The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-08-16

Parliament in 1916, when it enacted laws to
contrac: the currency and to resume specie
payments in 1919? Was not the whole
Of tnat great country completely |
ruined during those four unfortunate years
of preparation fer the resumption Of specie |
payments Has this dreadful historical ex |
perience no value Of consideration Tor our
public law giverss Are they all fooled and
blinded by that arch traitor who writes let
tiers from London to his s.dear fellow-citi-
zens'' Of the United States, representing
them as criminals in the eyes of the COM
mercial world, if they don't ruin themselves
by futile attempts to resume specie payments,
to please the European capitalists? It were
we'll if some sound and sensible patriot
would silence him as Gov. Allen once 81
fenced the eloquent representatives OF the
London capitalists who proposed and adyo-
Gated the assumption by the United States
of the debts of the States, in the United
States Senate.
If Gov. Allen favorably advocated with
Jackson and Benton an exclusive currency
of hard money, and now appreciates the great
value Of paper money, so we'll advocated by
you, he proves his progress with the age. |
am only sorry to see that the Democratic
party generally is, in this respect, as be-
logged as Benton was, who boosted that he
had never read a newspaper. To initiate
now against paper money is like fighting
against steam power and the electro magnet
ic telegraph eI
The main cause by which France recnp-
Grated so quickly from the immense losses
and destruction induced by her terrible
war with Germany and the enormous indem-
nifty in money imposed on her by her victor.
was her free issue of paper money through
| the Bank of France. Now France is brew
| ing a panic and her downfall again. by
adopting measures to contract her currency
in order to resume specie payments,-thns
proving that her measures of salvation in
resorting to the issue Of paper money were
only the result of inevitable necessity, aud
not of true financial sagacity, just exactly
as our own experience teaches.
Although much might be said against
your statements regarding the present pan
ic, which is far from being over will only
touch on the word '.infation," of which
YOU speak in that connection. "Inflation
the very name implies buoyancy, expansion
gas, destruction; and, alas, the destruction
often falls on those who did not breed the
storm" You evidently speak of imitation as
| a dangerous result of an abundance of pa
per money, or Of any money. Now suppose
that our gold mines had yielded six hundred
millions each year, instead of sixty millions
and we had twelve or twenty hundred mil
lions of gold as part of our circulation, woult
that '.intiate" the price of any commodity
Is not the price Of every commodity deterln
ined by the old law Of supply and demand
Would not the possession Of so much money
stimulate industry, enterprise and health,
production Should such result be callet
imitation, gas, e-truction? Would not th
general stimulus given to enterprise ius
such general abundance of production tina
the supply would exceed the home demand
and would not thereby a general reduction
of the prices Of all commodities be effec.e /
, by which we would be enabled to expor
our surplus to other Countries Would no
such be the most reasonable and practica
way to secure the balance of trade in on
favor? Now, it we have not so much GOLD
| we can have an abundance of equally valu
q able paper money, issued by our govern
. ment, and secured by the property of Tia
: whole country, whether We resume spc~i
payments now, or at any future time, whe
= it suits us better. All our citizens will
i satisfied with our legal tender currency. il
: sued by our government, aud an abundant
of such currency will enable our people
:, exchange their commodities freely, witho,
a initiating the price of single article, -suc
a being exclusively regulated by the law
: supply AMI demand. The mutual int ercour
>. and home trade among our people has mo
than treb.ed since the war, and the amou
!, of currency which ten years ago was suf
- cient for US and made all prosperous, Dug
= now to be at least trebled. to come up to O
20 wants. The great value Of paper money,
= similar certificates Of value, for the spec
~ transaction of business, is shown in I
in New York Clearing House, where. by /
il means of paper, an average business
L. thirty-thre millions is daily transa cted
. few hours. Paper money, in abundant
10 would serve similar purpose to the cou
hi try at large Each government note is c.
/ o ti6cate OF undoub;ed value which can
4 used among the citizens for the mutual I
,g change of their commodities Paper mon,
10 properly secured, is for the financial wo
n. what steam is for the physical and the tie
graph Tor the intellectual world
of If an abundance of coined money wo,
IT not hur; Us, but improve our condition
Its every way. there is no reason to fear q
= /
re cy, which is nothing else than small boz
S., issued by the people CT the whole count
IRE and secured by mortgage on all tn
go property. Since these bonds are inten,
1T TO circulate among he people and not TO
he main long enough in any ones hand:
lat earn any interest, it is thought unnecess'
Id to make them subject TO the payment of
& ferest.
0, You say, Industry is gradually revivin
aai etc Our experience here in the East il
me ferent- Here industry is gradually dyi
icy out, and the great mass Of our people
llsea on the verge of general bankruptcy and p
me erty. There is really no earthly sign 9
eel revival OF business. 1t sounds like trif
a.. with our vital interests to declaim on
'as resumption Of specie payments as the hi
rea est object Of craftsmanship. One-fourti
II. ali our houses are for sale or rent, one-l
IL of our factories are closed or work on
I'M ducei time and none make any profits
ny commercial houses arc merely holding
ave on hope none earning their expenses
the Pardon my rsmarkst random. | b
- not the tim to sysfeu 1Aem- Ny