The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-04-20
The .Anti-MonoPo1iSt.

the subject should read the recent Eng
fish works upon the subject, and they
will find that have not misstated any
thing, and ii they will look in the Chica-
60 Inter-Ocean, this morning Dec. IA,
Iuey Will find that though Prof. Bonamy
Price OF Oxford. England, kindly criti-
cised an address like the one1 am max
ing to you to night (almost entirely
without notes, and depending on mem
Orgy, yet you see that have been able,
/ think, to sustain all the positions that !
took in that address by quoting from
Professor Bonamy Prices own latest
work. merely say this to impress up
on tou the fact that am making wild
assertions?. This is matter that am
deeply interested in, / feel the impor-
lance of the subject. feel that there is
no satisfactory system OF finance in the
| world, and that here in the United States
growing out Of our war experience, we
have the germs OF what with some modi-
fications may be easily made, almost q
perfect system.
BOND REDEMPTION.
If you will make the greenback to-day
! convertib BILE into bond bearing six per
cent interest, it will command more
than dollar in gold. U. 5. 6 per cent.
! bonds are worth in London 112 in gold
to day. Ii you will make the greer
backs in circulation to-day convertible
into bond bearing FIVE per cent. 5old
| interest, you will make them worthmore
than par in gold, because five hundred
millions of those five per cent bonds
have been sold abroad for over par 10
gold within the last two years II you
would make the greenbacks convertible
to day into FIVE per cent. god bearing
bond, the capitalists of Europe would
send over whatever they could gather up
to take your greenbacks, take them TO
the treasury OF the United States and
convert them into gold bearing bonds.
and take them abroad. as they have Ia
ken the balance OF them, and SO, more
completely place US il the condition OF
Ireland, sending ouryearly rent abroad
across the water 10 our NONRESIDENT
landlords or proprietors. The foreign
owners of our bends draw rent from
every farm and every factory, but don't
spend their income here. and that is one
| OF the influences ut work to keep us in
novertv Onr bonds shonld be owned
at home.
THREE PER CENT. INrERCONvERrIBLE
| BONDS.
| Make YOUR greenbacks convertible in
to bond bearing three per cent. gold
iuterex. and you place them on par,
at least with the British cOnsol which
bea,s three per cent. gold interest; and
if our whole debt of two thousand mil
ions was placed at the same rate that
the British debt is placed at three per
( cent. interest, it would only take sixty
millions of dollars year to pay all the
| interest on our national debt, while we
are collecting now every year, and even
in these hard times. not to speak OF in
terna, revenue and other sources Of in
come at our custom houses more than one
hundred and thirty millions year gold
more than twice as much as it would
cost to paw the interest on our national
debt at three per cent. gold, which is
the rate at which the government Of
England places its immense debt. We
have been to school, some of US. They
used to call it
THE RULE OF THREE
when we went to school: now they call
it simple proportion Oaughter), simple
proportion and now if any OF you re-
: member about the rule ofthree, we will
make the proportion we are aiter-as
three per cent. gold interest upon .
British consol is to ninety-four gold in
London, its price to-day SO is three pei
cent. gold interest on an American inter
convertible bond TO ninety-four gold ii
London its price to-day. That is fair
is it no,o You have that common tactol
of gold, that is the reason put gold ii
there. | want common factor b,
which we can measure the value of on
bonds as compared with the value of tn
bonds aud the currency Of any othe
nation. That is what call .
. SPECIE BASIS.
That is to say. q three per cent. inter
, convertible bond or certificate would b
worth 81 gold in London. We don
want it TO be at par in London. II ii wa
! worth par in London they would hav
them all away from us. We don't wan
them at par in London, but we have
! little point in connection with tines
, plans to make them worth par in tn
: United States, though they may not
: worth par in London. to make theg
/ worth more here than they are aoroa
by their being convertible at the plea.
/ ure Of the holder into exhibiting tn
6 greenhacks) these little non-interei
, bearing bonds, which are yet, than
E God. legal tender for the payment OF II
e dividual Indebtedness (applause). an
: which we would make convertible ia,
. our own three per cent. bonds or cert
4 ficates. Therefore:
Ell PROVIDE BY ACT or CONGRESS-,
oil For the conveTtibility and revertiDili,
/, Of the United States legal-tender not.
a and gold-bearing certificates at snl
o treasures or designated despositori,
; in all the recognized financial center
3 (see section 81 National Bank Act),
: sums of ten thousand dollars (9lO,OO(
= or multiplies thereof at the pleasure