The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-12-14
THE REPORT OF THE SECRETARY
or THE TREASURY.

VII L liz 1ALdC CIl
We have perused the report OF secre-
tary Morrill, with no little interest and
curiosity. We were curious to see
whether thea administration had learned
anything by the events OF the past few
months We don't think they have.
We note few points. 1t was claimed
by many during the recent canvass that
there had been no contraction ;of the
currency The following extract from
Secretary Morrl's report answers this -
1.-The amount of legal tender notes
outstanding November | 1876, was 1916,
$50, TIC. The amount Of said notes on
deposit tor the purpose of retireing cir>
culation was S2o,6lo. GAG. The am
cunt of national bank notes in circulation
on that day was 500, l45, ACT less, and
oflegal tender sl4, 494, 2Si less, than on
January IA, 1S75-a total decrease in
the circulation, under the operation OF
the act, of s43, 907 ,74s.'
1t was claimed by Mr. Dunnell. in his
debate with us at Plainyiew, that there
wasno intention to Withdraw and cancel
the greenbacks; that they were to con-
tinue to exist; and that the republican,
party would denounce their destruction
as vehemcntly as the Independents
This was the argument with which the
republicans followed us wherever
we spoke. Now reid the following from
Secretary Morrill's report:
That policy which tolerated the con-
| FINANCE OF tie greenbacks as money
after the close Of the war, must be re.
oarded as public misfortune. At tha
time they were, according to origlna
design and by the logic OF their existence
to be funded as an obligation of indebt
edness-to be embodied with the public
debt, and not to be tolerated as an ele
ment OF the national currency. They
were to pass out Of the category Of cur
rencv and to take their place with thu
public debt. Congress, in 1869. treatet
them as portion OF the public debt an'
pledged the iaith OF the nation to theI
redemption, as such. at the earlies
practicable period, and the act OF Isl.
contemplated their redemption in Jan
uarv, 1879.
BY this later act. the policy of speed,
resumption of specie payments IS no
only declared. but monetary system
tor the United States clearly Indicated
with provisions for the redemption Q
! irredeemable paper currency a
, money. and the issue in lieu thereof 0
national bank notes redeemable in col
, At the option OF the holder, and retur
, BY that method to the metallic standar
! Of the constitution"
Nothing could be palmer than that :
| the greenbacks are to be destroyed An
their place supplied with national ban
! notes on which the people would be tax
ed to pay nearly twenty millions of dol
t lars annually.
/ But are we to have gold' We argue
during our campaign that the gold coul
: not be obtained. Secretary Morri
d says
n LAS further provision deemed esser
} tial to the purpose OF resumption. il
d recommended that. in addition to the .,
J. ,horitv of the secretary of the treasnr
If already conferred. to provide for r.
!; demption of legal tender notes on AZ
: after the day provided for resumption
3 By accumulation oil an adequate amou
a oi gold to meet the volume OF thr'
r million Of dollars of legal tender note
which will then be outstanding. BY Il
sale Of United States bonds. authority
st given him from time to time. as ne m:
70 deem expedient and the state Of the fina
; ces admit. to fund these notes into
i bond bearing . rate Of interest not mo
Id than four and one>hAlf per cent, vi
to not less than thirty years to run. vi
Nv such limitations - to the amount 70
I'd 50 funded in any given period g Co
n g1ess. in it discretion: may dstermins
NJ A Sudden accumulation q gold in y