The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-06-14

men nave Do0u tueTcDy luuuCcO w
pay rate of interest inevitably lead |
ing to disastfhSetf s akioh, How will
you explain why, when we had gold
in circulation-and the banks were
paying gold in lS57--was twenty, thir-
ty, or forty Der cent interest readily
obtained, as was stated by the senator
from Ohio, Mr. Sherman sum at
least three times that now paid! And
why, if gold is to restrain this ruinous
interest, do we pay now a larger inter-
est in California, where they have a
metallic currency, than where we
have legal-tenders and bank paper! OF
course there is in theory an answer to
all this. But the facts remain, and
upon these l stand. Yes, sir; you talk
about a ''dishonored and irredeemable
paper" and yet you had s'honored and
redeemable paper in 1887 and 1857.
Did this prevent these financial cri
ses! II at the door Of paper curren-
cy not Immediately convertible at par
are laid all the ruin and consequences
OF the recent panic, why may l not,
with equal reason, say the same thing
yea, an infinitely worse state of
things--has happened more than once
in this our history when we redeemed
in gold, and therefore gold is respon-
sible for all such ills! There is as much
logic in the one proposition as the 9TH
er; but l do not think there is much,
if any, in either. The cause is fur
Their back ,as have attempted to show.
We have been going too fast; we have
done SO heretofore, and we will do SO,
probably, in the future, whatever the
currency. Men will engage in these
schemes of speculation if they can get
credit and inspire the people with con-
fidence in the dividends to come from
their enterprises. For several years
they have been sending up these kites,
and they have seemed to float beauti-
fully--these gas-bags'in the shape of
watered stocks, ssSouth-Sea bubble
corporations; railways to the moon,
to the land of the "Teton Sioux the
hunting grounds of the MOhaves, or
the Alaskan home of the seal and the
Esquimaux q use these by way OF IL
ustratiOn)--beautifu and apparently
full bubbles, waited and kept up on
the market by the Vaccinations of
Wall street and the money of conf
ding stockholders. say such as these
were sent up, and were kept up, by ev-
cry sort of financial legerdemain, un-
til finally the best skill was exhausted,
the bubbles vanished, the gas-bags
collapsed. Then everybody lost con-
fidence for awhile in everybody else
That was discovered which ought to
have been known from the beginning
to-wit, that the volume of currency
sufficient for thirty or thirty-tive mil
lions of people would not answer the
wants of forty-one millions, with their
increased trade and commerce. And
instantly the cry is, ''What a pity we
were not on specie basis; what q
shame our currency is dishOnOred
for with gold or Il redeemable curren
cy we could have kept ahoat and avoid
ed the terrible collapse"
Mr.. President, does any one believe
this! Perhaps we all should do so.
do not know but that is my duty to sc
believe; but l cannot, and | hope
shall be excused. Do you believe it
o, no; this won't do, this claim that
our illegal tenders are dishonOred
and therefore the cause of our troub
les. Look at the grand history of thi:
nation for the last twelve years. Set
what we have accomplished. Wa.
ever nation so tried! Take the draiI
upon our resources, the loss of life an(
treasure. Look at us as were whel
treason seized the flag and sought t.
trail in the dust; without navy or ar
my; an empty treasury; arms there
were none; a defiant army threatening
the very doors of this capitol; ''treasol
before, behind, all around us like tn
, atmosphere" and see an army of mil
, lions organized; fleets protecting on
! commerce and our cities brOugh
speedily into life; a rebellion formids
bic in it's moral significance and nun
!; bers crushed; a citizen soldiery return
ing peacefully to their homes; tn
: government for the most part meetin
: every demand, and with equal fidelit
the debt created to maintain our unity
Y Take the years since intervening; sc
4 what has been done--the farms mad,
n the cities built; the states reconstruc
: ed and populated; the wealth added
], the numerous enterprises inaugurate
" tuA SuiAION Out. Soy iouSS CO tACs
: things and many more I might mel
!. ton; and then remember that this W;
= all done with paper currency w;
), this 'sirredeemable paper" Why, 81
d you may trace all the years of the n
$ ton before the war, with coin burstir
d the Golfers of every bank; with s'eagl,
y and half-eagles" eager to fly from tt
l. national treasury to the pockets of Il
e people; with golden toys for childrt
IS and doubloons distending every man
e silken purse, and you find no parall
d for the prosperity and advancemel
E. attending us since its close. And wht
e 1 recur to other epochs in our histO
It as after the war of 1912, of while
9. Mr.. Benton declared there was 81
E. price for property or produce; no sal
but those of the sheriff or the marsh;
y no purchasers at the execution sal
Sc but the creditors or some hoarder
&c money; no employment for industr
o. no demand for labor; no sale for t
e, product ofthe farm: no sound of t
ct hammer but that of the auctione
Ill knocking down property; stop Law
N. | prnporfv lauS rnnlnvin laws at