The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-05-18
The Anti-M0nopolist.

question OF paramount Importance to the
. alton and the people. The question OF
finance enters into every mans business,
and affects every citizen Of the country
He thought it the duty Of somebody to
discuss this question, and when we look
over congress, to whom such matters are
usually referred, and consider the men
who make up that congress. It don't
seem presumptuous in as to take hold OF
the financial problem who are the men
at the head OF the government? and what
experience have they had to specially tit
them to settle this greatquestion? Bout
we'll has had only such experience as ne
gained in little grocery store, in Massa-
chusetts, from whence he went to con-
gress and subsequently into the treasury.
The: first official act OF President Grant
was to sign a bill making seventeen
hundred millions of bonds, upon which |
the government had realized but 80 |
cents on the dollar, payable IN gold,
thereby doubling the debt Of the country
on that day, with q mere scratch Of the
pen, and the country has ever since been |
paying interest on this fictitious basis
The law says specie payments shall De
resumed January LIST 1879, without pro-
viding any means whateverfor resumlng
No country ever has or evor can resume
specie payments when it requires every
dollar OF specie to pay the interest on
the public debt, with commercial bal
ance of 500, OOO, 900 against us annually.
He proceeded to read statement from
Thomas Dale, showing that 1870, 900 900
of interest must be paid annually on the
countrY.4 bonds heldin Europe, and the
balance of trade and commerce makes a
grand total Of $3.50, 100000 annually to
keep our credit good with foreign coun.
tries, while the annual product of1coin in
this countryis only 800, 100000, a bal
ance of $3.50, 900, 900 against US annually.
Ii the $5OO, 0O0, 900 Of bonds were to be
sold on the day named and specie pay
ments resumed, the resumption would
be of short duration. for the interest on
our foreign debt and deficit in trade
would soon absorb it all.
The result of attempted resumption
has already been the stagnation OF BUSH
ness and financial ruin throughout the
| country. Who would embark in bust
ness to-day investing his capital in any
enterprise of trade when such capital
lying idle will be worth II per cent.
more by law, in three years? And if
loaned meanwhile, even at 10 per cent.
the increase would be far in excess of
/ any thing that could be realized from
| legitimate business. In other words, by
keeping his funds on interest they must
! largely appreciate, and in business must
depreciate.
Look ut this city! No new business
enterprises have been started here tor
two years, industries are paralyzed, and
the laboring men are standing on the
street corners begging for work. So il
is all over this broad land.
| History has its lessons. Great Britain
has passed through this same crisis, but
did not attempt to resume even, unit
every industry was prosperous, q large
, balance o! coin in their national treasury
and large balance OF trade in their IA
vor. Specie payments were suspended
in that country for twenty-six years
And we, with business FRUSTRATED, tht
balance of trade against US, and ou
fore IGN deot increasing at the rate o
800, 900 annually, resolve to re-
sumo in the face OF history and expert
ence Even when resumption tool
, place ia England, although gold ha'
stood at par with currency for two year
t previous, the result was disastrous +
e that whole country. 1t produced jus
such results IS have been produced il
+ this ,untry by the threat Of resumption
r He read from Judge kelly's speech a
e embodying his views, and the situatio
in this CITY and the country at large.
: Under all these circumstances, can W
3. resume? And ii we can resume by Dor
2 rowing, could we ption
The proposition to resume, under th
5 present law, arrays the capital Of Ii
e country against the labor OF the country
e Aud he is sorry to :ay that in such col
+ tests labor usually kicks the beam. 1t
d labor that produces wealth-hard, hol
e est work, Wealth can't be produced
% legislation.
- Resumption means >contraction-ti
4 retiring ui t4OO, 900, 900 OF current
P bearing no interest, and issuing in pla'
NJ thereof $500. 900 900 of bonds bearing
in per rent. interest, thus adding $4,000
'e 900 TO the burdens OF the people .
y nually.
= Mr.. Bassett read from reported
10 terview with August Belmont. agent
the Rothschilds, advocating the issuan
g OF the s50o, 200, 900 government bonds
&C 41-2 per cent One hundrad years a
~ Gen. Gage interviewed the people
W Massachusetts, with different result
There was one Jonas Parker who til
. sad he wouldn't run from British bal
~ nets, Would that we had a Jonas Pa
er now. to resist the dictation OF
1T money power Of Europe. but there is
man 10 raise his young voice against
Cnr&rantilrfi il MT 81 nmaS s&.A nuiun II