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

which the general welfare can be effect
ually promoted.
Where power is given. the duty i:
made fairly to devolye on all who are
sworn to make or to execute the laws in
accordance with the letter and spirit 0
the constitution.
1t is remarkable fact that the mos
essential element of our colonial anc
prosperity who obtained by the use o.
the legal-tender paper money the very
thing that our present rulers seem now
determined to hold up to ridicule and
contempt We are apt to 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
we're 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 a 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 q 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-
/ tl.nd NV
These notes passed as cash from KAN
sEatkha 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 1877, and the
power OF consequence vested in the Bank
Of England of expanding it's 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 OF
the necessities of war-it is to these
facts that the salvation OF the empire
must be ascribed." 1T is remarkable
that this admirable system, which NAV
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 ia proportion to the
abstraction of the metallic currency by
the acts OF 1919 and 1874, followed as
they were by the monetary crisis Of 1925
| 1889 and lS47 have demonstrated beyond
doubt that it was in the system of an
expansive currency that Great Britain
dnring the war, found the sole means Of
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 thar
they had previously done IN Centuries be-
tore. This proves beyond doubt the
power OF paper money TO increase the
wealth OF a nation"
1t is worth while to observe that this
same Sir Alison, who speaks so wisely
on this subject ii reference TO the history
OF bis own country. while scanning q few
years ago the prosperity Of our country
during the war OF the rebellion and i'm
mediately after. has .oreboding o.
what might happen. and remarks: The
American government may make tinan
cial and legislative mistakes which may
check the progress o.. the nation anc
counterfeit the advantages which paper
money has already bestowed upon them
they may adapt the uuw.se and unlus
system which England adapted at the
close of the French war; they may re
solve to pay IN gold, aud with low prices
the debt contracted with paper aud witt
prices" But whatever they may
do" he adds. nothing can shake the ev
ldence which the experience of that ma
ton during the as. SIX years affords o
the power OF paper money 10 promote :
national welfare
! Sir Waiter Scott il ais Michael Nal
gTowthers Letters. shows now the
wealth Of nation is increased ov pape,
money. II assume he SAYS. ..wi,hou
hazard OF contradiction. that banks have
existed IN Scotland tor near one hun.
bred and twenty years; that they have
tiourlshed, and The country have flourish
ed with them AMI hat during the las
twenty years particularly, the notes. and
especially the small notes whica the
banks distribute, supply al the demand
tor medium OF curreny. This system
has 50 completely expelled gold from
Scotland that you never by any chance
espy guinea there, except IN the purse
of an accidental stranger. or in the COT
fers OF the banks themselves. But the
facilities which this paper has afforded
10 the industrious and enterprising agri-
culturists and manufacturers. ~ we'll as
to the trustees of the public in executing
national works. have converted Scotland
from, a moor miserable lar-a, oor