The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-10-26
The Anti-AGonopolist.

The Anti-MOI
upon the rights and liberties Of the poo
pie of this country have made rapid pro-
gress owing to the tteach~ry of our pub
| lie servants. The contrast netween the
American and French craftsmanship
on tho silver question will become strik>
| ing, when it is considered that instead
of passing an act at night under sus-
peded rules and without reading, as
did the American Congress, the French
Assembly appointed a commission to
investigate and report upon the propri-
ETY. and feasibility Of demonetizing silver.
The opinions Of distinguished per-
sons elected by the French committee
are vastly too important to be allowed
to pass without the most thoughtful
consideration. we therefore reproduce
from the st. Louis Republican of the
10th inst, the following:
aaron Alphonse de Rothschild to French
monetary Commission in 1869
The actual state OF things, that is to
say, the simultaneous employment of the
two precious metals, is satisfactory and
gives rise to no complaint. What is
most needed in commerce is facility in
its operations, and o-day it employs, ac-
cording to its needs, sometimes gold and
sometimes silver, and the partial re-
placement Of silver by gold, which has
taken place in these latter times, has
been effected without Inconvenience.
They now demand that silver should be
demonetized, as fifteen years ago they
demanded that gold should be. The
French government wisely refused to
demonetize gold then. and it will be
equally wise to refuse to demonetize sill
yer now. In fact, whether gold or sill
yer dominates for the time being, it is
always true that the two metals concur
together in forming the monetary circus
lation of the world, and it is the general
mass of the two metals combined which
serves as the measure of the value of
things. In countries with the double
standard, the principal circulation will
always be established lof that metal
which is the most abundant. 1t is scarce
ly twenty years ago that silver was the
principal element in our transactions.
Since the discoveries OF the California
and Australian mines it is gold which
has taken its place. No person can
foresee what the future has in store for
US. or can predict that the proportion in
which the two metals are now produced
may not be changed in favor OF silver.
ltappears to me that there are real adj
vantages in maintaining silver in circus
lation and none in its suppression, since
it is now actually part of the circuIa
ton. Ishoud regret the demonetiza-
ton of silver in its relations to our inter-
nal circulation, our commercial inter
course with other countries, and the ais
ways uncertain eventualities OF the fu-
ture. But should regret it even more
if our example should be followed by
other nations, for that suppression Of
silver would amount to veritable de-
structive ofvalue without any compen>
sation. Without doubt the two metals
are not always in the same measure at
our control; there is always one more
abundant than the other. But neither
of them has ever completely DISAPPEARED,
and we have always been able to find
the one of which we had need.
M Wolowski to the same)
To adopt one metal, gold, to the ex-
clusion OF the other it is not merely as If
they closed all existing mines of silver,
but as il they suppressed in this regard
the labor of all past ages. The sum
total OF the precious metals is reckoned
at fifty milliards one half gold and one
half silver. Ifby stroke of the pen
they suppress one of these metals in the
monetary service. they double the de-
mand for the other metal to the ruin OF
all debtors.
en-. Wolowski, Memoir read before French In
stitute, 1852
The suppression OF silver would bring
on a vertible revolution. Gold would
augment in value with rapid and COM
slant progress, which would break the
faith Of co ntracts. and aggravate the sits
uation of all debtors, including the ma
ton. 1t would add at one stroke Of the
pen at least three milliards to the twelve
millards of the public debt.
('Recherches surl or ct sur rhargent," 1919,
Leon Fauchet.)
If the nations OF Europe adopted the
system ofGreat Britain, the price of
HOlu WOuiu Oc TalSeQ UeyOQO measure
and we should see produced in Europe q
result: lamentable enough. The govern
ment cannot decree revolution. and
the most dangerous of all, because ii
would be 8 revolution leading to unknown
results (qui marcheraa. rers rinconnu.
(M. d'Ehehtal, director of the bank of France
to French Monetary Commission, 1887
In cotton. every fall in price brings an
increase in consumption. But in eilver
if you take away its title of legal money
which makes an unlimited outlet for it.,
it must fall exceedingly low before it
find an employment equal to the one you
take away.
IN. BoulAnd, the Governor Of the Bank oil
France, to the Same)
We have not to do with ideal theories,
The two moneys have actually co>exist-
ed since the origin of human society.
without any disadvantage. and even with
actual advantages in all countries which
HAYS availed themselves Of them. They
co-exist because the two together are
necessary. BY their quantity, to meet