The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-07-27
WHOLE |, NO. lo .

WHOLE NO. lO7.
Is, III the price paid . few years since would
be- Gus boon.
Othe.< ara at work, but with large families
and smallpay, it is almost impossible to keep
from running behind. Where wages are scant
over brief crisis by running up accounts; but
if the trouble is long continued, or the man
has no credit, what is the prospect that stares
him in the face? - -N1-iaas 1tl5
Simply the poor house. y -. '.e
But the Citizen is mistaken when it
says that the cause of financial troubles
is ''over-production." How can there
be ''over-production" with four millions
of workingmen out of employment for
y two years? How can there be
"over-production" with half the factories
closed or in the hands of the sheriff. Ever
since 1873. now three years, we have
had the crisis. with diminished produce
ton, and yet men talk fippantly about
''Over~ production. The trouble is not
that too much has been produced, but,
that too little has been consumed; and
the decreased consumption is due to the
poverty OF the people and this is due to
the interruption Of production by the
contraction of the currency.
We will suppose A. B. G. and D. to be-
manufacturers, A. makes boots and
shoes; B. calicoes; G. woolens, and D.
hardware; they have all Of them been
carrying on their business. as usual, with
one-third cash and two>thirds credit. A.
lives in town in which there is 800 900
to loan. By the process OF contraction
this $1O0,OOOis reduced to us, 900.
There is just q much absolute wealth in
the community as before but there are
$25, 900 less currency. AS means Of credit
are reduced one.fourth; perhaps, Cf his
paper is not regarded as "gilt,edged,")
it is destroyed altogether. A is forced to
contract his business. He discharges
one half his workmen and reduces the
wages of the balance and he enforces
the strictested economy in his own fami-
ly. WHAT'S the result. His employees
and himself and family buy one halt less
OF BIS calicoes, Cs wOolens and DIS hard
ware. b, c and ID find not only their
margin OF credit reduced % per cent.
but thew find their sales rapidly diminish
ing and they dismiss thirds OF their
workmen, men who used to bny literally
Of AS boots and shoes. A finding his
customers poverty ~stricken cuts down
his business still farther. The whole
town suffers; the mechanics, the mer-
chants, everybody is driven to the same
economies. Real estate shrinks in val
Ne !; personal property shrinkS in value !;
everything shrinks in value but money !;
that grows and fiourishes in the midst OF
the general calamities. The distressed
people ask an explanation. "Over pro-
duction, the moneycrats ;-''ov-
reproduction" echo the fools. And
then the moneycrats proceed quietly TO
pack the town and county caucuses and
state and national conventions Of both
parties, SO that whichever way the peo-
pie turn they find the doors Of escape
closed in their faces, and they sit down
and submit to inevitable destruction, or
they break loose from both the corrupt
old organizations to find liberty and
safety in party Of their own creation.
Suppose tomorrow, the work of con-
traction were to stop, and Congress
should authoritatively declare that for
five years the currency should be neither
increased nor diminished Business
would at once revive, the work Of pro-
duction would commence anew; the
workingmen and women now idle, starv.
ing or begging, would have their pockets
full OF money with which to pay their
debts and buy goods OF all kinds. The
whole country would unloose its gather
ed boards to add to the general prosper
ity.
What would be lost? Well It would
be said that the promises Of the govern
ment were not redeemed it, greenbacks
would be below par.
Suppose this to be true, who would
place this incident of finance in the
scale against the prosperity and happi-
ness Of forty millions Of people? ''The
Sabbath was made for man ; not man for
the Sabbath" Money was made for the
people; not the people for money. One
worthy citizen. driven by poverty TO
bankruptcy and suicide, outweighs in the
eyes Of God and Of all just men, the &C.
cumulated money Of the whole world.
But there IL another way out Of the
dilemma. The currency bonds Of the
United States are now worth 125 cents
on the dollar, or rs per cent. more than
greenbacks. Let the government DE-
clare that greenbecks ere fundable in
bonds Of the United States n par, green
backs would at once be worth - much
- the bonds. to wit: 70 Per Ct. shove
their present price or II per ct. shove
par. And for every dollar Of greenbAcks
90 funded IN boadS, let . new green
back b issued, - - to keep tie sanos
amount Of currency in circulation
| 1.-THE contractionists hAHe10 object In
VioW excepk 70 make lpGtnfua6ka worth