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


s. 1!cular consequence whether s. W.
IN right Or wrong in itself. IT was n,
IL timely. It involved a question wit
IS which the people had not been mad
l. 1amlllar: We were going along in til
N rlght direction before that. Th
4 country had been made to see the ne
It cesslty. and the practicability O
returning to specie basis. Now.
" question is forced upon US: VIVA
: constitutes a specie basis and o.
l, IhaC question a great diversity O
q opinion IS developed. Half the mum
S per who have contributed their effort
e toward disseminating sound financial
doctrines are at variance with tn,
: other half; and the demonstration Of
SILVER has caused the trouble. The
Dill Itself was Struggled through con
4 gress. | do not mean by that to cast
4 arehectlOn on those who introduced
1 or voted forit. But what II mean is
| tnat the people were wholly ignorant
| OF the scope Of the law at the time
OF us passage. When did it pass e.
Il believe it was in 1872
"Well,' answered the governor.
: III was not until 1875 that an act al.
; ready two years old caused any dis.
cusSlOn. Then an impression began
TO gain ground among the people that
ID some way they had been cheated
by the bill demonetizing silver. It is
SLOW process by which large commu-
hltles are educated in the principles
OF political economy. It was essential
10 our future prosperity that the
american people should understand
the advantage of a stable currency
based on coin. 1t was not at all es.
Sentlal or desirable that they should
be led just now into an angry dispute
on the kind of coin they were to use.''
L asked him II ne had Tread the nro.
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 or 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. [ remember some of
these bankers as far back as 1894
some OF us were stirring them to save
Ihe 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
70 pay 1T 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
put IL was equivalent to partial repu-
dlatlon. AS governor of the state T
appealed again and again to the legis-
i"tule 10 save us from this great dis
grace. The democrats voted to pay
lhe interest in coin. but the republi.
.dhs 10 man, voted against it. Gov.
i-uclus Robinson was COMPTROLLER t
,neh'elected on the republican ticket. t
ne refused to join in this assault on I
ne credit of the state. and was read 1
)ut OF the party because of his manly
'ctlon. Failing to carry the lecisla.
ure appealed to the bankers to adj E.
'ance the money required to pay the
interest III coin. trusting to future
eglslatlon to imburse them a
W ell. what did they do p al
DO answered Gov. Seymour. n
With a touch of bitterness: they de. n
Jared 1T was 'disloval' to say that Sc Sc
pecle was better than paper. and ~
many OF them encouraged reputation
u me name OF patriotism. That act IL
ushonor on the part of the state "
oSC the country, in one way and Al
hotner, more than a hundred mil. to
on dollars. 1t discredited us in the
ace OF the world. 1t lowered the n.
rice or all government securities. and te
ueait blow at our reputation which on on
'aVes mark to this day. am glad SCI
ma now that the bankers no a
niger consider it disloyal to say
lat com is better than paper. BUTT an
not altogether desirable that thew. H.
no are such recent converts. should No
'sume to decide what kind of coin .
G should USE the
In regard to the present valuation pr
silver, Gov. Seymour said: lyon an
ssen the value of anything when Won viii
ssen It's use. The chief use for sill.
T all over the world is for coin.
neral movement looking toward tho
OF silver in Europe -
u lne 7 nlted states has necessarily
mlnished It's value somewhat. but
i very much. l doubt if any other
not excepting gold. could IT,
ma as hrm against such an attack I'M
silver were restored to its old Mace
our monetary system. / am inclined
think 1t would be as reliable now as
ever was. The effect of a donble
lndard is that each regulates the
Ter. In making valuable clocks
~ have what they call compensa. A
n pendulum. One kind of metal taue
ltracts and the other expands with In
! variations Of the weather. and Bra RAJ
IS perfect balance is preserved ton ~
idea like that, think. was in tho Pl
nds of those who made gold and For
Ter the basis of our coinage. II Be
not operated badly. If those who "a
-e studied the subject. found that FOR
nge was desirable, it was clearly Oh Oh
il duty to fully inform and educate Sc
public mind before they secured Re
enactment of law. As it is.manv who
pie think that this is movement Fo
he creditor class against the debtor cerni
g IN mako moro onoronS 4bo struc
ut h1