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

circumstances, had not the skill, the
prudence, or the ability to carry on the
business which might grow on their
hands. So that there were occasionally
men in Venice who failed in business.
and it was necessary that their assets
should be divided among their creditors,
Hence the republic of Venice permitted
the assignee in bankruptcy to cause a
transfer from the account Of the insolv-
vent merchant on the books, to each Of
his creditors in proportion to the amount
due, and gradually from this grew up
system by which n ows you i thous-
and dollars. and having five thousand
dollars, credit with the nation, would
ask you in that city to step into q g0nd-
| ola and go down to the bank as it soon
| got to be called, and would transfer to
you from his account of perhaps, $1,000
$1,000. The interest wonld begin to
run to your account the day of the trans
fer; and when they figured up his inter-
est there would be a thousand dollars
out of his principal on the day that he
made the transfer to you. For nearly six
hundred years in the great city Of Venice
business was conducted in this way
without a financial crisis, without = sus-
pension.
what does a crisis neanp A crisis,
financial. means q stoppage of all bus
ness, In order that men may settle, and
the only way that a commercial people
can settle is to enter change and cancel
Indebtedness. 1t is only the smaller
business transactions, comparatively
speaking, that are settled with currency
yet currency is the basis OF all CONNER
cial transactions, and not a bale OF cot
ton, not a wagon load OF grain, 10 stock
or other farm product can be transferred
by the producer to the with
out the aid of currency. A crisis means
a stoppage of manufactures. throwing of
men and women out OF employment, the
suffering OF their families for want of
bread and shelter; it means that corn
shall be burned upon the farms because
the machinery by which its ownership i S
exchanged is temporarily obstructed
and imperative it means that the farm
er shall want boots and shoes, and cloth
ing, though he has corn, and meat, and
butter, and the materials for bread to
give for them, while the operatives in
the manufacturing establishments or that
should be in the manufacturing establish
ments who might be making boots and
shoes and clothing for the farmer, are
idle. unemployed, as they are. to a great
extent to-day in this country. 1t is a
l~anentable truth that while the opera
tive should be suffering for bread, the
farmer is using his corn for fuel. Under
the financial system ~inauguarated by the
Venutians the credits in the treasury OF
Venice became so valuable that those
who had balances there were offered
thirty per cent premium in gold. For
centuries the premium was thirty per
cent. in gold upon this mere paper book
account. In time it was found that the
debt OF Venice was too small to furnish
the exchange ofthat wealthy city, and
ia order to obviate that difficulty, Ven.
ice said, 1--WE cannot run into debt any
} more, we have nc wars to carry on, oul
public works are complete, our income
is sufficient from the ordinary revenue
to pay current expenses, but this is Il
| commercial city: we listen to the cry
that ONES up from the people it is the
office OF government to look to the
welfare OF the people, because the
government sthc peoples servant and
! creature" TApDlause]. And th<
Council of Ten considered the matter
when the cry came up from the people,
: and they said. I'VE will use our in
telligence; we will use our good judge
ment. though we have no preced-nts,
(as we have to day. I'VE have nj
I precedent, but
! WE WILL MAKE PRECEDENTS.
t that the world may follow" land tina
t the world has followed successfully.
They said, Here is q branch Office es
t~ablished; bring in your gold and silver
8 you shall have credit on the books her,
: for your coin. but not any interest. Ven
e ice pays interest only upon what it uset
OF your means to expend in war or TO
Z the public good. This branch bank o
; Venice is tor your convenience. Brin.
r in your coin we will melt it, we vii
z ASSAY it, We will cast it into bars or int
coin it shall rest here in the bank an,
c whenever you wish to make a paymen
r you can transfer this deposit 0
q coin instead Of government dert = an
this brought the government debt t
n twenty per cent. premium instead 3
: thirty. But the merchants preferred til
government: debt TO the coin deposited
and there was that difference oil txeutr
per cent. between the two and in favor {
government debt bearing four per CEN
e Interest. This illustrates q fact tina
y there can be and has been q circulatin
. medium other than coin worth more tea
coin.
THERE WAS ANOTHER NATION.
Fourteen years ago it needed horses ic
its cavalry. mules Tor its trains. clothin
to uniform its men. irou to last. into car
non and to forge into armor plates ft
It's ships; il needed the life blood Of you
IS soDs to maintain the institutions whic
J have been handed down to Us a sacre
r trust by our fathers. Ii needed n
q money. but il thought it did. Il wer
4 to Wall street. and the banks sooa su.
pended. They had nothing but paps
promises,to offer the government Bn.
did not want paper promises. its ov
IN promises We're better ; it wanted those a