The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-07-12
The Anti-AGonopo1ist.

therefore thought he woull be false to his
trust if he did not call attention to one plank
in it-that in relation to fnance-and offer
an amendment to it. 1t would undoubtedly be
the great question Of the next Presidential
election The West and the South would
tn n array themselves against the present sys-
tenn of contraction, while the East would favor
it. The Democrats of Ohio had already taken
a stand against the present system OF contrac-
ton, and the action proposed in the resolution
referred to, without explanation, would
operate to their prejudice. and place
the Minnesota Democrats in opposition
to its friends in that State, and all action need
ed in this question should be taken with due
elaboration. To this end he offered the fol-
lowing substitute to the resolution of the COM
mittee:
WHEREAS, 1t is admitted that our national
currency should tie made to correspond in
value with the currency OF the rest of the
world; but inasmuch as the rate at which for
eign countries are willing to accept our cur
rency in exchange for their OWL, depends up
on their confidence in our financial stability,
the degree of our prosperity, the amount OF
our exports, and to some extent upon their
sympathy or want of sympathy with our tree
institutions.
AND WHEREAS, The effort now being made
to bring our national currency to the value of
gold has utterly failed, and the margin OF diff
ference between gold and greenbacks is greater
now than it was before the experiment began,
while the system of contraction has reduced
the values OF all forms OF lauor and property,
and has produced general bankruptcy and
widespread poverty and suffering; therefore
ResoIred, That in the judgment OF this con-
vention the true road to specie payments is
through economical administration OF the gov
eminent, reduced taxation, restored prosperity,
developed resources, and increased expOrta-
ton Of the products of our inexhaustible fields,
forests and mines.
Resolued, That we are opposed to the with
drawal from circulation of the $4l7, O0O, 700 of
greenbacks and fractional currency, evidences
of debt upon which we pay no interest, and
the substitution therefor OF q like amount of
S458, 0OO, 600 Of government bonds, on which
the people would be taxed to pay interest at
he rate OF e25, O0O, 900 annually.
Resolved. Tnat we see no reason why legal
tender government notes, bearing no interest,
should not be gradually substituted for the
$3.50, OOO, 900 of national bank notes, based on
$4ll " w. on Of bonds, bearing interest at rate
stitution would give us an equally valuable
currency at large saving of annual taxation.
Hon. Eugene Wilson, member OF the COM
mitter, replied to Mr.. Donnelly, stating that
the resolution met his hearty approval. The
question was should the Democracy declare in
favor OF speedy resumption and consequent
prosperity. The resolution provided tor reach
ing basis where the paper OF the country
would be worth its face in gold. The Repub-
lican system OF contraction was another evil,
commencing at the wrong making
resumption commence with the peo-
pie instead of with the government, the
party that was responsible for the depreciation
of the value of currency. He believed that
business interests were much better SUBJ
a irstouA of.
and he wanted the Democracy OF this State to
stand by that principle rather than by the po-
sition of the Ohio Democracy.
Mr.. Robertson OF Ramsey thought Mr.. Dom
nelly did not understand the purport OF the
committees resolution, and if he did, that
Le would favor it. Its import
was simply to prepare tor specie payments.
The financial policy ot the country was simply
that dictated by the bulls and bears of Wall
street, q medium of India-rubber that m,y be
shortened md heightened just as the selfish
interests OF these money sharks shall dictate.
The real issue to be met was whether the
Democracy OF Minnesota were in favor of an
immediate preparation for the resumption
Of specie payments and the adoption
continuing the present suicidal deprecated
paper system. He knew that the Ohio De-
m0cracy had adopted questionable plank on
the currency question, an act that in his opin-
ion was fatal error-a most fatal stab in the
heart OF the great Democratic party from a
friendly hand. 1t was the duty OF the Demo.
Gratis vi Minnesota to proclaim truth against
error, and ABIDE by the result.
At Ar. Donnelly's request the resolution OF
the committee was read.
After which he INDUCED in another speech.
holding that the resolution meant an endorse
ment Uf the present system of contraction
against which the Ohio Democrats have taken
. stand. This was the sum and substance of
the declaration. Mr.. Donnelly then called at
tention to the tact that the per capita OF money
in this country was much below that Of the
Older countries ot Europe, where the necessi-
ties were much smaller. There were bnt two
courses to be pursued ON this question, either
back up Ohio, or ignore the whole subject.
An effort was then made to refer M. Don
nellv' s amendment, with the report. hack to
the committee, but this was defeated.
A rico roce motion to lay the amendment on
the table was then tken, the chair deciding
that the motion prevailed.
A division was then had, the vote resulting
81 in favur OF TIE motion 10 table the amend.
ment and 80 in the negative.
The report OF the committee was then ADOPT
ed without objection.
Tn motion 1t was resolved that no memhe,
should be allowed to speak on any question
longer than ten minutes.
"
vention proceeded to An informal ballot tor
Governor, the vote to be rire roce through the
chairman Of each county convention.
Hon. d. L. Buell. OF Houston was named
A. A. Mcleod nominated Hon. Eugene N.
Wilson Of Hrnnepsn, but tina. gentleman pos
itively declined.
Gen. W. A. German presented the name of
J.. 8. Fisher Of Ramsey, gentleman whom he
had known for twenty years,-a man who had
shown himself equal to all positions in which
he had been PLACED in his long and busy life.
Mr.. Ara Ban ton Of Rice, was nominated I'm.
Withdrawn upon the statement of Judge Rm-
melt that he would not serve.
Hen. Isaac Staples OF Washington. and Hon
Seagrave Smith Of Dakota, were placed in
nomination.
The vote was taken as follows:
Buell. Fisher.
due Do4eA. ..... go. III
Carleton 80. 80. 49,. !
carver ...... ...... 800.
CnlSAgO ...... -.
uOUStOn 80. .-.6
Lake 1890.
Ln Sueuf ...... ....... :
Mile Lac ...... ...... 80. $500.
sNOWeI s.
NiCOtleS ...... K
NUOieS 1890. .....