The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-07-12

present outflow OF gOlu, at the expense
Of increasing the annual demand for
our gold by the amount of $675, 900.
mo QUIRIES AND ANSWERS.
a Farmer writes us from Glen
cOe:
Eitdor 1nti- i-Monopolist:
For the information of myself and
many others, [ shall have to apply to
you again to answer few more ques-
tions:
I. How much Of the fractional cur
rency has been redeemed, and how
much more is there to redeem?
II. How many million of green
backs have been issued!
III. When will they begin to call
them in!
w. If silver is issued in place of
fractional currency what effect will
that have on the business of the cOun-
try!
V. It is claimed by some that there
is just as much money in circulation
now as there was before they began
to redeem9
The fact is there are great many
that do not know anything about the
resumption act, and we all want to
get posted little.
To these inquiries we would answer:
I. The fractional currency in exis-
tence Jan. l, 1875, was $44, ,147, ,072.
The amount of silver coin already is
sued is about $3O,O00,OO0. This is
based on bonds, with which the bullion
was bought, costing over $32, 100000,
and we are taxed annually to pay over
ST. 100000. The greenback men hold
that there was no necessity for this
change; that if the treasury depart
ment had taken the same trouble to
issue new fractional currency for the
old and worn ones, the paper would
have served the purpose of the peO-
pie until better times. While the sill
yer is pretty to look at it is more liable
to be counterfeited than the paper
money, and it is more bulky and in
convenient to carry. No man ever
refused to take fractional currency
at it's face. So long as the nation
continues so heavily in debt as
it is now, there is no sense in increas-
ing the debt to substitute demone-
tized silver for paper money worth
moreAhan the silver. It looks like an
atteaapt to treat the people like chill
drDossto tickle their eyes with some
pretty shining counters, while they
are taxed million and a half year
for the luxury.
II. On the 1st. of January 1873, the
Eamount of paper currency was as fol-
lows:
fractional currency eA,147, ,O72
IOld demand notes 60.642
Legal tender greenbacks. 37l ,627 ,220
National bank notes SAG, ,479 ,756
Total 762, ,523 $50
III. The government is calling in
the greenbacks now. This is the pur-
pose of the resumption act, and if it
goes into effect January 1st, 1879,
land it certainly will unless repealed
: by Congress,) there will not be =
, greenback in existence in the United
, States. Since January 18th, 1875; the
government has cancelled $4,000, 900
of greenbacks, and ISSUED bonds in
I their place bearing about one million
dollars interest, to be paid by the
} people.
w. If silver is issued in place OF
/ paper it does not help the business OF
the country in the slightest degree, -
: it is simply the Substitution Of a dol
lar which costs the people A IL or 5
t Der cent. per year for dollar which
' costs them nothing.
f v. Since January IA, 1875, the cur
j, rency Of the country has been G.
y tracted as follows. q. ID 81
e Greenbacks destroyed - 49,
!, Bank notes retired
:. Total
Besides this, large g.
: silver coinage, nOf
a at home, have be6I 1I5 -
e Japan, South Al =
/ money is gone, but a. ... =
= to pay for it, renl3 =
a burden on the prOsl l..
|. pie. 1t is probable t. ! 1 ||
: and a half our current1 4+.
e SIC, 900, 900; nearly one MI
k amount Of paper mone@
f try. This represents as&1 H.
} shrinkage in the busind
s try and the chances Of J.
J, living. And over all ha1
II Of resumption January
. Lying all efforts to set ~
), prosperity once more ~ =
d We thank our Glencoe
d putting these questions.
It hope is in the people st5
Is financial issues on which d1
i own prosperity and the. n
e. Iof the liberties Of the rep1