The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-06

matters our book arrangements was dis |
cussed the Hon. Chas. H. Clark said the |
only way to head them was for the state
to get up a set OF text books and furnish
them to the districts at cost. We sup
pose he has changed his mind, but II ne
was hired to work for the book concerns
did Friend Walter" halt pay hims
Yours, HAYsEED.
Hugh Mccullough. our ex-Secretary OF the
Treasury and ex contractor OF our currea-
cy-The Mephistopheles ct our country,
now London Dankers and self appointed
teachers Of Finahce for our People
Editor init Mon0polsst:
Mr.. Mccullough says in his financial
letter to the New York Tribune. pub
lished Sept. 10th. 1875:
1.-The question, then, to be considered
| is, to what, in addition to over produc-
ton, is the prostration Of country SO
abundant ia resources, with q popula-
ton SO intelligent and vigorous as ours,
attributable? Is it not, first to our civil
WARP Secondly, to onr redundant and
vicious currency? Thirdly, to iUudi-
cious taxation? Let US dwell for a mo-
ment upon the first two, leaving the
third for consideration at some future
day"
TIE reader will perceive in the fore
going extract, a mean trick in the argu-
1nent of Mr. Mccullough, who names
"oyer production" as the chief cause OF
| our prostration, but mentions this mere
ly in light pressing manner, as mat
| T. tl,at roc orDnnQnt
or proof, and must be taken by the read
er as self evident. To this, thus SNUG
gled in, main cause, he then adds three
other causes, which lie names first, sec
ond and third, as il the really first nam
I'd main cause did not require to be
further considered or numbert d. Thus
ne tries to steal upon the judgment OF
the reader, who is made to admit the
first nainel or main cause, over pr0duc-
ton, on the authority of the wiley Lon
don banker, WHO tries to let him forget
the proof by amusing him with other
questions.
Now, over production was not the
cause OF our prostratlon, and 1t is not SO
considered in this country. On the con-
trarv, many considered over speculation
and wild goose schemes Of public i'm
proyements, such as were carried on by
Jay Cook, Mccullough. and others. as
the chief cause of our troubles. This
view was chiefly entertained, or at least
advanced, by the leading members OF
our government, and by the leading
newspapers and politicians. This view
the London banker tries to evade, be
cause it comes too near home to JAY
Cookies partner.
The people in general, who were no'
interested in banks, or bankers. and who
had no other private object to serve
looked upon the uncalled tor, and wan
ton contraction Of our currency as Tx
chief and primary cause of our panic
and OF the continued prostration Of the
business and the ruined prosperity OF ou
country and in thi, unbiased view thu
people point to Hugh Mccullough, oul
former secretary OF the treasury, rs ins
first and chief creator an! executor o
that cursed cause. OF all this the vile,
ex secretary, now banker Of London
does not utter the least hint. But HI
treats us to the first cause. our ''civi
var forgetting that ne deceltiulll
z named over production as the first am
main cause OF cur prostralioa. Only
; think, reader, because we produced tot
! much, therefore we became poor ant
| broken down IN our prosperity. This i
i like upbraiding poor ncighbor for hay
ing teen too industrious and thrifty, an,
: thereby having impoverished himself
Q Commou sense would say, that il W,
produced too much. l. e., more than W
y required for our own consumption, W
; would he Ill the best position TO eNpoI
our surplus. which We could sell cheap
: because of its being surplus, aud thu
command the foreign markets. In TIL
II manner England gradually occupie
IL nearly all markets Of the world. hecaus
g il produced much more than its hom
market required. and sold the great su
" plus cheap to all parts OF the world.
Yet our ex-secretary Of the TREASURY
s Hugh Mccullough now a London bani
er. and recently partner OF Jay Cook
tells us unblushingly. that OF. surplt
In production has been the primary an
chief cause OF our prostraeiou. Now "
can Judge what induced tina; man, whe
he was our secretary OF the treasury,
propose and carry out the contraction
our currency. He knew. from the r
cent history OF England, that contra
aon OF the currency Tor the purpose
e preparing for the resumption OF spec
to pa, men,s. had. during four years. lro
il 1919 to 1928. completely ruined Il
~ prosperity OF that country. and n,
III caused every farmer and every manuta
he turer TO become bankrupt. and the VINO
at property OF that till then. highly pro
| III ,pYn ha hov,H,
Ii q comparatively small numoer OF cap
nj alis,s and sharpers. who bought up.
vr Sheriffs sales. all the estates Of The pc
ri pie Tor one third or one fourth OF the
e. real value. Those properties are he
ty to this day By the aristocracy OF Engla'
x who have become immensely wealth
in while the masses of the people have
mt come their laborers and tenants. Su