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

uHIOl UuudUO ou1uS. LII Is OIL ITO Par
ticular consequence whether it was
right Or wrong in itself. 1t was un
timely. It involved a question with
which the people had not been made
familiar. We were going along in the
right direction before that. The
country had been made to see the ne
cessity and the practicability oil
returning to specie basis. Now, &
question is forced upon us: What
constitutes a specie basis and or
that question great diversity OF
opinion is developed. Half the mum
Der who have contributed their efforts
toward disseminating sound financial
doctrines are at variance with the
other half; and the demonetization 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 its passage. When did it pass g.
Il believe it was in 1873"
''Well," answered the governor,
sit 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. 1t was essential
to our future prosperity that the
American people should understand
! the advantage of a stable currency
based on coin. 1t 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."
asked him II ne had Tread 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 a matter. Sometimes prejudice
exists against men Of that calling,
based on the belief that what pro-
notes their interests Injuries those of
other classes. | remember some of
these bankers as far back as 1854.
Some of us were stirrir g them to save
the credit OF the state Of New York
from dishOnOr. 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 deprecated paper
was not only a violation of good faith
but it was equivalent to partial repu-
dlatlon. 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 pay
the interest in coin. but the republic
cans to a man, voted against it. Gov.
Luclus Robinson was comptroller
NEGLECTED. on the republican ticket.
lie 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 do -
do - answered Gov. Seymour.
with a touch of bitterness: they 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 dlshonor on the part of the state
cost the country, in one way and
another. more than hundred mil
lion dollars. 1t diScredited us in the
face of the world. 1t lowered the
price of all government securities, land
1t dealt blow at our reputation which
leaves mark to this day. l 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 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
anu the Cnlted States has necessarily |
diminished It's value somewhat, but |
IOt fCIs IlIuCu L uOuDC IL anV other |
commodity, not excepting gold. could |
stand as firm against such an attack. |
If silver were restored to its old place |
in our monetary system. / am inclined |
to think it would be as reliable now as |
it ever was. The effect of a double |
standard is that each regulates the
other. In making valuable clocks
they have what they call a compensa-
ton pendulum. One kind of metal |
contracts and the other expands with
the variations Of the weather. and
thus perfect balance is preserved.
An idea like that, l 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
have studied the subject. found that a
change was desirable, it was clearly
their duty to fully inform and educate
the public mind before they secured
the enactment of a law. As it is.many
people think that this is movement
of the creditor class against the debtor
class to make more onerous the bur-