Parliament to release
them from the burden Of the debt, due Dy law,
to men who had repurchased at no mlnai Prices
what they had sold, and held It, soSe thsz,
bound for balances they never could pay. he
will also learn how it came to pass that manu-
factories would bring but little more than the
cost of sale, and bow the land OF England,
from being held by hundreds of thousands OF
owners, has been brought into the ownership
of less than thirty thousand people.
And he adds these deplorable facts:
We owe in gold interest abroad largely over
| 500 OOO. zoo year, that is from the General
| Government; by States, cities and corporations
the amount is probably swollen to $l26,OOo,-
600 in gold. Our freight bills, even IN TINS Is
disastrous year, will amount to x5o, oOO,OOO, II
is estimated that, allowing but 81 600 for each
| American traveller abroad last year, the cost
was S47. O0O. 600; therefore, there is in round
numbers an annual indebtedness OF not less
than s22O, OOO, 600. Now, these charges have
to be settled before we touch the question OF
commercial exchanges. If we did not owe
ANYTHING to foreigners we might hope to Sc
cure a favorable balance in our commercial ex-
changes. and to procure gold, but we owe
them $22O, OOO, 900 year, and must pay that
before the question of inter commercial ex.
change arises or is touched. Therefore, until
our debt shall have been paid, or recalled, the
idea of attempting specie resumption is mad
absurdity. (Applanse.j They who press 1t
know that it is impracticable, but they also
know that they can make money by agitating
the question. and what, though the people 90
die. Il the rich continue to grow richer. zap
plause.)
As to the remedy for these evils, Judge
Kelley suggests:
We pay national hanks 9lS, 900 900 year
fer issuing currency; that ia to say, they put
r up bonds and we give them money for them
They discount notes with the money, ana col
lect the interest on their bonds and sell the
gold thus obtained, so that we pay the national
Banks twelve per cent on whatever money We
, get from them-six ON their bonds and six on
. what we borrow from them. Is not green
back a GOOD IS q national bank note Il there
any gentleman here who tears grecnback and
would exchange it for bank note TO remove
his iearsi II esnok Be a GOO g fsr . oan,
bank noie? (Applause.)
, The banks, you say, would 80 out OF exis.
tence il this were done. Oh, no they would
: bank on greenbacks Just as they now do on na-
tional bank notes. That is the whole story
There would be just IS much money IS theie
/ tuted for every bank note Withdrawn, there
! fore would begin by saving els, 000, 900 golt
t nv substituting creenbacks for national banl
+ notes. What next could be donei lnsteat
!, of forcing the people to deposit their none.
q with banks and bankers, would allow tn
e S25 in exchange for bond carrying the r-e
of interest that banks usually pay, about on
Q per cent day on 500, or 3.66 per cent zap
. plause) :. -
; coin that maintains the public credit and tn
y frame work Of society. It is labor ina! pro
y duces bullion, that produces wheat, Tobacco
petroleum, or whatever else We export. Tur
l. 10 the commercial statistics OF the country an
y Won will find that it nov takes two bushels
70 wheat or barrels Of -four to pay IS much intel
est - one paid in 1866 or 1856; that It TAXI
: four pounds OF tobacco 70 pay q mucn in.eie
. as one pound paid in those years It TAX
4 four gallons Of petroleum or pounds OF cotto
:, To figure on our balance sheet ~ one woul
VI have done. Transmute these commodities II
&c to DAYS labor and you will see that we nave
y our financial policy enslaved the Amenca
y working man to the foreign bondhotder. tAl
ir plause.)
" We arc glad to be able to present
K our readers these views of m origins
A. thinker upon one Of the gravest question
al Of the day. To . considerable extent '
n agree with Judge Kelley's views. As
said the other day. We believe that Il
ne ne true way to reach specie payments is
,at the path Of accelerated Pre-
e, sv perity and increased produ
nv ton: rather than by dov
or hill road Of contraction, poverty and 81
to fering. Will it pay this generation
oy- submit to the reign Of sheri6s and IA
ms gathers simply to reduce the d'scou
ten on greenbacks from Is Per cent. to not
ner ing! The loss of homes, the lack Of Toe
nv the want Of employment. and the con
ing quent despair, disease. crime and dea
ms M depicted by Judge Kelley, are more s.
the Gus matters than the success OF theo'
{ o. or the figures in = table Of New IL
~. money market reports.
); Ours is an EXCEPTIONAL country.
=. world has never, heretofore, seen y
~ u