The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-08
THOSE MEN WERE FOR cREENBAcKs.

( NOSE MEN WEHE FOR ANCCNONS>~'
Let us see what some men nave
said, as lawmakers. In the senate
Feb. Is, 1862, in debate on bill to Gre
ate national banks
John Sherman Of Ohio:
"The United States got no benefit
whatever from their circulation.
The United States cannot receive 1T
in their ordinary business transact
ions. 1t fills the channels OF clrcula.
ton to the exclusion Of greenbacks!
The government OF the
United States is willing to borrow
money at 6 per cent, and pay the IN
terest in gold COIN
Now, John Sherman is in favor OF
the national bank substitute tor mon
ey, and want to pay more than inter-
est on bonds in gold coin.
Mr.. DOOlittle, of Wisconsin:
Il would maintain further, that un-
der the constitution gold and silver
coin is the only constitutional c"rren-
cy, but the truth is that the whole
history of the country, and l am con-
strained to say the decisions OF the
Supreme court, has gone the other
way. | say the practical effect is that
the history of the government and the
decisions of the court have given rise
to about fifteen hundred or two thouS-
and banks created under the authority
of the state; and they have issued
their money, so that at the beginning
of this war practically all the money
we had in this country was the paper
money of these two thousand state
banks; and they very soon suspended,
and all the practical currency we had
was the irredeemable paper money Of
the state banks. That is the real
truth, and in that state Of things and
under the necessity which grew out OF
it, felt constrained, for one, to vote
for the issue of notes by the gov
eminent of the United States. [
maintain, sir, that in that state OF the
cure ,cy our only circulation, in fact,
being the irredeemable paper money
of bank corporations created by the
states, it was impossible for this gov
eminent to go on with this war on
gold and silver. We have got to take
control Of that paper money into our
own hands, or the government will be
destroyed. =
In 1875 Senator DOolittle worked for
Tilden as the agent of the gold power,
to destroy the greenback as money!
OUR ANNUAL INcREA SE-WHAV IS II
The st. Louis Republican has had a
series of valuable articles upon the
s'Rate of Interest," a matter that is
exciting more and more attention
ntyv &
of thoughtful people gradually open
to the fact that high interest or usury
is one of the great curses OF humanity
in America, as it has been in all cOun-
tries. Even the relics now being tax
en- from the ruins of Baylor consist
largely of mortgage deeds, the inter
est upon which was at the ruinous
rate of ten per cent. The Republican
tells. with qualification, of the fall III
the rate of interest in this country
that government bonds are down from
eight per cent to four per cent; that
whereas ten was formerly considered
fair rate in the west, good mortgage
loans. at seven per cent, can now be
negotiated on long time. But the
Republican has doubts about money
being worth 50 much as that; and
quotes the generally received state
ment that AL those who pay that rate
ultimately fail. The editor of the
Republican then reminds us that the
real value of hired money is measur
ed Ivy the average rate of interest OF
wealth in the country. He says III
conclusion:
s'If this rule be correct, money Is
not worth even per cent; it is wortl
only ID per cent. for that is the
country's rate of growth in wealth
In other words, the country grows
richer at the rate Of 3 IL per cent ;
year. on an average, and no more
and that is therefore,; the true value
or hired money on absolute security
lie has got to come still lower. The
Irish World has lust received Il note
from Hon. Edward Young. chief o
bureau of statistics at Washington. IL
which he says that he formerly sup
posed that the increase could he eS
timated at two and a half per cent
but that he is now convinced that
is'mnch less. Here is the man of al
others in the United States best qual
lneu TO speak OH liils SuoJeCl, eNlueH'
" concluding that one and half pc
cent would cover the increase. Thu
one by one the bulwarks werewit
the Insurer defends himself an
soothes his conscience. are beate
down. One great cause of the wron
impression that prevails concerin
the increase of wealth is found in til
fact that the artificial value of Ian
in town and village lots is usual
added. Moreover the estimates {
the value of all property depend vel
much upon the amount of currency
countrv.=Irish Uorid.
ABDUCTED BY AN OURANG-Ol
TANCS.