The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-27

of tinkering with machine when it is
running well: Is that the way you do
with your watch? (Laughter.) Il you
want your watch linkered with you get
a matchmaker to tinker with it; you
don't get a blacksmith, (applause.) We
want honest money we want a currency
that is absolutely convertible at all times |
into something that is equivalent to
specie, and better than specie, and that
never can give out, (great applause.)
Fer myself, am in favor Of
SPECIE BASIS, NOT SPECIE REDEMPTION.
Specie redemption is I'm practicable lit |
has been thoroughly tested and proved
by many generations Of able financiers.
that you cannot redeem one hundred do
lars unless you have one hundred dol
lars to redeem with. (Applause.) And
we don't want TO walk around in that
same old track, like blind horse in a
bark-mill. [Laughter.] And we have
tried it often enough. We don't want to
resume it any more.
SUMNER ON FINANCE.
We have had suspensions of specie
payments, general financial crises, and
commercial and industrial collapses, in
this country. ten times during the last
fifty-nine years, and fall financial wis
dom has been exhausted, as Professor
Sumner, of Yale College intimates in
his history Of American Currency. we
are badly off. What would Prof. Sum-
mes have said to James Watt or Prof.
Morse? Would he have told them that
there is nothing new to be discovered?
He don't tell those Englishmen what is
the difference between greenback and
q national bank note. He don't tell any
thing about the system the New York
Clearing House adopts in times OF panic.
and which with some notifications, will
be great advance in finance means
Of quietly swapping of indebtedness
without disturbing business.
Prof. Sumner does not describe the
three per cent. certificate which were
issued to the amount of eighty millions,
and worked beautifully in giving elastic
ity to our currency, and how the law
was ignorantly repealed which author
lied the issue of three per cent. certin-
Gates, authorizing greenbacks to be taken
to the sub-treasury and three per cent
certificates taken out, and then the three
per cent. certificates returned and the
interest paid up to the time they were
returned and greenbacks taken out tor
their face. This is the system which we
nov propose to restore, perfect, and ex-
tend-a system thoroughly tested and
proved to be good. He says nothing
about that law or its repeal. He does
not say anything about the fact that after
its repeal the last element of elasticity
having been taken from our financial
system, that it become necessary tor the
Secretary of the Treasury, on his own
responsibility and without authority Of
law to go to New York and lend five
millions of dollars to the banks Of that
city after the Chicago FIRE, in order TO
prevent a general financial and COM
mercial crash in the country. lie says
nothing with regard to the fact that after
the Boston fire the same thing was done
;, by the Secretary Of the Treasury to pre-
vent 3 crisis. He tells nothing OF our
fractional currency in his history Of
American currency. Is not his history
like the play Of Hamlet with Hamlet left
ou,2 It is not strange that there should
be 80 much ignorance upon the subject
finance when writer's who are college
professors and professed scientists dog
,na,ise upon it by making false and ar
bitrary deductions from insufficient
facts.
SAFETY VALVE AND GAUGE.
Now, ii you have q nice city that you
don't want to have burned up, you es-
tablish water-works. don't you? aad you
try TO provide 8 reserve of water-a res
ervoir ,mewhere 50 that in case Of .
. big fire like the Chicago or Boston fire
you need not call in the secretary OF tht
, treasury to come all the way from Wash
! ington and furnish water
TO HUT OUT THE FIRE.
IS he did - TO the financial features .
, the case after the Boston and tho Chica-
, 20 fire, and to some extent in the panic o
, 1873, after long labor Ut the Fifth Avenu
: Hotel Of New York where the nous
. was brought forth. but not until too lat
, to prevent the crisis in 1873, from tn
: effects Of which you are now suffering
+ I say. let there be . financial reservoir
, restore that forty-four millions to tn
! treasury that Secretary McCulloch re
! tired, or keep in the treasury those mil
: lions of greenbacks that have been re
: tired during the last nine months and
d halt, to be burned in the treasury build
{ ing 1t Washington. Restore forty-mil
. lions OF grecnbacks to the reserve wher,
? they cannot be reached except under th
e provisions Of such law as is suggested
: and in that law recognize the fact ths
i this IS great country, great in extent
: great In commerce, great in manufac
+ lures, great in agriculture and great j
e having people who are capable Of IN
! derstanding = to their interest, and ar
{ omnipotenk humanity speaking. to com
8 mand. lApplause- Exact such law Z
4 this:
ri Flexibility. Safety Valve to reliev
e extraordinary pressure, and to reliev
t the Secretary OF the Treasury from oneI
: ous aad undue responsibility, and
i gauge to measure the actual demand f
= more currency.
al l. To permit any holder Of ten thou.
} and dollars or mulciples thereof, in an
r of the gold-bearing bonds Of the Unite
v,n4sro the xnvr~<~>-l~ !