The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-02-24


ton, in fact, advanced so far to call the cit
liens to q meeting to be held at Swede Grove
on Saturday next, in order to appoint q COM
mittee for working out constitution, and
therefore, if were not afraid of encroaching
too much upon your precious time, should
be under great obligations to you Tor answer
|. three questions. respecting section two in
the constitution proposed by you, to wit:
l. What is meant by resumption Of
specie payments!" l understand by that
phrase, the paper coming up to par value with
gold and silver.
2. Are you opposed to any plan looking
TO resumption OF specie paymentf
3. What is the reason why the people
should be taxed for using national hank notes
aud not for greenbacks? This last question
may seem simple and betray ignorance to a
very great extent, but frankly admit that
am no 6nancier at all.
Yours respectfully.
AP. OSsDoRyp.
We are glad to have our friend pro-
pound these questions and we will ans
wer them to the best of our ability.
l. "What is meant by resumption of
specie payments?"
Every sensible man understands it to
be just what our correspondent says to
wit: bringing paper up to par with gold.
Last fail the Republican speakers had so
much to say about the beauties Of "hard
money" that one would have supposed
that after 1879 they expected the entire
business of this county to be transacted
with gold and silver. There is not gold
enough in the whole world to transact
the business Of the United States, to the
exclusion of paper money, drafts and
checks. In England for every hundred
dollars of currency, drafts and checks,
there are but $3.50 OF gold and silver
In this country, prior to 1857, while our
currency was on a gold basis. the bulk
of the business was carried on with
bank notes. and gold was at premium.
We remember having to pay a large
mortgage payable in gold in 1859 on
some OF our St. Paul property, and we
were compelled to pay quite q consider
able sum to procure the gold.
Money is the measure of the value ct
commodities and gold is the measure OF
the value OF money. A piece Of paper
is money simply because the govern
ment by It's stamp upon it, cumpels its
acceptance as y standard Of values.
Gold or silver are accepted in any ma
ton because Of similar stamp, but
when they reach the boundary OF the
nation they are accepted by other na-
tions because Of their intrinsic value as
metals, although the intrinsic value may
differ from the nominal value. Thus
our American rs ct. silver piece is held
to be worth only 20 cts. in Canada. Gold
is the touch stone OF value where the
currency OF one country inpinges on the
currency of another: and hence the t2,-
so or gold 10 England keeps the 437 so
Of currency, &c. on an equality with the
currency Of France, Germany. e..
II. ''Are you opposed to any plan
looking to resumption OF specie pay
ments?"
Certainly not. The currency of the
United States ought to be equally valu-
able, dollar tor dollar, with the currency
OF the rest OF the world. But while this
result is desirable it is not of SO much
importance as tojustify US in wrecking
the prosperity and happiness of whole
people to attain it. If you had son,
fresh risen from bed Of sickness, and
weak and emaciated. you might consider
it desirable that he should sooner or later
be able to do mans work again; but
you'd You consider it advisable 70 kill
your son in the effort to get the work out
Of him? Ifyou let him alone, if you
feed and care for him. lie will soon grow
again to the strength Of manhood. This
nation has but just risen from terrible
bed Of sickness; it is oppressed with the
fever Of debt and taxation, the dreadful
sequelae Of four wears OF war; shall we
let it grow gradually back into prosper
iiy, or shall we scourge its debilitated
frame to perform tasks beyond its
strength
Look at it The resumptionists
say
Whenever the amount of currency is
out Of proportion to the population It is
inflated and sinks below the par OF gold
and the percentage Of difference between
gold and paper, indicates the degree OF
such surplusage Of currency, This is
the condition or the United States to-
day.
ANswER, !. If this be 50 why does
this margin fuctuate?-Why Il It nine
per ct. to-day, seventeen per cent. to-
morrow. and thirteen per cent. The mex,
day? Surely the relations Of population
and currency to each other have moi
changed in that way.
ANSWER 2. But II it be true thai
there is l3 per cent more currency per
capita to-day than there should be. why
net hold fast for while aud let the
population grow 70 level with the cur.
rency? Our population increases nearly
80 per Ct every ten years, At this rate
tour years win equalize the two elements
and bring greenbacks to par with gold
Why crush cut the prosperity Of hun.
dresls Of thousands. why fill the country
with tramps aud criminals, to efEec'
that which tho inevitable operation "
natural causes will accompiish IN Ton
yeaze
AxswER 5. Hut the pssmium % grid
Tor tbo diDcpgnt On gysenbaefxy d. -
x1o 1lom sop1u llI1
= 1t l1 - - i