The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-09-14

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with the most extraordinary and unpre-
lcedented of all complsints ouey- pf0dAc>
ltion!-who had 50 much to eat.to drink,
and to wear, that they were upon the
verge Of open rebellion against the con-
stitutional horities!-trom sheer ex-
cess OF the fatness Of the lane, the people
of the British Island threatened to de-
,troy their government! surely an nm
lparalleled thing in the history Of natlons.
Shakespeare says Hamlet was sent into
IEngland. because all the English being
reputed to be insane, an insane frlnce
was not likely to be an object OF special
notice among them and lncontestably
q nation must be insane that grows re-
bellious because Of the presence OF too
much wheat and corn, beef and bacon,
butter and cheese beer and gin, cotton
and wool! Well. to meet this most res
lnarkable and abnormal state OF affairs,
the Parliament made the necessary new
laws: they were known as the Six
/ Acts and were denounced by the larger
i part OF the people as wickedly Cypress
i've and Unconstitutional Lord Campbell
said OF them that they were the last vio-
lation of the constitution Of the Kingdom.
| The Six Acts conferred new ana ex-
IRENE powers upon the government
they authorized arhitrirv arrests and
unusual punishments, the suppression OF
public meetings, the search OF private
houses and seizures OF private papers,
and the lettering Of the public press!
+ The old spirit OF liberty seems to 4. have
Departed says Charles knight, COM
menting upon these statues And all
this INSTRUMENTATION and insurrectionary
spirit on the part Of the people, and eAhl
| bitonof military power and civil repres-
sion on the part Of the authorities, were
IN consequence OF ocer. prOdNctaon OF
/ TOO much to eat, to drink and to wear. o.
oranaries full of corn, OF store houses
filed to repletion with fabrics, industry
too active, OF commerce too galntul.
i The doctrine of over production was OF
course the invention of the political
econ omists, and was not warranted either
BY facts or common sense, amy more than
/ is now warranted in explanation OF the
j distress prevailing in these United States.
1t was very convenient phrase, how
ever, aud extremely satisfactory to the
effice holders bondholders, spectators,
| and the political economists themselves
.sNow what did the English paper gain
by way Of compensation tor the losses
AMI suffering OF the resumption period?
Freedom from any OF the monetary evils
they had suffered during the period OF
suspension? No; not one. Did they
escape fluctuations in prices? Forexpe-
riencc proved. and Lord Overstone, the
sternest and most implacable OF bullion
ists-the head and front OF the currency
school of British economists-admltted q,
when directly questioned upon the point,
that he could detect no difference be-
tween the fluctuations which took place
during the suspension and the fluctua-
ltions which took place after resumption
had been accomplished. (Iracts on
Metallic aud Paper Currency, P. 43I
did they escape speculation and over
trading? No. For experience proved,
and Lord Oyerstone frankly admitted,
taat under the most restrictive system
of convertible notes possible Ito be estab-
lished. commercial speculation had been
to the most extravagant lengths, lI6,d.,
page a6i.) Did they escape panics? No.
For experience proved, and Lord Over
stone and Mr.. Tooke both admitted, what
indeed they could rot truthfully deny,
that the commercial commissions under
the convertible system were as great II
not even greater than under the convert
IDLE system, Lord OyerstOnet ibid, p
l.;..,1>said that storms and tempests arr
MOI more certain and inevitable in the
material world than are the periodical
commissions OF commercial affairs. ant
J both answer, he moreover declared
| similarly useful purposes. SlT- Iooka
after very careful review History Q
J Prsces. vol. I, p. ltJl said decidedly
what susceptibility to great expansion
, al credit and consequent liability TO col
Iapse are not peculiar to 9 inconvertibi'
r state Of the currency ! that, In point Q
: fact. experience both in Great Britiai
: and in Continental Europe shows that
: great abuse OF credit has not been pecii
liar TO al, inconvertl5le currency; AM
J no declared, moreover. Introduction
/ cons s7crati07as BIZ The STATE q ots 1arren
e ~ that commercial CONFUSION, unde
{ tine convertible system, had been Us
/. his exact worsis) more strikaay anil ds
' st~,rtsge' than under an inconvertibl
: system These are the deliberate nd
t missions Of the two most ancient Of IN
LULtsSa AuI1tDttAaNS &R&h AAsNt -
+ leaders, respectively OF the -currenc
q and banking, schools OF economists
e upon this great and vital subject. What
d then, did the English people gain ,
|. way OF result and compensation Tor To
o enormous losses and suffering endure
: BY them during the transition perio
If from an inconveruble to cOnvertfbl
1t currencys / will answer in the wort
J. OF Jean Bap;isse Say: The privilege
Z classes, the public functionaries. tn
ic pensioners OF the State, and the fund
holders proi,ed By the great enchan
4 Iment In the value Of money tut laid
q burden upon the masses cf fse people ~
!. sfpos, industry; burden that 50 rich a.
I industrious ) nation could alone So
:. Iport. Yes: British labor and Britt:
a industries achieved = burden, and Il
= political economists achieved the triuml
- Of general principle but It m expeni
il Of loss and misery that cxcites the indl
- nation and pity Of every generous q
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