The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-07-13

agreed upon, viz; just so much as would
follow the issue of four hundred million
of forced legal tender or war money, and
no more. That depreciation in time OF
war was, in fact, from forty to sixty per
cent. and in 1869, in time OF peace, only
about 25 per cent. Its extent could not
be calculated with the same exactness as
if one fourth of the silver in a dollar
were taken away and copper used IN its
stead, but the principle is the same.
suppose Rothschild, instead OF investing
sixty million coin money in one hundred
million of greenbacks or war money,
had invested it in one hundred million OF
silver dollars from which forty per |
cent of the silver had been taken, and |
copper had been substituted, and had
exchanged that debased coin money tor
one hundred thousand OF our war bonds,
and we, by law had expressly enacted
that such money should be legal tender
in the purchase and in the payment OF
the principal Of the war bonds, but that
interests upon them should be paid, at
six per cent. in pure silver dollars OF the
old standard-what would be thought II
congress should, by law, declare that
Rothschild shouldnot be paid in the same
kind of dollars he loaned to US, but
should be paid in pure silver dollars OF
the old standard weight and tineness!
Such was, in effect, the act OF March 10,
1869.
And what is to be thought Of the act
of Feb. Il, 1878, which goes farther and
saws that he shall not be paid even IN
standard silver dollars, but shall be paid
in gold coin alone?
Why this reputation OF the substance
of this contract?
Why this reputation Of the war money.
agreed upon as the money borrowed ana
the money to be paid? !
Why this reputation OF silver dollars!
! Why this Reputation, always in favor
Of the bondholders, and ntWays against
the people uho are to pay them?
This last act added from ) to 10 per
cent to the burden OF the debt, not by
changing its nominal amount, but by
destroying the lawful means OF payment
by changing the meaning OF the word
dollar, which was q general term, COW
ering three kinds of lawful dollars, when
the debt was created, and in which it
could be lawfully paid, viz: war money
dollars, silver dollars, and gold dollars,
and restricting its meaning TO only one
kind OF dollars, worth 20 per cent more
than war money dollars, viz: gold dol
lars, worth 70 per cent more than wal
money dollars in 1869, and to ~ Pc
cent more than our own standard sllve
dollars now.
We come now to the third and last o
that series OF oppressive measures, wha
~ n ut
Jan. IA, rs, which fixes the first day Q
: January, 1879, tor the payment In gol'
g of the whole amount OF the legal tende
. or war money, now about three hundre'
\ and sixty million. The first thing tina
y occurs to thoughtful mind is that wit
: one hundred million and more OF gol
5 going abroad every year to pay interes
: il is practically impossible to pay
) much OF three hundred and sixty milllo
:, as would be demanded in gold tor greer
j. backs at that time.
But, passing over that, there are otht
e reasons against it. The period in whic
y to raise the value OF three hundred au
a sixty million OF legal tender currenc..
e or war money and rs much more NJ
4 tional bank currency based upon ar
,u convertible into it, all OF which is no
n about ID per cent below the gold stant
N ards so short that if attempted,
must fail disastrously, or crush the bus
at ness interests and enterprise OF the who
OF country.
lie Already, instead of bringing legal tc
ders nearer par with gold, they ha
fallen , or 3 per cent.
re But the possibility OF resumption,
rather, that an attempt at resumPti'
e. will be made at that time-nOw but lit
As over two years and half-is produciI
,y a great contraction Of the legal tend
IS and national bank currency. 1t is goir
On on. some say, al the rate OF over to-
ed million per month. One bank in Chic
l. 90 with six hundred thousand circulate
A. has reduced it to fifty thousand. Anoth
d. I know, reduced its circulation in q si
gle month one hundred and fifty thou
,a and. III believed that law was
=, stand and 90 into effect" said gre
~ banker to me the other day, the pre-
J, dent of \ bank with seven hundred al
- tlfty thou sand circulation. would reti
=. il in a wear. What men do in Chica
nc thew do elsewhere. Every month 4
IA law stands. it is doing its steady a
az ruinous work.
:, Ii the law is to stand. and if the gre
h. capitalists could believe il IS to go in
effect in little over two years and
- half. another consequence would so
follow. Greenbacks. or war money,
= worth now IS. and can be bought
- that in gold. or at II per cent. discouI
=, Wha. better Investment for great cal
a talists who, in times like these. hare
IN know what to do with their money!
= Let great capitalists begin 70 hoa
war money for investment, rather th
loan money at per cent on call;
: banks go on curtailing their circusasio
=. 20 As not to have any to redeem. ~
~ there would be, within that period. 50
he financial panic and CONFUSION as Z
az country has never seen.
ut This measure, of all others, IS pal
az measure. It WAS born in republic
in caucus. and pushed through both hon:
y as 3 party measure. Il was opposed