The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-01

I INV ouAeSOO O4AASs AU ID I'll llO p1I
: tlcular consequence whether it wa
! right Or wrong in itself. It was un
timely. It involved question will
5 which the people had not been mad,
familiar. We were going along in tn,
! right direction before that. TIL,
country had been made to see the ne
! cesslty and the practicability O.
returning to a specie basis. Now,
: question is forced upon us: Wha
constitutes specie basis? and OF
that question great diversity O.
opinion is developed. Half the mum
Der who have contributed their effort.
, toward disseminating sound financial
doctrines are at variance with the
other half; and the characterization OF
silver has caused the trouble. The
bill itself was Struggled through con
gress. do not mean by that to cast
a reflection on those who introduced
or voted for it. But what II mean is
that the people were wholly ignorant
Of the scope of the law at the time
of it's passage. When did it pass e.
Il believe it was in 1872
"Well,' answered the governor,
cit was not until 1875 that an act al.
ready two years old caused any dis
cussion. Then an impression began
to gain ground among the people that
in some way they had been cheated
by the bill demonetizing silver. It is
a slow process by which large commu-
mites are educated in the principles
OF political economy. It was essential
to our future prosperity that the
American people should understand
the advantage of stable currency
based on coin. It was not at all es-
sential or desirable that they should
be led just now into an angry dispute
on the kind of coin they were to use."
1 asked HIM II ne had !read the pro-
ceedings of the recent bankers con-
ventiOn on the subject of silver.
He answered; Il have read the re-
port rather hastily. doubt the wis
dom of the bankers taking the lead in
such matter. Sometimes prejudice
exists against men of that calling,
based on the belief that what pro-
notes their interests Injuries those of
other classes. l remember some of
these bankers as far back as 1854.
Some of us were stirring them to save
the credit of the state of New York
from dlShOnOr. The question grew
out of the payment on the interest on
our state bonds. The contract was
to pay it in coin. Part of these bonds
were held in foreign countries, and to
meet the interest in depre ciated paper
was not only a violation of good faith
but it was equivalent to partial repu-
diation. AS governor of the state
appealed again and again to the legis-
lature to save us from this great dis
grace. The democrats voted to paw
the interest in. coin, but the republi-
cans to man, voted against it. Gov.
Lucius Robinson was comptroller
then, elected on the republican ticket.
He refused to join in this assault on
the credit Of the state, and was read
out Of the party because of his manly
action. Failing to carry the legisla-
ture appealed to the bankers to adj
vance the money required to pay the
interest in coin, trusting to future
Legislation to imburse them
''Well, what did they dog
'Do y answered Gov. Seymour,
with touch of bitterness; .sthey de-
clared it was 'disloyal' to say that
specie was better than paper, and
many OF them encouraged reputation
IN the name of patriotism. That act
OF dishonor on the part of the state
cost the country, IN one way and !
another, more than a hundred mil |
hon dollars. 1t discredited us in the |
face of the world. It lowered the |
price of all government securities, and |
1t dealt blow at our reputation which |
leaves mark to this day. I am glad |
to find now that the bankers no |
longer consider it disloyal to say
that coin is better than paper. But it |
IS not altogether desirable that they.
who are such recent converts, should |
assume to decide what kind of coin
we should use.''
In regard to the present valuation
OF silver. Gov. Seymour said s.You
lessen the value of anything when you
lessen its use. The chief use for sill
yer all over the world is for coin. A
general movement looking toward the
decentralization of silver in Europe
and the United States has necessarilv
its value somewhat, but
NV N1l hiuOH. / uOuDC III anV other |
not excepting gold, could
stand as firm against such an attack.
Ii silver were restored to it's old place
in our monetary system.I am inclined
to think it would be as reliable now as
it ever was. The effect of double
standard is that each regulates the
other. In making valuable clocks
hey have what they call a compensa-
ion pendulum. One kind of metal
and the other expands with
he variations of the weather. and
,hus perfect balance is preserved. /
An idea like that, think, was in the
minds of those who made gold and
silver the basis of our coinage. It
has not operated badly. If those who /,
lave studied the subject. found that a
change was desirable, it was clearly
heir duty to fully inform and educate
he public mind before they secured
he enactment of law. As it is, many '
people think that this is movement
# the creditor class against the debtor c
lass to make more Onerous the bur-
y