The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-06
The Anti-AGonopo1ist.

law passed, that he Ohe sony had indeed
done great thing for his family, and
for other rich families and capitalists;
but he had dug grave for the prosper
ity Of the country and the welfare OF the
people. And the result was tar worse
than the great English lord had predlc-
ted. This historical example was too
good not to be initiated by our secretary,
Hugh Mccullough, who. did, therefore,
initiate it, contracted our currency ;. ru-
med our prosperity, joined Jay Cooke,
WAS made rich on our ruin, became a
London banker, and teaches US that our
ruin is our prosperity. As the "hrst'
but really the second cause OF our pros
tration" he designates 1.-The war" lie
admits that during and after the WBr we
enjoyed high degree of prosperity
Common sense people ascribe that pros
perity to the liberal issue OF government
notes, which formed the best currency
this country ever enjoyed. Nearly 1000
millions OF notes in various shapes We're
issued, which passed freely among the
people, facilitated business and exchan-
ges of commodities, as nothing had ever
done before, and every business prosper
ed, and every industrious hand was EN-
ployed and earned good wages. Instead
OF being ruined by the war, we paid over
500 millions Of the war debt IN lew
years, and the business of the country
grew to three or four fold the dimen-
sions that had ever been known. We
built railroads and other improvements
to a degree never before dreampt OF. and
the increased business made all railroads
prosperous Such was the result OF a
Uniform sound currency, guaranteed by
the government. and issued IN quaint
ties sufficient to accommodate such I'M
mense proportions and extensions OF our
business.
But all that prosperity our present
| London teacher now says, was "delu-
sive,'' which means that we the people,
who enjoyed that prosperity, were all
blind fools, who imagined that we were
enjoying prosperity, when our wealth
was nothing but deceptive appearan-
ces,'' by which we were ''intoxlcated."
| In order to prove that, and to wake us
out Of cur dreams. he removed the
cause OF our prosperity ne quietly drew
in AL notes that were not greenbacks,
and finally commenced the contraction,
of these, of which he drew in torty-iour
millions within Ii months, when the
people began to feel the disturbance Of
the business OF the country, and made
such lamentalion that Congress was
compelled to stop the murderous hands
OF the secretary. But the mischief was
done. the business Of the country was
deranged, mutual confidence was sha-
ken, our confidence in our government
was completely gone, because it had
been grievously betrayed, and the pre-
diction Of the elder Sir Robert Peel as
applied TO England became equally ap-
plicable to our country.
AS the next cause OF our ''prostration'
he designates "a redundant and vicious
currency" redundant because when the
war terminated there was no legitimate
demand tor so large a circulating medi
UNI vicious, because it substituted a lie
gal but artificial measure Of value for tht
true measure, thereby violating the
hi cher law which makes gold and silye
the standards a law which has neve
vet been violated without commercia
disturbance, nor, if the violation wa
long continued, without national disas
.. ter.
Now all this is as false and lnapplica
bic to our case as it possibly can be, ant
. it is simply asserted. without a vestig
OF proof, although he afterwards say
that it was proved by the artificial price
the currency created and sustained, m,
. by its great depreciation, and by tn
, fact that it was irredeemable. Thl
J again is partly false, and in no case
/, proof of his statements.
!. In the first place our currency wa
: not. At any time. greater than the bust
$ ness OF the country required, which
4 best proved by the tact That its consrac
g ton resulted soon in a general outer
. against the vicious disturbance of on
business. The prices OF commoditle
were never higher than they are in pro:
!. porous countries. Thus were the price
: OF commodities in England general
!, higher than on the continent; OF Europe
IS because the business prosperity Of En-
d gland was generally higher.
4 As soon as France and Germany
n through science. became the rivals, ant
o in many respects. the superiors. OF FL
ii gland. the former low prices Of all con
. modities soon rose to al equality vi,
9 those of England. Indeed. during ii
., last twenty years. the ruling prices OF !:
lie Dor and of al commodities, have nearl
N seen doubled in all civilized countrie
.e The prices in this country have not rise
ID in any greater proportion than in oth'
. countries. The attempt to viliify OF
To currency By Mccullough is like the e,
! cuse OF y murderer vino attempts 10 pa
Of late his crime By representing his vicr
t. AS having been bad person.
at W. S.
o.