The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-12-27
should see to it. that your body did

I should see to it. that your body did
not suffer corruption.
Having reduced the currency from
ZOO, O0O. 900. to which amount the
business of the country had become
adjusted, and that amount was con-
fined to only twenty-six states, you
now require us to do the business of
this great growing country of $780,
O00,O 900! 4 change from s., 200, 900, 900,
in 1865, with population only a little
over one-half of our present popula-
ton. not any part Of that amount
circulating south Of Mason and Dix
ons line. and what makes the contrac
ton work still more disastrous, is the
fact that in those prosperollsly times.
public and private confidence was
good. and one hundred times the
amount of goods were sold on credit
! then than now. | decline to elaborate
| the postulate that it requires great
deal more money to do strictly cash
business. than mixed or credit bust
ness. The Secretary continues:
but all experience has shown that
there are periods when. under
any system of paper money, how
ever carefully guarded. it is i'm
practicable to maintain actual coin re-
demption. Usually contracts will be
based upon current paper money, and
it is lust that. during d sudden panic,
or an unreasonable demand for coin,
the creditor should not be allowed to
demand payment in other than the
currency upon which the debt was
! contracted.
Just SO. John. We contracted to
paw the old 5.20's in greenbacks, and
as YOU very Justly remark, we should
have been permitted to do 50. BY
depriving us of our just right to do it,
YOU strengthened Che public debt by a
large increase of its volume, for which
the American people will be exceed
ingly slow to thank you. But the
secretary incubates his wonderful
scheme at last, and here it is:
at is better to fix the maximum of
legal tender at $500, 900, supported
by minimum reserve of S10O, 100000
of coin, only to be used for the re-
demptiOn of notes not to be relSSued
until the reserve is restored. A de-
mand for coin to exhaust such reserve
may not occur, but, ifsevents force 1t,
it's existence would be known and
could be declared, and would Justify
a temporary Suspension Of specie pay
ments. Some such eXpedient could
no doubt be provided by congress for
an exceptional emergency"
In the foregoing quotations, it is
perfectly apparent, the secretary, has
no more confidence in his great
scheme of specie resumption, and
gold coin foolery, than has General
Ewing, or any other sensible man.
He proposes to start business on pre-
cisely the same terms and conditions
that would induce prudent man to go
out of business. Here is his own Ian
guage: $4,000. 900, 900 greenbacks sup
ported by 500, 100000 coin, that is, he
is willing to start business with $780,.
100000, liabilities. supported by $780,
OOO.OO assets.
When bank, insurance company
wholesale, or retail establishment,
finds itself with liabilities three times
the amount of it's assets, it is ut
o,oa with oopoponp oopcopt proppup.
ced bankrupt, and forthwith goes into
liquidation, Yes, Sherman says
start me with one dollar in gold, and
! I will redeem three in greebacks, and
keep them all at par; and to accom-
plish this most rediculously absurd
farce, two-thirds of the currency is
to be contracted or withdrawn, and
all the great material enterprises
that furnish labor, and produce the
wealth of the nation, are to be pros
trated and brought to u stand still
merchants and business men in all the
swept from business prosperity into
{ bankruptcy, and general ruin staring
, the whole country in the face. And
! for all this suffering what are the
people to havel Simply nothing but
an exhibition of the stupid folly o.
Hayes and Sherman attempting t6
: run the finances of the country on a
/ gold basis with three to one against
2 them. One thing is clear. the admin
istratlon Is rotten on finance, but
thank God. Congress is sound
: ELK RIVER, Dec. IL, 1877.
r. 2. C..
SOME MORE OF HAYES "CcCAsloNAl
D1STRESSFc.'s