The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-08-10
The Anti-MOnoP0liSt.

when thousands of honest, industrious
people are filled with anxiety tor the
bread of their families, or are suffering
from an inadequate supply, this seems
to me the great and paramount question
of the day, to which our chief though
and most efficient action should be dis
rected, and before which all other ques-
tons should sink iEto insignifcance.
What is the cause of this wide spread
ruin and present distress? and what is the
immediate remedy?
The panic or Paper Money famine of,
1873 and all the consequent distress OF
the industrial classes OF our country, land
its baffied enterprise, is distinctly due to
the contraction of the currency to an en-
ormous extent during the eight years
preceding 1873. 1t stopped credit, pro-
duction and resumption. land made much
OF what currency was left, rush, in
panic, to the head-money centers-as the
blood in an appoplectic fit rushes to the
head-where this money is now vainly
seeking Investment, sin tirst-class Sc
curity, at two per cent, while the coun-
try at targets palsied in its enterprises
and industries tor the want OF this very
currency. And what was all this done
for? To change the debt Of the country
without reducing its real amount, from a
shape beneficial to the people and incor-
porated as an integral part Of the very
life blood of all their rising industries
and their growing trade-this paper cur
rency was turned, almost with the sud-
denness ola conjuration, and by the
forms of an arbitrary construction of law,
| into another shape, twice in amount as
measured by the same paper, and taxing
the people interest on it in gold, to the
amount Of S94,684,2 per year, see
statement of the public debt, June, 1876.
/ Most of the interest is now paid to for
| eign bondholders, allen to our institutions
and uninterested in our prosperity except
to keep up our ability and willingness to
bear taxatitn.
And what is the specious reason for
this change? '7o return tospecie pay
naentsr'
What can this policy result in but a
further distress and impoverishment OF
this people and the building up OF the in
terests OF a class, whose business it is tC
invest or to lend money and whose policy
will be to get the highest rate of inter
esto Such are apt to forget that the i'm
mediate gain of such q policy, is far les:
, than that which arises from the prosperi
, ty OF the whole people, and the multiple
cation Of wealth that comes from enter
prise unimpeded and industry constantly
, employed. We may concede ali that il
claimed OF the necessity of "specie pay
{ ments," and our currency being mad
on par with gold. But this disastrou
/ ahd ili-udged method OF reaching speci
payments, by the past and present con
!, traction OF our currency, is very unJus
: and cruel to our people for it shrunk tn
value OF all property, so that it could nc
be sold, or mortgages obtained on it, 10
4 more than one halt the amount that til
same property would have brought tire
| years previous, and reduced the wage
Of labor to the same degree. This retur
to .'specie payments" may be made with
out such injury, by honoring the green
back in every way; by making it exclr
sively the currency as well as the leya
tender OF the country by receiving it 10
: all forms OF taxes, duties, debts, to Go,
ernment. as we'll as the payment OF 2
private debts by establishing its yaiu
on a firm basis. at 4 fixed, equitable rat
OF interest, which it may always find
bonds interconvertible with legal tel
ders; and by determining the value
The currency. where the obstructed law
OF the internal trade and industry of til
country may require it to be, under Ii
I. free interconveriible bond. This gre;
d national debt ought to be held as a gre:
trust by the government Of this peopl
le and made the receptacle OF all the tru
% funds, and the savings OF all the poe
IL among our own people. Il should be a
! investment put within the reach Of OF
!. people. instead OF being sent abroad
at swell the Golfers OF the rich in othe
+ countries.
: Ii the Government, after the war OF II
bellion. had been as anxious to heal Ii
wounds which that unhappy war create,
J. to alleviate the poverty which it orougl
on large section otour country. to RI
y instase the broken industries and ente
: prises q our whole people. as it ia
: been 10 carry that war vigorously at m
n cost. on - victory, the Governmel
: would have seen that peace had its d,
lie mands as we'll rs war. Ita Goyernmer
e IS bound 10 protect the people from til
81 aggressions of war. it is also bound
.e save it from commercial. distress, and Il
of sorrows OF = laboring population witho,
4. work.
: Sorry am Ito see. and say it withoI
IT any reproach cast upon the integrity
% those concerned. that in the platform
: neither the Republican nor the DEM
y cratic party is this great question OF
IS nance. either discussed or recognized
Is its principles. or bearing upon the ha,
IS piness and prosperity OF this people,.
: cept in way that seems 70 me, adver:
l. to both.
= | have. therefore. consented with IRE
Il reluctance. 10 20 before the people
vindica.e the great principle. that III
1t derlies all true Republican or Denocra
g ic enthusiastically. that the intere
s and happiness OF the whole peonle a,
/ superior To the demands or Interests
u any one class; that in the ne-iec. or i,
: tiance OF this principle, the great dab,