The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-04

ILLS pun pOSC:
A. Full legal tender greenbacks.
CROESBEcK OF OHIO ON THE SILVER
QUESTION.
An Address before the American Bankers
Association.
Extracts.
From the beginning Of our govern
ment down to 1874, both gold and sill
yer were full legal tender for all debts,
national and individual, public and |
private. That was long experience
and fair trial, and what were it's re-
suits! During all that time gold and
silver kept about evenly together,
and their fluctuations were so slight
as never to amount to serious dis
turbance. It happened that the rela-
ton to each other under which we
equalized them, was slightly different
from that which prevailed among the
nations of Europe. and as we were
young and but starting on our COM
mercial career and they old and we'll
advanced in theirs, their relation was
more controlling than ours. In the
not value gold as high as they did.
| The consequence was our gold lett us
and went to them, whence 1T had
| more power than here; but our silver
remained and answered our purposes
just as we'll and the same as 1t 1T had
been gold; since 1884 and down to
1874, we did not value our silver as
high as they did, and therefore 1t left
us, but our gold remained and an
swered our purposes just as we'll and
the same as if it had been silver.
And when our gold or silver left us,
it was to serve us-either to pay our
debts or to send back to us, in ex-
| change for themselves, their full
equivalent in merchandise. Our con-
dition would not have been, in the
least better if we had used but a sim
gle metal; whereas having the two,
whenever demand came from abroad
for either one, we had always the 9TH
Ell as a reserve, and SO were saved from
the danger of exhaustion. 1t is
enough to say, that throughout the
period / have referred to, the two
metals served us for all our tranSac-
tions abroad. quiteas well as we would
have been served if we had used but
one. How was it at home! This IS a
far more interesting inquiry. Not a
merchant or manufacturer or banker
was injured or embarrassed or hinder
! ed in his business. because we had
: made both metals legal tender, and
not amerchant. manufacturer or bank
er.
WOULD HAVE PRO>PERED MORE.
if we had used gold and silver alone
Not creditor OF debtor uttered {
complaint or sought q change; not ;
laborer, farmer or mechanic was dis
satisfied. such was our experience II
the equal use of both metals as money
, and the nation was in a condion OF ab
! solute rest and acquiescence in it
l long tried policy. In 1873 and 1874
, | believe without single recommen
!. dation from the press. or from board
: of trade, or chambers of commerce, o
! from any other direction, and when
J for the first time, our public debt ha
J become heavy and burdensome, an
private Indebtedness was larger tha
IL ever before, and we were in a state Q
y suspension upon a currency amounting
in such an eXigency, and with tn
1 knowledge that we were richer i
i mines of silver than any nation on tn
~ globe, we threw our silver away an
e set UP gold alone. In view of our col
u dition at the time. more trying tina
& any we had before experienced. and {
the financial hardships gathering b
fore us and demanding a careful hu
! bandry of our utmost resources, 1t W;
most extraordinary that we shou
throw any of them away. But this
v our new. and rs vet. untrled pollt
Three causes urged in its justificatl'
one. the excessive production
IL silver. another. the characterization
silver in Europe. and the third, Il &
creased demand for it in Asia,
ps Mr.. Groesbeck proceeded to discr
Sc these three points eXhaustlvely, givl
u.s. tables of the production, distribute
and absorption of the metals, a
an speaking of the movements OF silly
i'i from Europe to the East Che thus SUI
up: | have now noticed the
- THREE LEADING OBJECTIONS TO $
10y YER.
~ l. Excessive production. The
,ne is no excessive production. The p
io' duction of gold throughout the wo
is greater than that of silver; so. al
Ia is its production in the United Stat
And the stock of gold in Europe 8
'Sn the West is more than twice as la
esS as their stock of silver. 2. Rec,
, sL - characterization Of silver in Euro
ny, .ne This is confined to Germany and
l no scandinavian nations. Norway S
.,, den and Denmark. The last three
';,,a unimportant. All of them are
ing equal in commercialimportance to
state of New York. Remonetizat
!, &C by the United States will neutral
= ~ the effects of decentralization by c
many. 5. \ decreased demand
,on 1t in Asia. The demand fully res
. . ed anu may be relied upon to conti
1 l:ai, for at least century. But, it iss;
iion we must not remonetize Just now,
70 cause we would be flooded with sill,
:. "A How. let me ask. and from "
mas quarterl The yearly demand of
q is East. the amount used yearly