The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-11-02

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natons of .bondholder& sre author
zed te. supply currency for the peo-
pie. They leave their bonds with the
Government as pledge that their is
sues shall be redeemed. They receive
a gold interest semi-annaally on these
bonds and ninety per- cent. on their
par value in notes which pretend to be
money, and are issued in the exclusive
interest of the bank monopoly.
- The enormous profits which have &C
crued the national bankers have
been fully exhibited and prove the wis
dom and cunning. of the originators Of
the scheme, and in corresponding de-
gree the ruinous consequences to the
business interests of the country. There
is not in the whole system one feature
to save it from the, excavations Of the
producing classes.
The political power of this gigantic
monopoly is demonstrated by the fact
that both Republican and Democratic
National Conventions purpose not only
to perpetuate this system, but to ex-
tend and enlarge it. The Independents
Greenback Party is the only party
which declares that the making of mon
ey, or currency, whether metallic or pa
per, is the exclusive function of Gov
eminent, and which demands that the
Federal Government shall provide the
entire circulating medium!
To provide for the enormous exssn-
ses of the war the Government resorted
to various financial expedients. These
consisted Of Treasury notes bearing in
terest, and made legal tender, COM
pound interest notes, coupon notes,
fractional currency, national bank notes
temporary bond certificates, certificates
OF Indebtedness, &c. These were print
ed in form, designed, and actually en-
tered into and formed part of our cir
culating medium, performing the func-
ton of money. So that inlSe5, at the
close of the war, the circulating medi-
UNI amounted to twenty-one hundred
millions of dollars. In 1875, ten years
thereafter, we learn from official sourc-
es, that the entire circulating medium
was seven hundred and sixty millions
Of dollars, or an actual contraction In
ten years of thirteen hund. ed millions,
or nearly two-thirds Of the whole
amount.
Stating it In another form: In 1865,
estimating our population at thirty-six
millions, we had circulation of about
$5S per head; in 1875, with a popula-
ton Of forty-fve millions, we had cir
culation of about SIS per head.
What have been the results of this
enormous contraction? Let the rich
capitalists and holders of Government
securities, whose fortunes have been
more than doubled, and the active bus
mess men and producers of wealth who
have been plunged into the vortex Of
bankruptcy, or brought to its verge,
furnish the answer!
While this process of contraction of
the circulating medium was in pro-
gress, and when all productive indus
tries we're being smitten with paralysis,
the large bondholders conceived an
other plan Of approaching the purchas-
ing power of their bonds. Under the
pretence Of STRENGTHENING the public
credit" when it needed no such tonico
in 1868 they besieged Congress to pass
a law that all the bonds Of Government
should be paid in coin. The larger part
Of the bonded indebtness was payable,
according to the letter and spirit of the
avs creating it, in legal tenders or
greenbacks.
Thaddeus Stevens, the author of the
low under which the 5-20s were issued,
denounced the scheme in the strongest
language he could employ. He charac-
terized it asa swindlc upon the tax
payers Of the country, who were al.
reae y staggering under the burden of
taxation, and charged upon the authors
of the measure the dishonest purpose
Of practically increasing the debt for
the exclusive benefit of ssbloated spec.
ulators." Steven:i, the brave and true
friend Of the oppressed, died shortly
after he recorded his protest agains
this gigantic swindle. On the 10Th day
Of March, 1869, just fifteen days after
the Inauguration Of President Grant,
the bill had passed both branches Of
Congress, and the President promptly
signed it. This crime against the peo-
pie, Of stupendous magnitude, and far
reaching in its results, was perpetrated
BY the money power!
Then followed, soon after, the pas
sage Of the funding bill, the object Of
which was two-fold. First, to avoid
the consequences of possible repeal Of
the 'sgold bill" renting the holders
Of the ''6ve-twenties" to the greenback
payment of their bonds Second, to
place the bondholder beyond the reach
of federal taxation.