The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-10-18
The Currency Question-A Novel PROPOSE
ton for Resumption.
PINE CITY, Oct 4. 1875,
Editor Anti Monopohst -

Editor A,,ti-Monopolist:s
In looking over the public debt statement, for
October LIST, I was struck with the stupid man
agement of the finances in some PARTICULARS;
for instance, the attempt to redeem the fraction
al currency, which amounts to $40, 7S3, 575,
with silver coin. The fact is, the silver is really
worth less than the paper, and hence instead
of being retired, the paper will be boarded tc
sell at premium. And in less than no lime
the fractional paper, will be displaced with the
silver paid out by the government, and then as
the volume is much less, the paper will sell
somewhat as follows: fifty cents paper will be
worth fifty two or three cents in silver, and
other fractional paper money in proportion, by
the money sharks OF the cities.
There is reported clear coin balance of SCI, )
$50. $40 over and above certificates of deposit
As tia law now stands this sum might as we'll
be buried in the Atlantic as in the vaults OF
the treasury When greenbacks were first is
fued, there was nothing less thsn five dollar
notes put in circulation, coin being paid on all
debts or fraction of debts less than five dollars.
| was paid in this manner in the army as late
as August 1862.
Now the legal tenders amount to 1914, 0l0,
SOC, little less than six times the amount Of
gold coin in the treasury. Is it possib e, were
the government to resume to-day, that run
| could be made upou the treasury that would
exhaust it, Ii is equal to an average deposit O.
| $50. 900 to each of the 2 900 National banks in
the country Have these banks that large sun
| OF idle money, even III these dull times, thai
| they can spare from their regular business
even if they were to concert to overthrow the
| credit of the government!
| But even if this were impracticab:e, it wouic
| be practicable to redeem all the one, two, ane
five dollar legal tender notes, and make al
debts under ten dollars payable in coin. Th
would help the common people, and, one sixth
of the purchasing power OF the laborlng peo
pies money. The larger legal tender notes
and more especially the los and 20s, would ap
preciate in expectation of being added to TIL
list, and it would bring all legal tenders within
very small margin to gold. The reception o
these small bills BY the government would les
sen the emand for gold to pay duties. An &C
of this description would appreciate to COL.
value all small National bank notes 1t woui,
give new and different form to the canvas
OF 1876, and place the republican party wher
it would be compelled to commit political sui
eide, bv supporting democratic measure: @
to enter the canvass against the most pepnla
financial bin passed since the war
1t would be one of the greatest OF anti-mo
nopolv acts that could be passed, for the RIA
son. it IS mostly held by the masses nearly i
equal distribution, and all would share alik.
The millionaire seldom carries more small note
than the mechanic. II there are only 500,
OCT. 900 Of legal tenders and small Nations
hank notes in circulation. the people at larc
would receive direct Increase in purchasin
powers of their money of So, 0oo, 200, and .
tens and twenries would soon b. added, the ar
preciating on all currency, would be nearl
sl0o, 00o, ooo. 4. Z. BALL.