The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-20
The Anti-Monopolist.

the SUBJECT should read the recent Eng
lish works upon the subject, and they
will find that have not misstated any
thing, and if they will look in the Chica-
60 Inter Ocean, this morning Dec. IA,
tney will find that though Prot. Bonamy
Price OF Oxford. England, kindly crit
cised an address like the oue-I am max
ing to you to night (almost entirely
without notes, and depending on mem
Orgy, yet you see that ! have been able,
l think, to sustain all the positions that
took in that address by quoting from
Professor Bonamy Prices own latest
work. ImerelY say this to impress up
on tou the fact that am making wild
assertions?. This is matter that I am
deeply interested in, / feel the impor-
lance of the subject. feel that there is
no satisfactory system OF finance in the
world, aud that here in the United States
growing out of our war experience, we
have the germs OF whatswith some modi-
fications may be easily made, almost .
perfect system.
BOND REDEMPTION.
If you will make the greenback to-day
convertible into bond bearing six per
cent. interest, it will command more
than dollar in gold. U. 5. s per cent.
bonds are worth in London 1l2 in gold
to day. Ii you will make the greer
backs in circulation to-day convertible
into bond bearing FIVE per cent. gold
interest, you will make them worthmore
than par in gold, because five hundred
millions Of those five per cent bonds
have been sold abroad for over par ~
gold within the last two years Il you
would make the greenbacks convertible
to day into FIVE per cent. god bearing
bond, the capitalists Of Europe would
send over whatever they could gather up
to take your greenbacks, take them to
the treasury Of the United States and
convert them into gold bearing bonds.
and take them abroad as they have ta-
ken the balance OF them, and 50, more
completely place Us IA the condition Of
Ireland, sending ouryearly rent abroad
across the water TO our NONRESIDENT
landlords or propietors. The foreign
owners of our bonds draw rent from
every farm and every factory, but don't
spend their income here. and that IS one
OF the influences at work to keep US 10
poverty. Our bonds shonld be owned
at home.
THREE PER CENT. MrERCONvERrIBLE
BONDS.
Make your greenbacks convertible in
| to a bond bearing three per cent. gold
| iuteres. and you place them on 9 par,
at lest with the British consol which
bears three per cent. gold interest; and
! if our whole debt of two thousand mil
lions was placed at the same rate thai
the British debt is placed at three pei
cent. interest, it would only take sixty
millions of dollars year to pay all the
| interest on our national debt, while We
are collecting now every year, and even
| in these hard times. not to speak OF in.
terna, revenue and other sources Of in.
come at our custom houses more than one
hundred and thirty millions year gold
more than twice as much as it would
cost to pay the interest on our national
debt ut three per cent. gold, which il
the rate at which the government o.
England places its immense debt. W.
have been to school, some Of US. They
used to call it
THE RULE or THREE
when we went to school: now they cal
it simple proportion Oaughter), simple
proportion and now if any Of you re
member about the rule ofthree, we vii
make the proportion we are atter-a
three per cent. gold interest upon ,
British consol is to ninety-four gold il
London, its price to-day 50 is three pc
cent. gold interest on an American inter
convertible bond TO ninety-four gold il
London its price to-day. That is fair
is it not? You have that common tactic
Of gold, that is the reason put gold il
there. l want . common factor b.
which we can measure the value of on
bonds as compared with the value Of th
bonds and the currency of any othe
nation. That is what | call 8
Il sPtCIE BASIS.
That is to say, three per cent. intel
convertible bond or certificate would b
worth 81 gold in London. We don
want it to be At par in London. II it wa
, worth par in London they would hav
them all away from us. We don't war
them at par in London, but we have
little point in connection with thes
, plans to make them worth par in th
) United States, though they may not /
} worth par in London, 70 make thel
! worth more here than they are abros
By their being convertible at the plea
/ ure Of the holder into (exhioiting th
. greenbacks) these little non-intere
, bearing bonds, which are yet, thar
3 God, legal tender for the payment Of Il
3 dividual Indebtedness (applause). a.
: which we would make convertible IN
our own three per cent. bonds or Ger,
/ 6cates. Therefore:
ii Provide BY ACT or CoNGRRss,
o For the convertibility and revertibili,
|, Of tho United States legal-tender not
d and gold-bearing certificates q 50
D treasures or designated despositori
: In all the recognized financial centel
: | (see section 81 National Bank Act),
sums Of ten thousand dollars (9lO, OOl