The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-05-11
THE FIRST STEP TO RESUMpTIOi

THE FIRST STEP TO ASSUMPTIONS
When it was announced that the gov
eminent had increased the bonded inter-
est-bearing debt Of the nation some forty
odd millions Of dollars, wherewith to
purchase silver to resume specie pay
ments of the fractional currency, there
was great growing Of the contraction
lists. But scarcely has the process Of
NEUTRALITY-SUSPICIOUS. commenced
ere it terminated ia disaster.
The New York Commercial Advertis.
er, a high authority, says
The growing scarcity Q; fractional currency
causes greatinc0nvenience at some OF the hanks
in the transaction Of their business. Although
about 81, COO of new coin have baen distributed
from the Treasury, scarcely any Of it is yet
seen at the ferries or in the street cars. The
inference is that most Of the new issue is either
boarded or kept in reserve as curiosities. The
coin now commands premium OF l q per
cent. over the counters Of the bullion dealers,
who will not part with it for less than or s
per cent, premium The removal Of the 500
restriction would be I relief.
We showed last week that the brokers
were holding on to all the silver that
came into their hands and shipping it to
the West Indies.
And now Secretary Boutwell, has in
troduced bill to print large amount
Of the despised rag-money. A dispatch
from Washington May LIST says:-
It appears, from conversations with Treasury
officials, that there is another way Of relieving
the present small change famine, but this new
method must also have the sanction Of Con-
gress. When the appropriation for the print
ing bureau OF the treasury was exhausted, and
the work stopped. there was IN immense
amount of half finished fractiona! Currency.
1t has since been discovered that il amounts 10
millions Of dollars. The cost Of printing il
and now, unless il is finished. it must 20 into
the waste paper bag. Most Of this currency is
printed on both sides, and wants only the i'm
preston of the red seal to complete it, matter
Of small cost. A resolution Of Mr. Boutwell,
to day looks to the completion Of this money,
which may b. put in circulation almost i'm
mediatsly.
The Treasury Department il In receipt Of
letters from bankers in all parts Of the country
complaining OF the scarcity Of change. Treas
urer New this morning received letters from
various banks and bankers stating that it was
difficult to get fractional currency and silver
coin, even 4 premium. Similar letters are
received daily both BY Treasury officers and BY
Congrsssmen. These letters state that the
i
business enterprises.
Cannot these profound statesmen un-
deretand that If there are two kinds oil
currency In circulation the least valuable
will invariably drive out the more valu-
able Ifthere is half per ct. premium
on silver it will be sufficient inducemenl
Tor brokers to buy it up and hold il for
that half per Ct.
And what Is true Of silver is true oil
gold: If Ia 1879 the government ha.
one dollar Of gold with which to redeem
three dollars Of paper, the gold viii in
evitably command premium which
will drive it out Of the market.
It isasimpossible for debtor nation to
retain worid-curTency in its own hands
- il is for man heavily IN debt to pay
his debts and keep the money in hfi
pocket at the same time.