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

INQUIRIES AND ANSWERS.
y Farmer" writes us from Glen
cOe:
Eitdor 1nti- Mono potist:
For the information Of myself and
many others, | shall have to apply to
you again to answer a few more ques-
tons:
/. 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!
Ill. When will they begin to call
them in!
". If silver is issued in place of
fractional currency what effect will
that have on the business of the cOun-
try!
Y. 1t is claimed by some that there
is just as much money in circulation
now as there was before they began
to redeem!
| The fact is there are great many
that do not know anything about the
resumption act, and we all want to
get posted a little.
| To these inquiries we would answer:
l. The fractional currency in eXis-
tence Jan. |, 1876, was $44, l47 ,072.
The amount of silver coin already is
sued is about $30,000,OO0. This is
based on bonds, with which the bullion
was bought, costing over $4,000, 900,
and we are taxed annually to pay over
ST., 100000. The greenback men hold
that there was no necessity for this
lchange; 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 a paper money worth
morethan the silver. It looks like an
attempt to treat the people like chill
dren. to tickle their eyes with some
pretty shining counters, while they
are taxed million and half q year
for the luxury.
; II. On the 1st. of January 1873, the
, amount of paper currency was as fol-
} lows:
, Fractional currency eA,l47 O72
Old demand notes 69.642
Legal tender greenbacks. 37l 1877 ,22O
< National bank notes 346, AIS, 1856
. Total 762, 52a $50
5 III. The government is calling in
: the greenbacks now. This is the pur-
+ pose of the resumption act, and il it
? goes into effect January 1st, 1879.
: (and it certainly will unless repealed
! by Congress,) there will not be a
e greenback in existence in the United
e States. Since January 18th, 1875; the
:. government has cancelled 1920 900
: of greenbacks, ndAissued bonds in
y their place bearing about one million
+ dollars interest, to be paid by the
0 people.
). ". If silver is issued in place OF
n paper it does not help the business of
il the country in the slightest degree
l. it is simply the substitution of dol
lar which costs the people IL or 5
It per cent. per year for dollar which
v costs them nothing.
# Y. Since January Ia, 1875, the cur.
3, rency of the country has been con.
y tracted as follows.
re Greenbacks destroyed 5000 0ol
), Bank notes retired &0{4Q
+. Total e660C&
Besides this, large au0nntG OK on
: silver coinage, not bling legna
a at home, have been shipped fO k1na
le Japan, South America, etc. tn
a. money is gone, but uux bomb; tssiset
y to pay for it, remain; IN add ltionk
a burden on the prosperity Of the peo
q. pie. 1t is probable that In two years
K and half our currency has decrease
re so, 900; nearly one4tenth tht TOT
k amount Of paper money In Inr ;o q: II
IF try. This represents cOrreSpp
D. shrinkage in the businesGo ~ fftae51 vi |.
IS try and the chances of lab0E 81 I'm y 4
s, living. And over all han99
Ill of resumption January I,114 @3
e. lying all efforts to set the /.
s, prosperity once more III M ~ sss
Id We thank our Glencoe n |
Id putting these questions. M
bit hope is in the people stu
dis financial issues on which deg ~
H. own prosperity and the pr
o. of the liberties of the repul u ' n