The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-29

benefit. They had it repudiated. the
contract that made some thirteen
hundred millions of dollars of bonds
payable in greenbacks-the same as
the soldiers took. They had it changed
so as to read 'coin."
Paper money that has paid us for
our Calling marches; our anxious
longing for home and it's pleasures;
our heart-rending sights and deeds of
carnage; our loss OF limbs and health;
the money that had paid parents for
their sons. widows for their husbands,
and orphans for their coffinless faith
ers; the money that had saved the
Union; the very money that had in
deed bought the bonds-this money
was no longer good enough for bond
holders
They must have gold and silver.
That act, passed under the blind of
STRENGTHENING the national credit"
virtually increased the national debt
5000, 100000
And the soldiers had to help pay
both the interest and principal Of this
increase made by this ''repudiation
act The working people, who are
mostly poor, have to pay it about all;
| for, theOrize as you may, labor foots
all the bills Of debt-under our pres
ent system Of finance, at least. Now,
as this reputation of the original
contract to pay the bondholder as the
musket holder was paid, was not done
under necessity at all.
There was no especial need of
STRENGTHENING the national credit"
several years after we had no further
need to buy on credit
The original contract was repndiated
simply because the bondholders had
the means to induce a venal Congress
to do it. But they did not stop with
even this astounding act of repudia-
ton. They had still another one
passed at midnight when honest peo-
pie slept. It was the act that vir-
tually demonetized silver, that vir-
tually, and in fact, changed the pay
mentS of the bonds from gold and sill
yer coin to gold coin. And now how
are we to get the gold coin to pay!
Is there any other way for our gov
eminent to get it than to borrow it
or to tax the people for it! The gov
eminent can make such money as is
paid us, but it has to borrow and tax
us to get the gold to pay the idle
bondholder, whose bonds are not even
taxed. Can any soldier or anybody
else see any justice in all this! All
patriots can yield and are willing to
yield to the necessities of their gov
eminent, but these reputation acts
in the interest of unconstitutional
aristocracy were not necessity.
But let us go back again to our SOL
diering days. During the war money
became plenty, and plenty of money
made good times. But the soldier in
the army, at Sl3 and SIG month. did
not get much good of flush times.
The people who stayed at home and
used their ''influence,' made the
money. eve got the glory and SIC
month"; Now. just as soon as the
war closed and the soldiers set about
to get some of the benefits of the good
times, it was all of sudden discover
ed that money was too plenty. It
was not too plenty when half million
of us men were where we could not
use it. and when one-half of the coun.
try, the southern states, had but little
Of it. But when we got out where
we could go into business, and
when the southern states needed fur
nishing with plenty of money to set
the people on their feet and enable
them to help pay their share of the
debt. then money was too plenty.
And Notwithstanding that the entire
legitimate business of the country
and the prices or property were adj
justed to the money volume, they
the bond-holders and professional
money-lenders, determined to have
the currency contracted.
They induced congress to pass the
contraction resolution with such
unanimity that only six votes were
cast against it. The currency has
been reduced-the peoples money
burned up and more bonds issued on
its sacred ashes-until we are ma
ton of bankrupts. The business fail
ures. that numbered for the year 1855
only little over 500, ran to nearly
| 10000 in 1915, and will go to at least
$4,000 in 1877. Fully $1,000 of onr
business men who have stood the
great pressure and shrinkage of value
until now, will be caught in the bond
| holders contraction trap this year.
And perhaps hundred times as
many more poorer people will become
paupers on their account. Among the
lot will be thousands of soldiers to
whom the government owes it's exist
ence. 1t is admitted that there are
more than n million of men in the
| United States idle against their will.
| Half of them are men who would
rather face the cannon as they once
did, than to face the want and dis
tress that the contraction of the cur
rency and the resumption acts in the
interest of the bond holders have
| forced upon them.
We have been educated to speak in
pity of the paupers of Englanu-that
were, by the way, made so by the very
same legal legerdemain of finance
that has reduced so many American
workingmen to poverty.
We have in times past, thanked God
that we were not as sspauper Eng
land But how is it now! Seven
per cent of the population of Boston.