The anti-monopolist., 1876-09-28

quirs that the property Of every citizen
should bear It's equal share Of the pub
lie burdens, and that this principle
ought to be applied to all United States
bonds hereafter issued, fer the purpose
of funding or carrying the present IN
debtedness of the United States by
making them liable, by express pro-
vision Of law, to taxation, precisely as
other property" The utterance Of
such sentiments alarmed the bond
holders ! Hence, the funding bill was
passed with an "express provision that
the bonds thereafter issued never should
be taxed by Federal, State, or municipal
Governments.
What next? The moneyed power,
with high sense OF the nations honor,
and Of the absolute necessity Of pre-
serving it, at whatever cost, began to
proclaim that Greenbacks were wying
promises" 'irredeemable trash rag
baby" dishonest money" and that the
public faith could only be maintained
by the extinction of all government
issues of "lying promises"l The masses
of the people, including manufacturers,
merchants, artisans, laborers, and all
who were in debt had never uttered a
complaint about the quality Of the cir
culating medium but they had keenly
felt the pressure caused by the with
drawal of a large volume from circula-
ton. The debtors were as sensitive of
the nations honor and of their own, as
the creditors, but it had not occurred 10
the former, that the only instrument of
exchange, the only means within their
reach for the payment Of taxes and
other obligations, were "lying promises
and ''irredeemable trash" The Grand
Old Commoner had said that the gold
gamblers had manipulated Congress so
as to dlscredlt its own paper, that they
might swindle the people. They accom-
phshed that end, and now they would
destroy the money Of the people, that
they might largely appreciate their i'll
gotten gains. The Shylocks had settled
the question Of the nations honor, and
at their bidding the specie resumption
law was placed upon the statute book.
To preserve the nations faith, forty
millions more of gold interest-bearing
bonds must be disposed of, to purchase
silver with which to displace the ''pes-
tiferous' and ''disease- breeding" frac-
tional currency, Two millions more
Of gold interest is thereby annually
aided to the burden Of taxation.
This act further provides for the
Withdrawal of eighty millions more of
geenbacks and their conversion into
gold Understanding bonds, graciously
allowing tho vacuum to be supplied
with one hundred millions more Of
National Banh currency
Then, on the first OF January. 1879.
the remaining three hundred millions
Of greenhaeks are to be redeemed in
gold com, or converted into interest
bearing gold bonds
The Republican National Convention
stand 10y this measure iu general and in
detail.
The Democratic National C'onyen-
tion indorse this. resumption act, but
declare that it is nnwise to fix a daQ
certain, because 1t binders RESUMPTION.
The independent Greenback Party
demand the prompt aud unconditional
repeal of the whole scheme, az fraught
with irreparable mischief. bankruptcy
and ruin.
The resumption act was a Republican
measure, and, Of course, that party
cannot be asked to repeal it.
The Democratic Party could not
take ground against ii. because its
chosen leader, Samuel j. 1ilden, had
committed himself III its favor. He had
srged upon the Legislature Of New
York the passage Of law, and, when
passed. he gave his signature Of ar,-
proval In March, 1875, enacting that,
after the first of January, 1879, all the
take. Of tie State shall be collected
only IN gold coin. And All contracts.
express or Implied, calling for the pav-
nent Of money, without specifying The
kind Of dollars, shall ~ payable only
II the CON fgoid) IF the United States.
By the polcy of both PARTIES gold il
to become, At a. early day, the onir
legal tender MONEY!
Where il tine gold 20 corae from ,
Not. certainly. from our mines, bscause
their entire product ii insufficient ~
pay the gold interest ou our bonds held
il Europe.
Can ve horrox gold on orr lnterest-
bearing bonds n other Countries
Mr. Boutwell,. late Secretary II the
Treasurs, says that when the negotia-
tfons were going GA IN London for the
sale Of the bonds, tventy-ons nsilo1s
of gold had accumulated 10 the cresiit
u the Governments; tlsat lie was ysoti5ed
thai tins amount " coin sosAld ngt b.
allowed, - - Withdrawn. taat II rrluzt