The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-09-28
The Anti-Monopoli

6inations of bondholders are author
lied to supply currency for the peo-
pie. They leave their bonds with the
Government as a pledge that their Is
sues shall be redeemed. They receive
a gold interest semi-annually on these
bonds, and ninety per cent. on their
par value in notes which pretend to be
money, and are issued in the exclusive
interest Of the bank monopoly.
The enormous profits which have ac-
crued to the National bankers have
been fully exhibited, and prove the wis
dom and cunning Of the originators Of
the scheme, and in a corresponding de-
gree the rrlinous consequences to the
business interests Of the country. There
is not In the whole system one feature
to save it from the excavations of the
producing classes.
The political power Of this gigantic
monopoly is demonstrated by the fact
that both Republican and Democratic
National Conventions purpose not only
to perpetuate this system, but to ex-
tend and enlarge it. The Independent
Greenback Party is the only party
which declares that the making of mon
ey, or currency, whether metallic or pa
per, is the exclusive function Of Gov
eminent, and which demands that the
Federal Government shall provide the
op%;ra c,ro,,1 a 100, ,,,oI.,,r,t
To provide for the enormous expen
ses of the war the Government resorted
to various financial expedients. These
consisted of Treasury notes bearing in
terest, and made legal tender, COM
pound interest notes, coupon notes,
fractionalcurrency, national bank notes,
temporary bond certificates, certificates
Of Indebtedness, DC. Thesewere print
ed in form, designed, and actually en-
tered into and formed part of our cir
culating medium, performing the func-
ton Of money. So that in 1866, at the
close Of the war, the circulating medi-
UNI amounted to twenty-one hundred
millions Of dollars. In 1876, ten years
thereafter, we learn from official sourc-
es, that the entire circulating medium
was seven hundred and sixty millions
of dollars, or an actual contraction il
ten years Of thirteen hund, ed millions,
or nearly two-thirds of the whole
amount.
Stating it in another form: In 1865,
estimating our population at thirty-six
millions, we had circulation of about
500 per head; in 1875, with q popula-
ton Of forty-fve millions, we hada cir
culation of about SIS per head.
What have been the results Of this
enormous contraction? Let the rich
capitalists and holders Of Government
securities, whose fortunes have been
more than doubled, and the active bus
mess men and producers of wealth who
have been plunged into the vortex Of
bankruptcy, or brought to its verge,
furnish the answer!
While this process of contraction Of
the circulating medium was in pro-
gress, aud when all productive indus
tries were being smitten with paralysis,
the large bondholders conceived an
other plan of appreciating the purchas-
Ing power Of their bonds. Under the
pretence of strengthening the public
credit" lwhen it needed no such tonic)
in 1868 they besieged Congress to pass
a law that all the bonds Of Government
should be paid in coin. The larger part
Of the bonded indebtness was payable,
according to the letter and spirit Of the
laws creating it, In legal tenders or
greenbacks.
Thaddcus Stevens, the author of the
low under which the t-20s were issued,
denounced the scheme in the strongest
language he could employ. He eharac-
terized it Al swindle upon the tax
payers Of the country, who were al
reaoy staggering under the burden Of
taxation, and charged upon the authors
Of the measure the dishonest purpose
Of practically increasing the debt for
the exclusive benefit Of abloated spec.
ulatoTs- Steyens, the brave and true
friend Of the oppressed, died shortly
after be recorded his protest against
this gigantic swindle. On the 18th day
of March, 1869, Just fifteen days after
the Inauguration Of President Grant,
the bill had passed both branches of
Congress. and the President promptly
signed it. This crime against the peo-
pie, Of stupendous magnitude, and far
reaching IN Its results, was perpetrated
by the money power.
Then followed, soon after. the pas
sage Of the funding bin, the object Of
which was two-foid- First, to avoid
the consequences OF possible repeal Of
the ..gcld bill, = renting the holders
of the s'fise-twentiesn to The rreenbackI
payment Of their bonds Second, toI
place the bondholdsr beyond tie reach
Of federal taxation.
Al tie securities Of the United
States were exempt from State and