The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-10-26

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should bear its equal share Of the pub
ic burdens, and that this principle |
ought to be applied to all United States
bonds hereafter issued, fer the purpose |
Of funding or carrying the present in
debtedness of the United States by
making them liable, by express pro-
vision of law, to taxation, precisely as
other property" The utterance of
such sentiments alarmed the bond
holders! Hence, the funding bill was
passed with an s'express provision" that
the bonds thereafter issued never should
be taxed by Federal, State, or municipal
Governments.
What next? The moneyed power
with high sense of the nations honor
and Of the absolute necessity of pre-
serving it, at whatever cost, began to
proclaim that Greenbacks were dying
''irredeemable trash,'' tsrag
baby,' ''dishonest money" and that the
public faith could only be maintained
by the extinction Of all government
issues of "lying promises"l The masses
of the people, including manufacturers,
artisans, laborers, and all
who were in debt had never uttered a
complaint about the quality of the cir
culating medium; but they had keenly
felt the pressure caused by the with
drawal of a large volume from circula-
ton. The debtors were as sensitive of
the nations honor and of their own, as
the creditors, but it had not occurred to
the former, that the only instrument Of
exchange, the only means within their
reach for the payment of taxes and
other obligations, were "lying promises"
and <sirredeemable trash" The Grand
Old Commoner had said that the gold
gamblers had manipulated Congress SO
as to discredit its own paper, that they
might swindle the people. They accom-
plished that end, and now they would
destroy the money Of the people, that
they might largely appreciate their i'll
gotten gains. The Shylocks had settled
the question of the nations honor, and
at their bidding the specie resumption
law was placed upon the statute book.
To preserve the nations faith, forty
millions more of gold interest-bearine
bonds must be disposed of, to purchas
silver with which to displace the spes-
tiferous'' and "disease-breeding" frac-
tional currency! Two millions more
of gold interest is thereby annually
added to the burden of taxation.
This act further provides for the
withdrawal of eighty millions more of
greenbacks and their conversion into
gold Understanding bonds, graciously
allowing the vacuum to be supplied
with one hundred millions more of
National Bank currency!
Then, on the first Of January, 1879,
the remaining three hundred millions
of greenbacks are to be redeemed in
gold coin, or converted into interest
bearing gold bonds.
The Republican National Convention
stand by this measure in general and in
detail.
The Democratic National Conyen-
ton indorse this resumption act, but
declare that it is unwise to fix dav
certain, because it binders resumption.
The Independent Greenback Party
demand the prompt and unconditional
repeal Of the whole scheme, as fraught
with irreparable mischief, bankruptcy
and ruin.
The resumption act was Republican
measure, and, of course, that party
cannot be asked to repeal it.
The Democratic Party could not
take ground against it, because its
chosen leader, Samuel J. Tilden, had
committed himself in its favor. He had
urged upon the Legislature of New
York the passage of law, and, when
passed, he gave his signature of APP
prevail in March, 1875, enacting that,
after the first of January, 1879, all the
taxes Of the State shall be collected
only in gold coin! And all contracts,
express or implied, calling for the pay
ment Of money, without specifying the
kind Of dollars, shall be payable only
in the coin (gold) Of the United States.
By the policy Of both parties. gold is
to become, at an early day, the only
legal tender money.
Where is the gold to come from:
Not, certainly, from our mines, because
their entire product is insufficient to
Fay the gold interest on our bonds held
in Europe.
Can we borrow gold on our interest
bearing bonds in other countries:
Mr.. Boutwell,, late Secretary of the
Treasury, says that when the negotia-
tons were going on in London for the
sale Of the bonds, twenty-one millions
Of gold had accumulated to the credit
of the Government; that he was notified
that this amount Of coin would not be
to be withdrawn, that it must
be re-invested in the bends Of the
United States. Boutwell, adds, eve
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