The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-01-27
The .Anti-AGonoP0liSt.

them into the meshes OF the usurers and
spectators, said usurers and speculator
combine with the gold room and other
bullionists and conspirators to honey
comb spoil all the collaterals held which
they hold in trust as the fiduciary agents
of such depositcrs.
18th abstraction and boarding of
currency by savings banks depositors
may happen within month, but will
surely happen before a year has passed.
| And when it is SO boarded, no earth
" power but a convertible bond can get
it out again.
''Then we shall be chronically as we
were spasmodically in 1873, actually
withou: currency for daily marketing,
and something will have to be done
mighty quick.
'.Where then will be your Republican
and Democratic parties? Gone down
before the betrayed peoples wrath as
the prairie grass does before the fire,
and not even stubble to show that they
existed. Truly, the places that knew
them shall know them no more for
ever!
But how, said l, does it happen that
you, so closely adhering to the bottom
| idea OF justice, continue as national
banker, and for yourself and constituents
borrow 100000 from the people with
out charge for interest and loan it back
to the same people at 10 per cent. or
more?
He responded, elf the people continue
/ 70 srcsc4unOr - I ho ID tool RI
refuse"
I then remembered the letter adj
dressed by another eminent banker,
John Earl Williams, president OF the
Metropolitan bank, New York City, to
John Sherman. chairman of the Finance
Committee, U. S. Senate, May IL, 1874,
wherein he said:
LAS to the cause, or causes, OF flnan-
eial panic, consider it undeniable 1and
self-cvident, that last September. we
touched DO. tom in our currency-suppIy.
If superabundant ten years before it was
proved, to Il demonstration, to be used
up now. But the simple, naked truth
remains undeniable, neither tor love,
nor hard money. Itself, could more cur
rency be obtained. There was an abso-
lutte currency famine, and some starved!
= no special study
Of the subject is required to perceive, that
double the former volume OF currency,
say, 78O millions, would be none to much
for the present day.
To carry into effect this principle
to substitute U. S. notes for bank notes
take away, as soon as practicable, and
forever, all circulation from banks.
| Undoubtedly there are a few banks
that will rave about vested rights, vio'
lated charters, &C., but it is enough to
say, to such, that any bank which car.
not live without circulation, must have
less Of the confidence of the public, as
evidenced in deposits, and more OF the
element on which wildcat banking sub.
sists. than j. compatible with sound
commercial Bank management.
let, in this connection, we must re.
member that Banks are the creatures oil
law The laws which created them,
may, by virtue of rights reserved, be
amended, altered, or repealed,
If therefore. it is found, that, as he re-
tofore, and as now. constituted, these
institutions, with the best intentions oil
L4OSC w IO I'll I'll IuCl1, liAIl W ScCuIc lOI
the people 4 satisfactory currency; and
that even to attempt it, on the old basis,
would be to lay themselves open to as
frequent suspensions as Wall Street
should choose to intiict then, surely, il
is fitting and neediul that some better
method be devils ID and carried out TIC
those who are disposed to complain oil
the change as a hardship, one is tempt
ed to ask wha. natural right dozen
stockholders have to receive notes from
Government to circulate that any Other
dozen men do not possess?
New England States that have larg.
accumulation OF surplus capital, and 3
pleNy of National Bank currency, MAJ
be Indifferent, or even opposed. TO in
crease of currency. OF any kind bu
Massachusetts and Rhode Island shoule
remember, that notwithstanding al
their abundant res ources. vet. last Sep
tember. tneira mill-operaiiyes wer,
. among he first to foresee danger an.
| feel distress. on the stoppage Of tn
factories ot their wealthest mtnufactur
ers mainly. because no currency coul,
be obtained to carry them on, Nor vii
they soon forget the alarm created BIZ
| threats to run on the Savings banks
their very riches and careful savings
. even heightened the danger Of panic
among the laborers savings-deposits
This. and every consideration. shouIt
teach the East 10 look with fraternal feel
, ing to the West and the South. if
would aid in relieving pressure arisin,
from want of capital and currency, Their
but which no longer is felt at the East
In truth, the Unprecedented and IRE
pressible growth Of the West. in popula
ton and productive power, indicates
also. an approaching. if not an existing
. political power, thar will soon speak
he East in tones distinctly audible
This concurrence OF statement BY tw,
} OF our most experienced and succcssfi
J bankers. strangers to each other, i'm
. PEELED me at once to search for the OLE
tables in the New York Tribune. which
had for so long a period, as before re
; marked. fkvorite and reliable authori
ty.