The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-18
THE A nt1-MonopoliSt.

ton for appealing to you for the
privilege of again communicating
with them. Surprise is expressed by
one of your readers that the support
of q measure which had been SO
earnestly approved by Secretary Chase
and Horace Greedy should have caused
papers like the New York Tribune,
the paper Mr.. Greeley founded, It's
namesake of Chicago and the Clncln-
natl Commercial to brand me as a
lunatic and to make me the object OF
almost universal derislon and carlca-
ture. as it had done.
In common with your readers you
will probably be surprised to learn
that Secretary Sherman. then Senator
from Ohio, was among the earneSt
and ablest advocates THE convertlDle
bond theory, and as he thus held views
more in accordance with the then
prevalent financial opinions than the
late William Pitt Fessenden. was
made to displace him from the chair.
manship of the Finance Committee OF
the Senate. Senator Sherman IN
supporting the measure appealed, as
YOU will see by the following extract
from his speech of February q, 1868,
to right and duty as we'll as to expe-
diency:
81 desire now to make a few
observations in regard to the sections
of the bill relating to the United
States notes: and these / consider as
vitality important. We propose to
restore to- the United States note the
right to be funded at the pleasure OF
the holder into the new bonds when
ever he desires. There in more ground
. of discomfort and more real discomfort
: among the people Of this country
because of the discrimination made
between the bondholder and the holder
,, of the greenback than from any other
cause. You compel every citizen OF
this country to take greenbacks as
money, willing or unwilling. Its the
, measure Of the value Of his labor. and
: vet it has no purchasable power eN-
= cept the hope that in some future
} time the United States will redeem 1t.
2 It NAV be forced upon another man III
3 payment of debt; it may be applied
to paw taxes, but it cannoT be con-
/ verified into income except at dis
S count.
: "a man cannot take United States
g notes payable on demand.to any broker
l. and receive in exchange any form OF
= security issued by the Uulted State
d There is a wide discrimination made
= between the bondholder and the note
# holder, which gives rise to popular
1t clamor and is the cause of great
d deal of lust complaint. In 1868 we
e were compelled for wise purposes t(
10 take away the right Of the holder 0.
the greenback to fund it. because WE
wished then to force our loans upol
:. the market, and while that right wa
outstanding we could not do 1t. NOV
W that the war is over that the whole
! process of funding is intended to be
) voluntary at the discrestion OF tn
;s noteholder, we ought promptly t.
=, :. restore this right to allow the note t.
= be converted at any time into som'
p kind of bond; and we propose, also, t
of allow the bond to be converted INT
% notes, keeping within limits OF note
- fixed bv law. Then there is no CHS
g.. elimination; the bondhOlder and tn
= noteholder are both public creditors
10 both depend upon the public faltf
81. The noteholder may got the treasur
AN of the United States and demand HI
81 81, bond: the bondholder may go also an
= a. demand his note. They are but on
~ basis of equality. This destroys a
~ speculation in government securltle!
nc Both will then stand on the sam
u footing, and both will be OF equ;
value. The nOteholder may, at h
~, ~ option. draw interest in gold by CO..
10 10 verting it into bonds; and the popul;
~ cry of demagogues. that we hay
do 40 provided gold tor the bondholder al
1o notes for the people, will be silent.
VIC "And. sir. there is no reason WI
the note issued to the laboring mt
900 should be less valuable than any oth'
form of government security.
:" makes one of those salient points +
W. ~ fore popular audience Just and &C
o o rect, which is the cause OF complain
sc and will be until it is removed. :
rol important effect of this provision W
'i ha be to furnish money to redeem t
ora bonds or any other securities that of
~, and without resorting to sale
10 bonds. / do not propose, nor do t
- committee contemplate, the issue
anv new greenbacks. We propo
,,+ that the process OF funding the
on notes, they pouring into the treasul
wv will furnish ample means to rede'
r. all the outstanding bonds and secu
ties as they become redeemable.
e have no doubt the same process "
e 60 on here that occurred in Europe
s VI avery small amount of money will |
anu ~ a large amount of bonds. The m
" of the bonds will be exchanged wi
out money. The transactions paid
money. compared with the trans
lions paidiby checks andother form:
paper, are as one to thousand. l
LILY daily balances in the exchanges III
New York clearing house amount
Frs many millions. and yet the amount
currency to pay these balances is OF
md less than one per cent Of their no
nal amount. Other reasons may
riyen for the new feature OF this b
49, I.o11or cf these bonds