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

to the requisite provisions to give coin
value and utility to the treasury notes as
currency, but if the government should
keep on hand limited quantity of coin,
say one quarter of the amount of notes
out, ready to redeem on demand, | think
it would answer the purpose. AS It'll
would be known that the government was
able and ready to redeem, redemption
would not be asked except in special
cases, but the paper would be preferred to
the coin.
If banks were to furnish the coin, they
could not and would not lie required to
keep on hand of coin more than a third or
fourth of their issue. They would have
no more credit or ability to redeem their
issue of paper, or to keep it at par with
coin. than the government, and not near
SO much | affirm most positively that the
credit and ability Of the government to
keep any given amount of paper currency
at par with coin is vastly greater than the
national banks could possess. Ii banks
can issue and keep at par the
required amount Of paper cur
rency, then the government can do 1t.
If the government can not do 1t, then
banks cannot. The government can give
the people safe, better and more Salts
factory and acceptable paper currency
than any banks that can be established.
But it is said that this is contrary to the
democratic doctrine of hard money. This
doctrine of an exclusive hard money cur
rency was confined to the transactions of
the government only, and was never con-
sidered applicable or feasible inthe CONNER
| cial and business transactions OF the cOun-
| try. So far as the government was con-
cerned it would deal only in coin.
Its revenue should be collected IN coin, and
kept in the treasury until paid out
and it would disburse nothing but coin.
This was the so-called subtreasury.
But the common circulating medium in
the country was paper issued by State
banks. Prior TO the war the revenue re-
quired by the government was so small IN
comparison to what it is now that 1t occa-
stoned no trouble to make all collections
in coin. But would it be expedient or
possible to do so nowa Would it be pos
sibe. practicable and expedient to collect
the internal revenue in coin! LIZ SO, let 1t
be done. But think not. l have seen
no such demand from the democracy any
where The required revenue is now Sc
large in amount, and circumstances have
SO changed from what they were before
the war, as, by common consent, to render
it impracticable, if not impossible, to col
lcct all the revenue in coin.
But, even supposing all the revenue
could be collected in coin and the sub
treasury system adhered to as before thu
war; what shall be the currency OF TIL
people, 1t can't be coin, for there IS no
enough, and if there was, it would be rep
sented by paper as currency, tor con
verience. There must and will be pape
currency of some kind, and the question
is, from whence shall 1t come. Are we a
democrats N favor of embracing the ma
tional bank plan! Are we in favor OF re
turning to the old unsafe inconvenlent an
unsatisfactory State bank system? hav
seen no democratic conventions SO resOly
ing.
10 say that we are in favor of a retur
. to specie payment does not meet the Cas-
= nor solve the question.
We must go a step further and answe
!, the enquiry az to who shall issue the re
quired paper currency. Ii some OF ou
!. democrats are not mindful they will fin
! themselves captured by the national bank
before they are aware Of it. Ii they al
opposed to the State bank system, an
will not agree to the treasury note plar
: then they necessarily fall into the snare
the national banks, unless they think thu
= all paper money can be dispensed with.
The democratic party did not think tn;
;, Congress possessed the power to lssu
treasury notes as currency and make thel
:, legal tender, or create a national oani
), But the Supreme Court OF tn
United States has decided thu
}, it can do either or boil
and tho decision Of that tribunal until RI
versed. must stand and be respected as tt
i law # the land And it being now settle
l. that Congress has the power to issue treas
urv notesSand make them legal tender
we'll as coin and it being concluded tn
: there must be paper currency from SON
source, the question comes for the fir
, time before the democracy, as to the erp
:. diencg of supplying the required pap'
currency by an issue of the same dire
: from the government. And, believing
= | do that the government can give us
g safer, better and more acceptable currel
CIV than the banks, and one that will ha'
10 all the value and utility of coin as a circ1
{, lating medium, and will result in
y large saving to the government, and Wi
u also save us from all the evils and DANCE
= of the bank issue system, favor that pla
u As the national banks are now steadi
: moving to get and keep control of the e.
!, tire currency of the country, and as in th
= it is plain that they have secured the a
= dent support Of the Secretary of Il
Treasury and the Administration at Was
- ingfon, is it not time for all parties
y more fully realize the consequences, al
y by determined action at the polls prev e
i, its consummatlon
ic w I, RANNTSG