The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-06-01

which the general welfare can be effect

which the general welfare can be effect.
ually promoted.
Where power is given. the duty is
made fairly to devolye on all who are
sworn to make or to execute the laws in
accordance with the letter and spirit OF
the constitution.
1t is remarkable fact that the most
essential element of our colonial and
prosperity who obtained by the use of
the legal-tender paper money the very
thing that our present rulers seem now
determined to hold up to ridicule and
contempt. We are aptto forget that the
Continental money, secuaed for us a
country, and the greenback currency
has saved US as nation.
Sir. A. Alison, the able and indefatig-
able English historian, has borne testl-
'nony to the superior power and value
of paper money. He says: When six
teen hundred thousand men on both sides
were in the continental wars with France
in Germany and Spain alone, where
nothing could be purchased except by
specie, it is not surprising that guineas
went where they were so much needed,
and bore so high price. In truth such
was the need Of the precious metals,
owing to this cause, that one-tenth of
the currency Of the world was attracted
to Germany as common center, and
the demand could not be supplied, and
by a decree in September. 1918 from
Peterwalsden in Germany the allied
sovereigns issued paper notes, guaran-
teed by Russia, Prussia and England.
These notes passed as cash from Kam-
slsatkha to the Rhine, and gave the cur
rency which brought the war to success
full close
In recent edition of the History OF
Europe" Sir A. Alison gives an addition
al evidence of the important advan-
tages which experience hasdemonstrated
to result from the use of a papar cur
rency.
He says: ITO the suspension of cash
payments by the act of 1897, and the
power of consequence vested in the Bank
Of England Of expanding its paper circu-
lation in proportion to the abstraction of
a metallic currency, the wants of the
country and the resting of the national
industry on basis not liable to be taken
away by the mutations of commerce or
the necessities of war-;t is to these
facts that the salvation OF the empire
must be ascribed." ''It is remarkable
that this admirable system, which may
be truly called the working power of ma
tons during war, became at the close of
the war the object of the most determined
hostility on the part of the great capital
lists and chief writer's Of political economy
in the country" "Here, how
ever" says Alison, las everywhere else,
experience, the great test of the truth,
has determined the question. The adop-
ton Of the opposite system of contracting
the paper currency in proportion to the
abstraction of the metaIic currency by
the acts OF 1919 and 1874, followed as
they were by the monetary crisis Of 1925,
1889 and 1847 have demonstrated beyond
doubt that it was in the system Of an
expansive currency that Great Britain,
her salvation. From 1897 to 1915 com.
merce, manufactures and agriculture
adva need in England in spite of all the
evils of war with rapidity greater than
they had previously done in Centuries be.
fore. This proves beyond doubt the
power OF paper money to increase the
wealth OF nation
1t is worth while to observe that this
same Sir Alison. who speaks 80 wisely
on this subject in reference to the history
of his own country, while scanning few
years ago the prosperity Of our country
during the war of the rebellion and i'm.
| ~ols to1x oftnr
what might happen, and remarks: ''rhe
American government may make tinan.
cial and legislative mistakes which may
check the progress Of the nation and
counteract the advantages which paper
money has already bestowed upon them
they may adapt the unwise and unjus
system which England adapted at the
close of the French war; they may re
solve to pay in gold. and with low prices
the debt contracted with paper and with
prices" But whatever they MAY
do" he adds, nothing can shake the ev
idence which the experience of that ma
ton during the last six years affords o.
the power OF paper money to promote :
national welfare"
Sir Walter Scott, il his Michael Nal
growther's Letters" shows how tn.
wealth Of a nation is increased By paper
money. II assume he says. "withou
hazard of contradiction, that banks have
existed in Scotland for near one hun
dred and twenty years; that they have
1ourished, and the country have flourish
ed with them and that during the las
twenty years particularly, the notes. and
especially the small notes which the
banks distribute, supply all the demand
tor medium OF currenY. This system
has 50 completely expelled gold rom
Scotland that you never by any chance
espy guinea there, except in the purse
Of an accidental stranger. or in the cof-
fers of the banks themselves. But the
facilities which this paper has afforded
to the Industrious and enterprising a9ri-
culturists and manufacturers. - we'll AZ
10 the trustees of the public in executing
national works, have converted Scotland