The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-03-16

MANY CITIZENS.
Some Views from a cear-headed farmer
The foreign indebtedness of the Nation
the weight that bears It down.
w. ALBANY, March 9th, 1876.
Editor anti Aonopoltst:
In your paper of Feb. oath, you pub
lished an article headed Business Pros
pects," which gives the opinion of an
old merchant of New York, who claims
to be of the times as he has long been
a close observer of money panics, their
causes and results. He says we have
reached the lowest point OF depression,
and that day Of prosperity awaits New
York, such as she has never before
seen.
The Boston journal of Commerce sus-
tains this hopeful belief with fhe follow
ing cOgent reasons:
First, the California mines in 1876
will yield one hundred millions, and the
balance Of trade will be seventy millions
in our turoeer.
Some months ago you had another ar
tic!e in the Anti-Monopolist headed "A
Bankrupt Nation" wherein the state
ment was made that the United States
were four thousand million of dollars in
debt to the capitalists OF Europe. That
is including federal, state, local, rail
road and all others combined.
And that we are paying yearly inter-
est on these debts, and to support abb
sentees in Europe the sum of three
hundred millions per annum. | saw
statements from other sources which con-
firm the above.
would ask, of what service will that
balance of one hundred and seventy mil.
lions be as long as we have to pay nearly
twice the sum as interest on our foreign
Indebtedness.
The cause ofthese long continued hard
times is something that our best States
men and financiers don't seem able to
account tor. One party claims that the
only panacea for all our ills is quick
return to specie payments.
Another party that seem to be equal
ly as wise as the first, claim that nothing
will save the nation but plenty of green
backs. But the Indebtedness of the Uni
ted States in foreign countries they all
seem TO ignore.
Judge Kelly and other greenback men
point to France as an illustration of how
u nation by wise statesmen and paper
money can raise from the Creates. EN-
barrassment to prosperity. But Kelly Il
Co. ought to remember that no simiiari-
ty exists at the present time between
France and the United States.
When the French Government wanted
five millions to pay the was indemnity.
it was supplied by the French people.
Now If the French merchant, farmer or
mechanic pays duty on the goods he
consumes, that duty comes back into his
pocket in the shape of interest on his
government stock. But we pay duty on
the goods we consume, and where does
that money go TOP The French Govern
ment can make paper money acceptable
for every thing without national discred-
it as none OF their debts are owned in
other countries. but if we make paper
money legal tender TOR duties on i'm
ports, where will we get gold to the
amount OF 500. 900. 900 per annum to
send to Europe to pay the interest on our
government stocks.
believe it is this foreign Indebtedness
that has reduced this country to its pres
ent condition. and think we are only
in the beginning OF our hard times. As
an illustration. suppose all the real es-
tate in the city of St. Paul was owned by
men in the east. and suppose those east
ern men rented all the buildings in
your city to their present occupants tor
the highest rents they could get, and
suppose at the end OF each year those
property owners collected their rents
and took every dollar of it home east
and would never spend cent in St.
Paul for building or improving in any
respect. What condition would your
city soon be reduced toa That is sim
ply the condition Of the United States at
the present time.
Again, il all the property in your city
was owned by one third OF its citizens,
and they rented as above. and spent
every dollar of their profits in their own
city in building and improving In every
respect. what worse financially would
your city be on account OF the property
being owned by portion Of the citizens
rs long IS the money would be all spent
there. That is the condition OF France
At present.
II you think the above remarks worth
anything NAV say more another time.
Yours
L. TRACY.