The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-27
The Anti-AGonopo1ist~

furnished by class and rented to the
people at a high rate. The rag baby!
some OF them are filed with saw dust; |
but let us have an honest rag baby, that
is, good paper rags all the way through |
daughter and applause). Now we have
talked about our nearest neighbor.
THE CANADIAN RAG BABY
The banks OF Canada furnish the
largest part of the circulating medium,
but the Canadians are getting to have
their eyes open. Our Canuck neighbors
have an issue of ten millions OF green
backs over there-ten millions of Green
backs, or dominion notes-and if any of
you have travelled through Canada much
you have handled them, and know that
you could not at this distance (showing
his greenbacks) tell them from one OF
our rag babies. Ten millions of green
bucks issued by the G madam govern
ment. It is true; l want to be fair
about it; they have got two millions Of
gold. Halt OF it is ia Toronto, and the
other half Of it is in Montreal. They
keep one million in Toronto to redeem
the ten millions of greenbacks with
Qaughter), and then they tell these banks
"You must keep one-fifth ofyour reserve
in our Dominion greenbacks. l am not
so sure of the details, and am going to
reserve the right to look up authorities
at my leisure on this, but if l am not
mistaken, last fall there was a little fl
nancial furry over in Canada. It did not
come out very plainly what was the
matter, but from what the newspapers
said, take it that there was heavy ex-
port of gold, just the same as there was
from California Immediately before the
Bank OF California died for want of f.
nancial breath, and they were beginning
to breathe hard, and the atmosphere,
financially, was thin in Canada on &C.
count OF the amount of 'sspecie" drawn
to England-the amount of gold. The
specie basis was being cut away from
under the bottom, and they wanted to
play sharp on the Dominion government
so they sent in, through somebody else,
suppose-no, | presume it was all done
fairly, and the Canadian banks had the
right to demand gold on the promise OF
eminent had two millions ofcoin, and the
banks thought they might as well have
it. They could not ship the government
notes abroad-and that is the beauty of
them-so they called on the agents Of
government at Montreal and Toronto to
shell out the coin; and the agents tele-
graphed up to Ottawa to the Minister of
Finance, as they call him tEere-that the
gold was running out, and the green
backs were coming in, 80 he telegraph
ed down to the proper agents of govern
ment, who deposit Custom House money
and revenue money with some of the
banks, to draw their checks on the
banks, for the government deposits.
Well. the deposits amounted to good
deal more than the Dominion notes held
by the banks; and the banks said. I'll
you will let up, we will, and we will get
our notes in by squeezing the merchants
and compelling them to pay their notes. >
Hence recent reports Of commercial
failures in Canada. daughter and ap.
plause
That is the way understand it.
don't mean to say it is so, because they
have not told me, and l don't believe
they will, but suspect it. Laughter. ]
Now they have fractional currency there
but they have NOT the inter-convertible
idea. But our fractional currency is in
ter convertible with greenbacks, and
hence our fractional currency is never
either redundant or deficient. Lately
however Solons at Washington have
got into the notion that we. the people
do not want our fractional currency any
more; that we want silver.
The people never found that out. They
must have got it down at Washington
via New York. Wal. street is, to grea,
degree, simply an agency, . foreign
agency. The interests OF New York ar,
more thoroughly identified with Europe
whose factor it is, than with the interior
OF this great country. for which the,
!. furnish an entrepet. The American peO
pie have al: left Wall street. CGreat ap
plause.] Now that place down there i
, very near Washington. and they. hav
. one Of the lightning trains runding 4
carry the New York papers into Penesy
lvania and squelch all the local dalies
New Workers run down so quickly from
New York to Washington on the light
!, ming train that they are in the lobby q
! Congress almost all the time. The
.. take breakfast in New York, spend tn
; day in the lobby and get back to Nev
: York to dinner. You are so far AVA
You cannot look out for western Interest
and am afraid you don't send me
. down there that are posted. Why don
! you send somebody down there that
posted. regarding American interests
Laughter.) The bullionists manag
that thing down there aud they arc try
ling to do away with that system {
fractional currency. because it is such
splendid illustration OF the practibility {
. the inter-convertible bond. Now th
; issue authorized (of fractional currency
). was City million dollars. and there neve
: Vas any imitation. There never va
h any imitation Of fractional currency, Il
d the people never took any more tina
q they wanted to use, (laughter) and Il
q highest they ever took out, and til,
IS ever Was out, was forty -three million
le Of dollars They had chance to 2,