The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-05-18

question OF paramount i1up1i tioGC W NV
uation and the people. The question CT
finance enters into every mans business.
and affects every citizen of the country.
He thought it the duty Of somebody to
discuss this question, and when we look
over congress, to whom such matters are
usually referred, and consider the men
who make up that congress, it don't
seem presumptuous in us to take hold OF
the financial problem who are the men
at the head OF the government? and what
experience have they had to specially TT
them to settle this great question? Bout
well has had only such experience as he
gained in little grocery store. in Massa-
chusetts, from whence he went to con-
gress and subsequently into the treasury.
The; first official act OF President Grant
was to sign a bill making seventeen
hundred millions of bonds, upon which
the government had realized but 90
cents on the dollar, payable in gold,
thereby doubling the debt OF the country
on that day, with mere scratch OF the
pen, and the country has ever since been
paving interest on this fictitious basis.
The law says specie payments shall be
resumed January 1st 1879, without pro-
viding any means whateverfor resuming.
No country ever has or ever can resume
specie payments when it requires every
dollar OF specie to pay the interest on
the public debt, with commercial bal
ance of 800, 100000 against us annually.
He proceeded to read statement from
Thomas Dale, showing that SlSO, 900 900
of interest must be paid annually on the
countrY,a bonds held in Europe, and the
balance of trade and commerce makes
grand total of $2SO,000,0OO annually to
keep our credit good with foreign coun.
tries, while the annual product otdcoin in
this countryi is only 800, 100000, a bal
ance of $3.50 900, 900 against US annually.
Ii the $500, 100000 Of bonds were to be
sold on the day named and specie pay
ments resumed, the resumption would
be of short duration. for the interest on
our foreign debt and deficit in trade
would soon absorb it all.
The result of attempted resumption
has already been the stagnation OF busl-
ness and financial ruin throughout the
country. Who would embark in bust
ness to-day investing his capital in any
enterprise of trade when such capital
living idle will be worth II per ceat.
more by law, in three years? And if
loaned meanwhile, even at 10 per cent.
the increase would be far in excess of
any thing that could be realized from
legitimate business. In other words, by
keeping his funds on interest they must
largely appreciate, and in business must
depreciate.
Look at this city! No new business
enterprises have been started here tor
two years, industries are paralyzed, and
the laboring men are standing on the
street corners begging tor work. So il
is all over this broad land.
. History has its lessons. Great Britain
3 has passed through this same crisis, but
did not attempt to resume even. unit
i every industry was prosperous, large
o balance o. coin in their national treasury
= and a large balance OF trade in their ia
vor. Specie payments were suspended
$ in that country for twenty-slx years
d And we. with business Frustrated, tai
: balance oil trade against US, and ou
e foreign deut increasing at the rate 0
o sloo, 600 900 annually, resolve to re-
q sumo in the face OF history and expert
J. ence Even when resumption tool
s place in England, although gold ha,
e stood at par with currency for two year
It previous. the result was disastrous t
e that whole country. 1t produced jus
,. such results as have been produced i
ir this ,untry by the threat Of resumption
3r He read from Judge keliys speech q
le em5ody ia- his views, and the situate
in this city and the country at large.
A. Under al these circumstances. can W
J. resume9 And If we can resume by Dor
~ rowing, could we ation
The proposition to resume, under Ii
r, present law, arrays the capital of Il
&c country against the labor OF the country
be Aud he is sorry to ~ that in such col
Of tests labor usually kicks the beam. 1t
I'd labor that produces wealth-hard, hol
re est work. Wealth can't be produced
to legislation
IS Resumption means >contractlon-t Il
II retiring I'll 400. 900, 900 OF curren'
p bearing no interest, and issuing IN nla'
III thereof S50n. 900 900 of bonds bearing
in per rent. interest, thus adding S2O. 90
'se 10o 10 the burdens Of the people a
ey Aually.
- slr. Bassett read from a reported
oA ,eryiew with August Belmont, agent
the Rotaschlids. advoc atin- the is>uan
les OF the 400. 90o. 900 government bonds
.e .I-2 per cent. One hundrad years a
.eA Gen. Gage interviewed the people
w Massachusetts with ditfereH, resu
There was one Jonas Parker who til
. sad be wouldn't run from British la
n nets Would that we had a Jonas Pa
or now. t. resist the dictation OF
es. money power Of Europe. bu. there i
man to raise BIZ young voice against
mr. Contraction i not suggested owing Z
lack Of confidence among the peof
The people are full Of confidence il II
the currency. and want TO keep IT. "
-es- should we retive Z currency that eve
les b 5dy i satisfied with-that is based
on the credit Of the nation. is a good
nit government bonds except that il d
lew not bear interest-that is good Tor
s. face throughout the length and credit
the country The contraction prop1
mas already resulted in wide spread