The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-02-17
MOREdDWISSIONS.

Part OF the programme OF specie re-
sumption was to substitute silver for the
currency. We expressed our
disbelief in its practicabiEty, but the re-
publicans worked themselves into fu-
rore about it, and their orat rs in Ohio
used to shake in the faces OF the crowd
hand full OF silver and bursts forth IN
eloquent TRADES about its "sweet
jingle
Already have they come to their sens
es. The Chicago Tribune. hard-money,
neutrality-suspicious. journal, on
Sunday last said
One Of the most conspicuous blunders Of the
Specie -Resump ption act OF Jan. "a, 1876, is il
Illustrated by the special report made TO Con-
gress yesterday by the Secretary Of the Treas
ury to show the actual amount Of cash in the
United States Treasury. This act authorizes
and requires the Secretary Of the Treasury Q)
to cause to be bought, coined, and issued silver
for the redemption Of sthe fractional currency,
aud (2) to dispose of United States bonds at par
in gold and use the proceeds thereof for the pur-
poses specified in the act. The Secretary re-
ports that, under this act, he has sold s per
cent bonds amounting to, interest included /,
Government, in compliance with the Resump-
tion net, has been paid out Ofthe sale Of these
bopd3, though the Washington accounts Of the
Treasurury Statement fail to specify Just the
amount that has been devoted to the purchase
of silver, We will assume for the purpose Of
the ugufHens ulAf the proceeds Of SIS, ,O0O, ,OVO
of bonds have been invested in silver, to be
used in taking up fractional currency wben-
ever he ventures upon the experiment. The
Government bonded debt has been Increased
SIS ,0OO, 900 and the annual interest t75;OOU,
simply for the pun pose of accumulatng silver
IN the treasury for the purpose Of ultimately re-
deeming fractional currency. In other words,
| the bonded and interest bearing debt has been
! i~creased to that amount withot in the
| least bcttcring the condition Of the fyartioaal
| currency. In the nature ofthings it will be
simply impossible to improve the fractional
| currency by increasing the bonded debt Ia
| purchase silver under the provisions Of the
Resumption: act, for the simple and natural
reason that the silver i'll not circulate in pre-
| ference to fractional currency so long as il is
north more than the little shin pinsters. The
relative values Of silver and fractional currency
now are about as follows, estimated on the
standard OF gold:
Silver worth in gold on the dollar) 95 cent.
| Fractional currency tdo) ...... ...... S8 cent.
| The only way in which silver can be brought
into circulation as change is either by de.
preciaiion of its value below that Of gre-nhacks
or by tn appreciation Of greenback- aoove the
| value of silver, and il is not in the power 81
the Secretary 70 do either
/ II this lie true Of silver and fractional
cugreaey why is it not equally true OF
gold 3nd grcenbacks. and if 50 the whole
policnoi boarding gold TO redeem the
greenbacks is = iallacy and a delusion
The more gold there is boarded the less
there i in the market; and the less there
is in the market the higher will be it:
price. through the inevitable '.law Of de.
mand and supply" and the higher iht
price the greater the margin Of differ
ence between 1t and greenbacks: anc
the greater the difficulty OF resuming
All this is as plain as pike-staff to every
one hut the ultra-administration men.
| And 10 we have increased our annual
interest $50. 900 and all for nothing
nay. for worse than nothing, for. say.
the Chicago Tribune:
| The orav way in which he can be r-ezse
| from the obligation 20 continue the short sight.
ed absurd policy Of the law il hy the repeal o
iha; portion o< it requiring him to sell bond.
for he Accumulation Of silver This ought tn
be done Instantly, and accompanied with in
stYuctiorn 70 sell the silver he has accumulzteL
and buy u bonds a. TAR = the pfooe~ds vii
60 The silver has deprecated since be pro
chased il. and the Government will make
considerable loss on II At the verv b-st, but th.
sooner thu part of the Law shall b. repealed fh.
smaller - loss will BE-.