The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-18
THE TRUE STATUS OF THE GREEN
BACK,

The following clipped by a friend,
from the n. Y. Mercantile Journal
: where it appeared anonymously
was written by Hon. Silas NJ. Stilwell.
We are pleased to be permitted to
announce the author; for there were
few more potent names associated
with President Lincoln and Judge
Chase, during the financial struggle
that brought forth the greenback,
than that Of Judge Stilwell. There
are few men now living whose judge
ment on financial questions is worth as
much as his; and we therefore ask for
this brief document very careful pc
rusal:
1.-The greenback being a Legal Ten
der or coined paper actually takes the
place and performs the part of metal.
This condition was supposed to be
temporary, at the time the substitu-
ton was made. but the condition of
traffic with Europe and the enormous
and increasing debt our people and
government have contracted there
amounting. rs | learned from NJ.
Rothchild, to more than three thous-
and millions-swell our remittances to
so large a sum. that Europe will con-
tinue to take all the gold we are pro-
ducing, and still cry for more. While
this position, now held by us, contin-
ues and we continue to maintain our
integrity by paying the interest on
money borrowed. | think it impossi-
bic to continue. even if we are able to
resume specie payments. The falling
off OF our exports from the present
high figures will effect the price of
gold and every other exportable arti-
Gle
ITO base the credit of our banks and
currency upon such a doubt and uncer-
tainty would be not only improper,
but it would be an act of reckless in
sanity or inanity.
Suppose we place our exchanges
on a par or equilibrium with Europe,
by force of legislation. what thenl A
falling off of exports by any of the
common casualties that are sprung up
on us every year, or a small portion
OF our debt If paid, or sent back to be
paid here-any .zeven one per cent adj
vance OF the price of specie would
create panic and break down the
credit of our banks.
AS long as we are debtors we are
bound to give our creditors anything
that will pay our obligations. If we
cannot pay them by the export of 9TH
er produce. we must send them gold
These facts and reasons have convinc-
ed me that we must use some other
Legal Tender than gold. There
fore as the law. not metal or paper,
makes money or Legal Tender. we
must and should continue the system |
we have, until we pay our debts |
abroad. The discrepancy in the price |
of gold and paper is not caused by an |
excess of paper. The law makes both |
a Legal Tender when used as money.
we have two kinds of material from |
which the law makes money. There |
can be no competition under our laws |
because the material in one is worth |
more than the material in the other:
both are equal as between debtor and |
creditor in the United States.
a foreign demand has arisen for
the metal out of which one kind of |
made, but no foreign demand |
arises simultaneously for the other.
This demand is for the metal. It is |
worth more as metal than as coin or |
money. This is a premium on gold, |
and as consequence gold was taken |
from our bank counters and sent to |
the auction-room. where it is sold like |
other metal-by force of the law of |
"supply and demand" Metal has adj |