The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-06

RI apgrayateS the situation TO see peo-
ple starving in the midst OF plenty.
Nor is the cause Of the hard times
found in present or past extravaganza
This is a common, but mistaken opln-
ion. We are opposed to extravaganza
in every form. But extravaganza
does not destroy business; it promotes
If The most that can be claimed IS
that it distributes the wealth that
thrift accumulates. The eXtravagant
nronrietOr becomes a WOrkman; anu
the prudent workmen becomes pro-
prietOr.
The cause of the hard times is found
mainly in the
WRONG FINANCIAL POLICY or The
GOVERNMENT.
As long as our public debt was
largely distributed among the people;
| in the form of currency, we had goou
times. Business was active; every
willing hand found employment.
Public burdens were cheerfully borne.
| \sfast as this currency has been called
in. and bonds bearing interest and pay
able in gold have been issued IN us
place. General depression has Hollow
ed. Many millions of dollars nave
been taken from the currency OF this
country. where it was doing business,
EMPLOYING labor, and paying taxes
and put in bonds, where it does no
business. and pays no taxes, and en-
ploys no labor. and produces nothing
but interest to the holders, and misery
to the country. This OF ltSel1 IS
enough to make hard times.
France passed through an exhaus-
tive foreign and civil war. She mas
not ONLY her own war debt to pay, Dut
that of Germany also. let France IS
financially the most prosperous nation
in the world. Her people are not
more skillfull or Industrious than ours;
her soil not more fertile; her mineral
resources nothing like as great. But
France has. for each inhabitant, dol
lars of currency where we have one.
The depressionist says, There IS
plenty of money. The banks are full
Of it-ready to laon on good security.
IF business was entirely dead, there
would he too much money. Dead
men need no money. Business IS now
so paralvzed that it requires less ana
less as it is gradually dying out. Many
who. a few years ago. used Il num-
bred dollars Il day, now manage to get
: along with one or less. When we had
an abundance of currency for each IN
dividual. it was kept in circulation.
Now that we have ascarcity it is locked
M in the vaults Of the rich. Take a
soldjer who can easily march twenty
miles day with his Announcements
> upon his back. StarVe HIM Till he can
lust drag himself five, with the utmost
: Iexertion. To say that he does not
= need more food because he does moi
y use the strength he has. would be a.
u sensible as to say that the business O
the country does not need more none,
; because. in its dying condition. 1t doe
:, not employ what there is. To maxi
v = the strenth of an OK available, anoth
CT is needed.
As the evil was brought upon us b.
: the action of the general govern
:, ment, the people look to the genera
, Government for its removal. ltshoul
/ l. Remoaetiee sHrer. The act Q
- congress making silver no longer
- legal tender. was passed by stealth
~ The people knew nothing of 1t. III nt
y, done bv mistake. it was Il stupendot
- fraud. If done on purpose. it mus
have been done in the interest OF I'll
: bond-holders. This law should be
= once repealed.
The idea of a gold basis for current
80 is Il legal fiction which never was
allied and never will be. There Is III
gold enough to meet the demands
business. In the best of times, Whe
ever the banks have been general
called on for gold. they have alwa
SUSPENDED The Bank of England
ve the notes of which are current throug
NV out the civilized worlds not upon
~ gold basis. OF its eighteen mllll
ct pounds sterling of circulation it Is
he ouired by law to redeem III gold b
he four millions. Fourteen millions Il
ire secured by the credit of! the Cover
Ell ment. The proper basis for curren
M is property. and not gold. The lat
es- word for money. pecunid. from VIII
ma comes our word "pec,miary, Is frt
We. pecns. Il herd, which the money rep
ng sented. The figure of an OK was
ac- first impressed upon coins. \ sheep
hrs an OK has intrinsic value-gold has
in little. Iron has much more intrin
ide value than gold. You cannot Ike
PIE mouse WITHOUT IRON. OuCdll Nlthe
t gold. When Captain Cook offered
and savages. for Il certain quantity OF p
but visions. guinea. orr nail. they wis
lis chose the nail. For the nail was
and the greater service. Gold is OF |
ave chiefly as ornament. Its value is
this most wholly fictitious. 1t is derry
mic from common consent rather tt
y is from the necessary uses to which
tbs can be applied.
Uses In that higher civilization which
out seek to promote, in which the or
IN ments are the virtues of the soul. G
all loses it value. But money based
TRY property represents that which wal
faSt and feeds us. The attempt to br
our currency upon gold basis, is
we ONLY visionary, but it works
Pr GREAT INJUSTICE
ave
it'll. to large and worthy class of our
ests pie. This includes the large mum
nty. who have bought property and I