The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-07-27
WHOLE |, NO. lo7.

WHOLE NO. 1O7.
1T the price paid few years since would
be Gus boon.
Othe>~ ara at work, but with large families
and smallpay, it is almost impossible to keep
from running behind. Where wages are scant
and the laborer's credit good, ha may bridge
if the trouble is long continued, or the man
has no credit, what is the prospect that stares
him in the face? 80 h0pE l{aT ''7
Simply the poor house. g ~. '
But the Citizen is mistaken when it
says that the cause of financial troubles
is ''over~pruduction." How can there
be ''over-production with four millions
of W workingmen out of employment for
y two years? How can there be-
.over-production" with half the factories
closed or in the hands of the sheriff. Ever
since 1873, now three years, we have,
had the crisis, with diminished produce
ton, and yet men talk aippantly about
that too much has been produced, but
that too little has been consumed and
the decreased consumption is due to the
poverty OF the people and this is due to
the interruption Of production by the
contraction of the currency.
We will suppose A. B. G. and D. to be,
manufacturers, A. makes boots and
shoes B. calicoes; G. woolens, and D.
hardware they have all of them been
carrying on their business. as usual, with
one-third cash and two>thirds credit. A.
lives in town in which there is $1OO 900
to loan. By the process OF contraction
this $1O0,OOOis reduced to $75, 900.
| There is just much absolute wealth in
the community as before but there are
$25, 900 less currency. AS means Of credit
are reduced fourth perhaps, (it his
paper is not regarded as '.gilt,edged,")
it is destroyed altogether. A is forced to
contract his business. He discharges
one half his workmen and reduces tho
wages of the balance and he enfOrces
the strictested economy in his own fami-
ly. WHAT'S the result. His employees
and himself and family buy one halt less
of BIS calicoes, C's woolens and DIS hard
ware. B, C and D find not only their
margin OF credit reduced 25 per cent.
but thew find their sales rapidly diminish
ing; and they dismiss thirds OF their
wurkmen, men who used to bny literally
Of AS boots and shoes. A finding his
customers poverty-stricken cuts down
his business still farther. The whole
town suffers; the mechanics, the mer-
chants, everybody is driven to the same
economies. Real estate shrinks in val
ue; personal property shrinks in value !;
everything shrinks in value but money ;.
that grows and fiourishes in the midst of
the general calamities. The distressed
people ask an explanation. "Over pro-
duction, say the moneycrats ;-"ov-
reproduction, echo the fools. And
then the moneycrats proceed quietly TO
pack the town and county caucuses and
state and national conventions Of both
parties, SO that whichever way the peo-
pie turn they find the doors Of escape
closed in their faces, and they sit down
and submit to inevitable destruction, or
they break loose from both the corrupt
old organizations to find liberty and
safety in party Of their own creation.
Suppose tomorrow, the work Of con-
traction were to stop, and Congress
should authoritatively declare that for
five years the currency should be neither
increased nor diminished Business
would at once revive, the work Of pro-
duction would commence anew; the
workingmen and women now idle, starv-
ing or begging, would have their pockets
full OF money with which to pay their
debts and buy goods Of all kinds. The
whole country would unloose its gather
ed boards to add to the general prosper
ity.
What would be losR Well it would
be said that the promises Of the govern
ment were not redeemed; it, greenbacks
would be below par.
Suppose this to be true, who would
place this incident Of finance in the
scale against the prosperity and happi-
ness Of forty millions Of people? ''The
Sabbath was made for man not man for
the Sabbath" Money was made for the
! people not the people for money. One
worthy citizen, driven BY poverty to
bankruptcy and suicide, outwei9hs in the
eyes Of God and Of all Just men, the ac-
cumnlated money Of the whole world.
But there is another way out Of the
dilemma. The currency bonds Of the
United States are now worth 125 cents
on the dollar, or rs per cent. more than
greenbacks. Let the government DE-
clare that greenbacks sre fundable in,
bonds Of the United States q par, green
backs would at once be worth - much
- the bonds. to wit: 70 per Ct. above
their present price or IA per Ct. shove
par. And for every dollaro greenbacks
90 funded 10 bonds, let . new green
back Be issued, 20 - to keep tie salnog
amount Of currency IN circulatopAT
1.-THE contsactionisto hA1oeU6 object IN