The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-08-31

This. and this alone was lneOrlgiHd1
cause and starting point Of the panic.
The return OF currency from the extremes
to the money centers
relieved the pressure and restored contis
dence. But not until serious conse
quences had ensued, which. with sufi-
Gent supply ofcurrency, we might have
been, we should have been. preserved
frOm.''
Now, if you will reflect but a moment,
yon will see that the inter-convertlble
ssgreenback theory would have obviated
that .'money famine" by permitting the
bonds to be Instantly converted into legal
tender currency.
But again, as an instrument Of com.
merce the value of currency depends
largely on its functionary power-its util
itv in etfecting exchanges and satisfying
demands.
The 'greenback theory holds that if
the legal tenders had been clothed with
full power to perform every function or
office of money within the jurisdiction OF
United States, they would have stood at
par from the first to the last.
It must be borne in mind that when
the greenback was deprived of the power
to pay duties on imports, it limited its
usefulness, and at the same time created
a market for $4,000, 900 of gold annual
~, to perform that service.
When it is remembered that the vol
ume of gold in the country was so limited
as to be controlled by a ..few designing
spectators in Wall street," the phenom-
ena which took place will not seem
strange to any ''business man or tlnan>
cier whose opinion is worth quoting"
ANY other result from such q system
of legalized commercial piracy was inn
possible.
This feature of the ''greenback theory
is sustained not only by the plainest die
tates OF common sense, but by actual de-
monstration in the case of our 81, OOO, OOO
of demand notes, which. being made good
for duties. remained at par with gold, dur
ing its advance in price, until they were
all absorbed Also in the example Of
France, where they issued two-thirds as
much paper money in ten months time
as we issued during the whole four year;
OF the war. Notwithstanding this rapid
issue,it remained at par from the begin
ming to the end Of their war.
Butknowimg the cause OF this advance
and being out of power of the bullion
lists, they issued, for the promotion Q
their industries, one hundred and lift,
millions more in francs, and gold fell t
one per cent. In few months they au
thorized the issue af $500, 900 900 more il
paper money" and the premium on gol
vanished and has not been heard OF since
In this example there resides full an
complete demo nstration OF the ''fu.l lie
gal TENDER feature OF the "greenbac
theory"
To recapitualate: We have shown tina
the convertible feature, had it not bee
. abrogated, would have held the greer
: back at par with our bonds that the IN
terconvertible feature would have pre-
vented the panic OF 1873 ;and that the fu
: legal tender feature would have save
their depreciation from the start.
Now the '.grcenback theory propose
to combine al these features, and there
: by establish the most powerful, perfe'
: and financial economical system yet dc
: ysed in the progress Of civilized life.
> Thus tar the foes of progress, tor selfis
= interests, have prevented a union OF thcs
: features in any one system, and it remain
= to be seen whether or not, the people
. this nation are free and intelligel
enough to be the first to receive the pei
efits Oi their combination.
Q Yours truly,
= j. b. FOLLETT.