The anti-monopolist., 1876-10-19
QUESTIONS. AND ms WERS.
MEEkER Co. Sept. 80, 1876.


Editor Init -Nonopolist:
DEAR SIR:-Some of the Republican papers
are accusing the Greenbackers for leaving the
question unanswered where to get gold from
to pay the interest on the national debt, if the
greenbacks were made full legal tender for all
purposes, except II the payment OF such obli-
cations as are bv existing contracts made pay
able in coin. They further admit that the IL
nancial system, as advocated by the Iudepend-
ent Party would be excellent if the United
States were 'the whole world !" but as they are
not, we are bound to have our paper money
based on gold.
Will you. Mr.. Ed tor, please explain the
matter to these fellows.
Yours,
INDEPENDENT
-Insuer lst. The Independents ar
que that it the greenbacks We're made
receivable in payment OF duties on i'm
ports there would be no demand tor gold
that because gold alone, under the pres
cnt laws, can be used to pay duties on
import 4 demand is thereby created tor
gold, and that, ii this demand was abol~
ished, by allowing duties to be paid in
greenDacks. the premium on gold would
at once tail to nothing. Ii greenbacks
| are thus made worth as much as gold
the holders OF national bonds would just
as soon receive their interest in green
backs as in gold. But suppose there
remains 4 small premium on gold and
bondholders demand their interest in
| gold: then let the government 90 into
the markets OF the world and buy gold,
paying that small premium This would
only be tor time. Ii the government
issues a 800 bond. interchan geable with
greenbacks, interest and principle pay
able in currency, it would soon absorb
the billion dollars now held by the sav>
ings banks lor the people would prefer
company, with this billion dollars, much
of which would remain permanently in
the hands OF the government, the gold
bearing bond could be retired.
Again-thc substitution, OF green
backs for national bank notes would de-
crease our interest bearing debt 2346,-
900 900. or over one fourth. the demand
for gold And if the amount Of currency
per cnpta. i, madethe same as in England
this would wipe out about $500, 900, ,OOC
more OF the balance of the interestbearing
debt otthc nation. The remainder upon
which gold interest would thus be very
small figure.
insurer ID Each country is sepcratc
and apart from the rest OF the world in
its financial transactions. That is to say
the money OF one country does not, tc
any appreciable extent, circulate in any
other. We see no English sovereigns ir
use in America. and Englishmen see M
, gold dollars in circulation in England
, Our exchanges are not made with golf
or silver. We pay. for our imports will
our exports. The importer oil wines
silks. etc. buys and sends to Europe bill
of exchange upon wheat, cotton. corn
] etc. shipped to Europe. We snip som'
gold but it is as merchandise and it i
| melted down in Europe and received 0
used in The arts. The balance Of trade i
now largely in our iayor: that is our cx
9 ports more than pay Tor our imports, .
tha. there is no necessity tor money +
!. send abroad. and we hope this may al
WAYS be the case in the future. |, woul
4 be an advantage to our country il "
e had currency that could not be ex
| ported We would then, as q natior
4 be compelled % live within our income
g and those who sold to Us would have
1 take their pay in our home production:
D We trust we have sufficiently answerc
j our correspondents questions,
EDITOR ANTI-MoNoroLIsI.