The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-13

dl CeNueT, Us lllS was SFti1l anu CAloH-
sive country, and every one could not 90
to single Office rs III Venice. with
those evidences Of debt, convertible at
the pleasure OF the holder into six per
cent. gold bearing bonds, legal tender
between citizens. that the transfer Of one
OF those notes saonld be the transfer Of
the national debt to the amount designa-
ted upon the note, that the transfer could
be made by the delivery Of this gre en-
back representative Of debt, and so the
business has been carried on"
THE SECOND PROPOSED STEP IN REPUDI.
Treat every one with respect, Thank
God we still have right-how long It
may continue kcow not-but we still
have right to criticize the acts and pro
posals of our servants. Applause.1 1t
is proper that when the chief magistrate
of thei nation in his official capacity an
nounces to the Legislative branch OF the
government what he cOnceives to be for
the good of the people whose will it is
supposed to manifest, that such papers
should be treated with respect, they
should be carefully read by every citizen.
/ don't know that can carry out my
own suggestion Of reading the presi-
dents message to night, but he says II
commend to your attention, your earnest
consideration, first: the repeal OF so
much OF the legal tender act as makes
those notes receivable for debts contract
ed after date to be fixed in the act it
self, say not later than the 1st Of Janu-
airy 1872 Gen. Grant is great man,
great soldier; whether he is great
statesman we all have the same oppor-
tunity OF judging; but from my stand
point don't think. he is great tinancier.
No. Applause don't think, he is q
great jurist. Now am not going into
politics. But, gentlemen, remember
that if you are already slaves, that you
have right to talk about the acts and
proposals Of your servants.
I did not come here to make a politi-
cal speech, but am exercising the right
of an American citizen to consider the
effect of the various clauses in the mes
sage of the president; and if that is OBJ
jectionable will stop. Cries of Ego
on" Ego on! y say that it takes two
to make a bargain and | say this: that
the act proposed to be passed for the
purpose of preventing the legal tender
notes now outstanding from being used
as legal tender, is the second act OF re-
pudation. Applause. The first act
was, reduced the nominal value OF the
greenback below gold. If the green
back had been always convertible into
six per cent. bonds it would have disap-
peared long ago. They would have
been owned by English agents, convert
ed into six per cent. bonds, and carried
across the water where the ordinary rate
GA such investments as that does not
exceed three per cent. Greenbacks
would have disappeared long ago, and
it may be good thing that this partial
act of reputation occurred. It has
preserved to the American people Of this
day what l conceive to be q great ad-
vance in finance. Venice introduced
the system and practiced it successfully
for nearly six hundred years, that the
national debt should furnish the circul-
ating medium among its citizens; and
today we, like Venice, we 'infiationists, =
propose to return to the old system q
Venice, so far as we can, by adapting il
to our present circumstances, Applause
a system during the operation OF which
for nearly six hundred years there was
no panic and no financial crisis; 4 sys.
tenn under which the paper money, con
sisting Of book account, went to pre-
MUM OF thirty per cent. over gold col
and branches had to be started in order
Ito receive the gold coin, and then only
reduced the premium ten per cent. leav
ing the government debt shares standing
at twenty per cent. premium, and it stoot
so for centuries. And SO the great mis-
tress of the commercial world. VIII
commanded the commerce OF the east
thus carried on its business until one Q
Napoiians marshals went into Venic
. seized the hooks: That is what he &C
he got books the government debt wa
! beyond reach. and only the account (
what Venice owed to certain Of its cit
zens was seized. But Venice was
,, some degree at least, what may be con
pared to Immortality. That city wa
, occupied; its dwellings were occupied
its treasures that were found were con
fiscated; but Venice still lives and Vel
ice when the wave OF war had passe
over. stood up again, and paid its deb
Florence carried out the same system
:, the branch Of the bank OF Venice. with
!. government loan department, and v.
: prosperous. and Florence for Tor
: time was the commercial metropolis
Italy. Genoa had the same system az
: the same experience. The bank Of Ar
sterdam exists to-day. 1t has no pror
:. Use GU, without something equivalent b
hind it, and therefore they are
4 NEVER AFRAID or bun.
s. and they never suspend. The bank
l. Hamburg is 70 day carried on on Il
: same principle, Of having the thin
1t promised behind their promise. and
d was only l81 years ago. that the king
n England was ..hard up and some me
e chants got together and said ..ifyou v
IF give rs the privilege OF issuing all I
At paper promises we please and have .
ID monopoly of SO doing within London =
I q circuit OF sixty five miles. we will lie
I'd You fI 200, 900 in coin. And i, was
lit Ia-ranrpd and M to l-44