The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-02-17
MORE ADMISSIONS.

Kart OF the programme Vi specie re-
sumption was to substitute silver for the
fractional currency. We expressed our
disbelief in its practicabiEty, but the re-
publicans worked themselves into tu-
rore about it. and their ordt rs in Ohio
used to shake ia the faces OF the crowd a
hand full OF silver and bursts forth IN
eloquent TRADES about its ssweet
jingle
Already have they come to their sens
es. The Chicago Tribune, hard-money,
neutrality-suspicious. journal, on
Sunday last said:
One Of the most conspicuous blunders Of the
Specie Rcsum ptlon act Of Jan IA, 1876, is IL
Illustrated by the special report made TO Con-
gress yesterday by the Secretary Of the Treas
ury to show til. actual amount of cash in the
United States Treasury. This act authorizes
AM requires the Secretary Of the Treasury N)
to cause to be bought, coined, and issued silver
| for the redemption OF gthe fractional currency,
aud (2) to dispose of United States bonds at par
in gold and use the proceeds thereof for the pur
| poses specified in the act The Secretary re-
ports that, under this act, he has sold per
cent bonds amounting to, interest included
| Sl5, 7s5, s55. The silver purchased by the
Government, IN compliance with th1 kesumP-
ton act, has been paid out Of the sale Of these
bonds, though the Washington accounts OF the
Treasurury statement fail to specify just the
amount that has been devoted to the purchase
of silver. We will assume for the purpose OF
the Tgufnent That the proceeds Of Sl5,O0D,O 900
of bonds have been invested in silver, to be
used in taking up fractional currency when
ever he ventures upon the experiment. The
Government bonded debt has been increased
SIS, 200 900 and the annual interest S75i,0OU,
simply for the pun pose Of accommodating silver
IN the treasury for the purpose Of ultimately re-
| deeming fractional currency In other words,
the bonded nd interest bearing dctt hos bee
! Increased ID that amount without IN the
least lettering the condition Of the fractional
currency. In the nature Of things it will be
simply impossible 10 improve the fractional
currency by increasing the bonded debt Ia
purchase silver under the provisions Of the
Resumption: act, for the smpi. and natural
reason that the silver Will not circulate in pre-
terence to fractional currency long It is
north more than the little shin plastcrs Tbs
relative values Of silver and fractional currency
now are about Is follows, estimated on the
| standard Of gold
Silver worth in gold on ;he dollar e5 cent:
Fractional currency tdo) $3.50. - cent
the only way in which silver can b. brongf
iato circulation A. change * either By DE-.
probation Ill il value below that Of gre-nbacks
or hv tge appreciation OF greenba X oove the
value If ~ig.r and il IS not iii he power d
the Secretary - 10 either
/. til, H. true ot silver and fractional
CURRENCY Why Is i not equally true d
gold .lnd yreenbacks. and II 20 the whols
poiicvol boarding gold to redeem ths
-reenbachs J. 4 iailacy and 4 deiusion
The more gold there is boarded the le-,
there j. ri the market and the less there
is in the market the higher will ~ ii.
price. through the inevitable law ot Dr.
mand and supply and the higher In,
price the greater the margin OF differ
ence between X and --eenoaeks, ans
the greater the difficulty OF resuning
All this j. a plain a. piae-staif to ever
one nGt the ultra-alminlstra tion mon.
And 80 We have increased our annua
! interest 80 1D1 and all for nothing
nav. for worse than nothing; for. say
the Chicago Tribune
The only Tav ID which IL can be r-i-4Sa Y
from the obligation 70 continue thu short sight
81. absurd posieY Ut the Ia~ i Nv the rrpai b
that portion II il requiring him tn ell bond
for ne sssr muatlon D. silver. This ought tf
- dome instantly. and accompanied with i'm
struct3oTas to sell the silver he his gccumulates
and ony il bonds j. Tar a. the proc-~dS vii
20. Tha silver Aas deprecated since be pVo
: chased Ill and the Government will make
considerable los On |. d the verT h--;, but Til
sorser stlk part OF the avg shall y REPEALED III
smaller Ire loss viii D.