The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-12-14
THE REPORT OF THE SECRETARY
OF THE TREASURY.

VI 4 liz
We have perused the report OF secre-
tary Morrill, with no little interest and
curiosity. We were curious to see
whether thea administration had learned
anything by the events Of the past few
months. We don't think they have.
We note few points. twas claimed
by many during the recent canvass that
there had been no contraction ;of the
currency. The following extract from
Secretary MorrlFs report answers this -
1.-The amount of legal tender notes
outstanding November /, 1876, was 1876,
535, TIC. The amount Of said notes on
deposit tor the purpose OF retireing cir>
culation was $20,6lO. GAG. The am
cunt Of national bank notes in circulation
on that day was S29, las, ,46t less, and
of legal tender $14, ,494, ,2S4 less, than on
January IA, 1S75-a total decrease in
the circulation, under the operation OF
the act, of s43, ,907 ,74S."
1t was claimed by Mr.. Dunnell. in his
debate with us at Plainview, that there
was no intention to withdraw and cancel
the greenbacks; that they were to con-
tinue to exist; and that the republican,
party would denounce their destruction
| as vehemcntly as the Independents,
This was the argument with which the
republicans followed US wherever
we spoke. Now read the following from
Secretary Morrill's report:
THAT policy which tolerated the con-
tinnance of the greenbacks as money
after the close of the war, must be re-
garded as public misfortune. At that
time they were, according to original
design and by the logic OF their existence
to be funded as an obligation Of indebt
edness-to be embodied with the public
debt, and not to be tolerated as an ele.
ment OF the national currency. They
were to pass out of the category Of cur
rency and to take their place with tht
public debt. Congress, in 1869. treated
them as portion Of the public debt ant
pledged the faith OF the nation to thei
redemption, as such, at the carlies
practicable period, and the act Of 1S7;
contemplated their redemption in Jan
uary, 1879.
BY this later act. the policy Of speed.
resumption Of specie payments is no
only declared. but . monetary system
I tor the United States clearly Indicated
with provisions for the redemption o
] irredeemxble paper currency a
; money. and the issue in lieu thereof o
4 national bank notes redeemable in coli
, It the option of the holder. and retur
, by that method to the metallic standar
4 OF the constitution
Nothing could be palmer than that; :
/ the greenbacks are to be destroyed an
: their place supplied with national ban
! notes on which the people would be tax
! ed TO pay nearly twenty millions OF dol
/ lars annually.
d But are we to have gold? We argue
. during our campaign that the gold coul
J not be obtained. Secretary Morril
a says;-
a ..As . further provision deemed essel
n tial to the purpose Of resumption. il
d recommended that, in addition TO the .,
a. thoritv Of the secretary Of the treasut
Of already conferred, 70 provide for r
/; demption OF legal tender notes on ~
- after the day provided for resumption
>. bv accumulation Of an adequate amou
in OF gold to meet the volume OF thr'
r million Of dollars Of legal tender note
which will then be outstanding, BY q
sale Of United States bonds, authority
st given him from time TO time, - he m,
g deem expedient and the stats Of the fina
s. ces admit, to fund these notes into
ID bond bearing ! rate Of interest not mo
nd than four and one>half per cent, vi
to not less than thirty years to run. vi
NJ n,eh limitations . 70 the amount %
"a % funded in any given psriod - CO
N 1rees. II IL discretion. mAy deteTnina
prs A sndden accumnla1ion 6 Rold II q