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

Tor q DOnu. UIO llOUCo AIeoJ 49,. |
the REDEEM ption Of other bonus yea
ing higher rate of interest,". - 'Hf
money market becomes stringent, -
currency becomes scarce, the l1olu1i
may be willing to surrender MS july
bearing FIVE per cent. interest IN Solu'
in order to get currency with when 70
nav his debts. and why not give nm
that privilege! 1t is benefit TO the
United States. and it is the only lhoue
by which, during the suspension o.
specie payments, we may make d Hex
ible. currency.
..And. sir this loan will be the great
saving fund of the people or the Ohl-
ted States. Every man having money
for a time idle will float it into these
ten-forty bonds, and while we have
the money we shall pay off bonds nav
ing a higher rate of interest. When
he desires it again he can come PACK
and Get the bond. and so this operation
NAV be carried on with perfect safety.
Now the deposits in the savings banks
amount to over $50O,OOo,Ooo. why
should not this money be deposlteu III |
the treasury2 Why should not these
little streams Of the savings OF the Id
boring man help to float the puplc
creditl The government OF the Uni
tied State ought not to feel TOO
> high to acknowledge the services OF
such a fund. They will be useful.
They will enable the deposltor TO get
the full yalne of his money. Now he
Ideposits in savings banks, where ne
gets four or FIVE per cent lllleies! ~
paper money. Under this provision
he may put his money IN these oanus'
and the money thus deposited :. VIII Ell
able1the government to pay OH poliuo
bearing higher rate OF 1hoeles..
In every view we could take OH thls
proposition, after the most ample con
sideration, we the Finance Commit
, tee) thought it was a wise proVlslon'
and would work we'll. The trouble
!, and cost Of printing these bonds ana
exchanging them one for another,
being carried on at the treasury oe
nartment or at the deposltarles or
!, other proper places Of exchange, Will
! be done without cost. except that oi
: printing. 1t is purely voluntary, and
will be adapted to the wants OF trade.
IT will tend to give increased value 20
the United States notes, and my shrm
S conviction is that under the process
/ both notes and bonds will gradually
1 rise step by step, until they reach the
). standard of gold, and then the Whole
e process ceases. according to the pro
: visions of the bid. / look upon this
/ provision as the most rapid way to
y specie payments.
e Thev we're not casual or hasty ut
o terances. They were made III the
Il course of q two hours speech IN sup
9 port of bill reported from the com
Il mittee; and, inasmuch as MI. sherman
's was interrupted with questlons liloI
" however in this part OF the speech)
9 itwas withheld for several days LOT Ie
. vision, and appears in the appehul'
le To the Confessional Globe, secone
70 session. Fortieth Congress, pages 10
~ and 1873.
re Are the American people ready G
W believe that Chase and Greeley III I'll
20 very prime of their intellectual vlso
IS were lunatics. and that he VINO nov
s. administers with such terrible de
10 structive power the finances OF TN
s. Government had, before the openn
Ii. of 1858. been bereft Of reasons. Va
~ in Difference to the memories or Tn
us great dead, and respect to the mos
1d notent citizen of the Republic, WI
ID u they cease to brand the humble alsc
al ple of these men as one TT 1of
.. ..straight jacket and who require
ne s.bladders of ice about his fevere
id temples when he travels. Shoul
us the organs of the contractionlsts, WI
N have treated me with such want
az candor. in the connection invite
We tention to the fact that Senator ohe
III man spoke of gold interest, those WI
have heard me speak on the supJe
ny or read my writings, will bear witne
gu that l have always said II IL we
'Tl deemed preferable to make the lhoe
IL est PAYABLE in gold, 50 be 1t: bnt
De nv object was to diminish the dl1le
or ence between our paper and gold
w. preferred to add a new use TO the |
al an per dollar, and withdraw one from q
~ commodity which had long SIN
sne ceased to circulate as money III Q
LEI e country. Hoping you will pardon u
VI liberty. l remain. Yours. very trul
the 'iooA William ID. KELLY.
of