The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-12-14
WHOLE No. l27.

WHOLE NJ. III.
cunts sufficient to meet SO large = dee
mand as that contemplated in January
1869. IS deemed i,,spracticGbla; while to
accumulate, in advance Of that time
would be attended with necessary loss Of
interest, would be likely to disturb money
exchange. and embarrass the funding Of
our nationa? securities. The present
time is regaded as opportune for the
gradual withdrawal of these notes. 1t
is believed they would not be greatly
missed from the circulating medium, as
their place will readily be supplied by
the issue of national bank notes under
this act" e ft9a.
Here the whole argument is admitted.
1t is simpracticable to obtain $500, 900 900
of gold at one time; and its gradual
accumulation would disturb money ex>
changes, etc. And 50 the Secretary
proposes to iund the greenbacks into
bonds and thus reduce the currency from
seven hundred millions to three hundred
and fifty millions, trusting to the banks to
Issue 1850 ,OOO, 900 more Of bank notes,a .
time too when they are already retiring
their notes at the rate Of nearly thirty
millions per year.
The Secretary adds: A
"A return to the constitutional stand
ard OF values at any time will doubtless,
to some extent, involve q deduction in
nominal:prices and consequent contrac>
ton of the currency, but this is. not OF
itself necessarily an evil, and, ii it were.
| it is an cvi! incident to vicious system,
not cured by the countenance ofthe evil.
while the measure itself is demanded by
the highest economic considerations and
principles OF honest dealing among
men,"
Resumption will s:involve reduction
in nominal prices Indeed; are they
not reduced enough already? How much
more can we stando #A
1.-The suspension Of specie payment was
the act Of the national government the
people properly look to take the iniattive
resumption Having under its authority
to coin money, assumed to regulate the
currency of the country, anda the states
are inhibited ''tO make anything but
gold and silver coin tender in payment
OF debts, and as irredeemable and incon>
vertible paper currency is essentially
repugnant to the principles of the con-
stitution and the traditional policy Of the
American people, it is obviously incun>
bent on the government to maintain and
preserve the money ostandard Of values
| I<ff In ncks IN
, obligation Of payment in coin on demand
at the option Of the holder, Of all paper
money. Now. as for long time hereto-
fore it has been, large proportion OF
the national currency, rs prescribed BY
: the government Of the United States, is
I alike irredeemable, inconvertible. and
. deprecated paper money; but it has
I been enforced as substitute for the
! money Of the constitution -coin. The
e United States notes, commonly known
US !egal-tender, regarded as substitute
G for money, are an anomaly in our mo>n-
etary system, tolerable and possible only
! in the exigencies Of civil war-the of.
: spring Of its perils and limited to it
9 necessities. To allow their continuance
as such, after the cause which justified
i their existence had ceased, 10 to viOlat1
r the conditions Of their inception. and Z
i sanction what was only tolerable as Z
) necessity, by impressing upon it th'
: stamp OF Legitimacy"
We deny that the suspension Of specie
J payments was the act Of the national
! government When the war broke ou
every bank in the Emitted States hat
!. 81 uspended specie payments? Why doe
u ocs -a.,,.r cf;or shon hoO;n vwhorQ cns
: pension began? aa
= Aud why does not the secretary denoun
n ce the national bank notes as"irredeem
d able and inconvertible paper currency
as we'll as the greenback?
Il It has been argued that resumptio
d could be effected by laying aside th
i surplus revenues Of the government &c
!. cumulating between this date and Janu
l. arv l.1879. But the secretary says: :
"As to the surplus revenues Is meal
ID ure OF redemption, such IS the presen
Il and probable future Of these revenue
!, and the demands upon them, that it ]
= not deemed at all probable that any con
siderable sum not otherwise appropriate
n could be devoted to this end"
IS The secretary gives 10 the lollowin
Z significant table, showing that the 10
]. OF gold out Of the country j. msch gres
id er than the flow Of gold into if
q, .'For the fiscal year 1875 there Was
mt excess Of imports over exports amounfin
ee to $l9 .5G2.735, showing difference
ss. t9y, 2O6. .2O6.
~A
he Exports Of specie and bullion S66,5O0,S
be Imports Of specie and bullion ib,Ss0'o'
Excess Of exports .eVpceO
n This being true i will be didicalt
!. accumulate the amount Of gold necessa
i'll 70 resume with. And Il 10 h9y0 =
ith gold then " mast have papsF; -
b - 80 ~2f naner 30 - 1rae