The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-12-14
WHOLE NO. 127.

cunts sufficient to meet so large des
mand as that contemplated in January,
1869. IS deemed inapractic0bla; while to
accumulate, in advance Of that time
would be attended with necessary loss of
interest, would be likely to disturb money
exchange. and embarrass the funding Of
our nationa! securities. The present
time is REGARDED as opportune for the
gradual withdrawal of these notes. 1t
is believed they would not be greatly
missed from the circulating medium. as
their place will readily be supplied by
the issue of national bank notes under
this act''
Here the whole argument is admitted.
1t is impracticable to obtain 3O0,0OO,OO0
OF gold at one time; and its gradual
accumulation would disturb money ex>
changes, etc. And so the Secretary
proposes to fund the greenbacks into
bonds and thus reduce the currency from
seven hundred millions to three hundred
and fifty millions, trusting to the banks to
Issue $3.50, 900, 900 more of bank notes,at >
time too when they are already retiring
their notes at the rate of nearly thirty
millions per year.
The Secretary adds:
"A return to the constitutional stand
ard of values at any time will doubtless.
to some extent, involve deduction in
nominal.prices and consequent contrac>
ton of the currency, but this is, not OF
itself necessarily an evil, and. lit were.
it is an evil incident to a vicious system.
not cured by the countenance ofth evil.
while the measure itself is demanded by
the highest economic considerations and
principles OF homes, dealing among
men,
Resumption will '.involve q reduction
i'll nominal prices Indeed; are they
not reduced enough already? How much
more can we stande
1.-The suspension OF specie payment was
the act Of the national government the
people properly look to take the iniattive
resumption. Having under its authority
to coin money, assumed to regulate the
currency of the country, and as the states
| gold and silver coin tender in payment
Of debts, and as irredeemable and incon>
vertible paper currency is essentially
repugnant to the principles Of the con-
stitution and the traditional policy of the
American people, it is obviously incum>
bent on the government to maintain and
preserve the oneyostandard of values
of the constitution, and to enforce the
obligation Of payment in coin on demand
at the option of the holder, Of all paper
money. Now. as for a long time heretO>
fore it has been. q large proportion Of
the national currency, rs prescribed BY
the government Oft United States, is
alike irredeemable, inconvertible, and
deprecated paper money; but 1t has
been enforced as substitute for the
money Of the constitution coin. The
United States notes, commonly known
as !egal-tender, regarded as a substitute
for money, are an anomaly in our mo>n~
etary system, tolerable and possible only
in the exigencies Of civil Wharf.-The OF
spring Of its perils and limited to its
necessities. To allow their continuance
as such, alter the cause which justified
their existence had ceased. is to violate
the conditions Of their inception. and t.
sanction what was only tolerable as u
necessity, by impressing upon it the
stampof Legitimacy
We deny that the suspension Of specie
payments was the act OF the national
government When the war broke out
every bank in the United States had
suspended specie payments Why doe
not resumption then begin where sus-
pension began?
Aud why does not the secretary denoun
&c the national bank notes as''irredeem
able and inconvertible paper currency
as we'll as the greenback'
: 1t has been argued that resumption
could be effected by laying aside tn
surplus revenues Of the government &C
; cumulating between this date and Janu
: arv /. 1879. But the secretary says
las to the surplus revenues as meas
/ ure OF redemption, such is the presen
and probable future Of these revenues
!, and the demands upon them, that it il
not deemed at all probable that any con
siderable sum not otherwise appropriate
: could be devoted TO this end"
> The secretary gives us the following
: significant table, showing that the 10,
!. OF gold out OF the country is much great
d er than the flow Of gold into it,
i, "For the fiscal year 1875 there was a
it excess Of imports over exports amounfin
e to sl9.562.735, showing difference
J, fJy. 2vG .2O6.
e Ern1rt. az srscie and bullion 90, 5O6, az
: Irnnorts OF snec;e and bullion 1886, Sc
, Excess Of exports 4O,5so,6s
= This being true it will be difficult
: accumulate the amount OF gold nscessal
il TO resume with. And II No have .
u gold then W must have paper; ri
oe the two forms Of paper are MT gree