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

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 a great Growing of the contraction
lists. But scarcely has the process of
small-change-resumption commenced
ere it terminated in disaster.
The New York Commercial Advertis.
er, high authority, says
The growing scarcity 0; fractional currency
causes Observation-Disclosures at some o; the ban Is
in the transaction OF their business Although
about s9O, COO of new coin have been distributed
from the Treasury, scarcely any of i. is vet
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 a premium Of | = 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 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 a large amount
Of the despised rag-money. A dispatch
from Washington May 1st says
1t 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 O. the treasury was exhausted, and
the work stopped. there was an immense
amount Of half finished fractional. currency.
II has since been discovered that il amounts 10
millions Of dollars The cost Of printing it
even to its presan. state has been very great.
and now, unless it is finished it must 90 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 com ptete it, matter
Of small cos.. A resolution Of Mr Boutwell,!
to- day looks to the completion Of this money,
which may b. put in circulation almost i'm
mediately.
The Treasury Department. i in receipt o!
letters from tanker, in al parts Of the country
complaining 0. the scarcity OF change. Treas
| urer New this morning received letters from
| various banks and bankers stating that it wa:
difficult TO get fractional currency and silver
| coin, even AZ premium. Similar letters arr
| received daily both by Treasury officers and b,
Congressm-n. These letters state that tbs
scarcity Of change has made itself felt in al
Du5 urss ssioi piss
Cannot these profound statesmen un
derstand that if there are two kinds o.
currency in circulation the least valuable
will invariably drive out the more valu
able II there is half per ct. premium
on silver ii will he sufficient inducemen
for brokers to buy it up and hold i. fol
that half per Ct.
And what i true o. silver il true o
| gold. II in 1879 the government ha
one dollar OF gold with which to redeem
three dollars Of paper, the gold will in
evitably command a premium which
will drive i: out Of the market.
1t isasimpossible for deterioration Il
retain worii-currency in its own hands
as il is for man heavily IN debt to pay
his debts and keep the money in hi
| pocket at the same time.