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

ITY.
| The present condition of affairs in
this country is the result of a gigantic
experiment to test the relative merits
of Openhearted honesty and unscrupu-
lous greed. In 1873, by the instiga-
ton OF foreign bOndhOlders and Amer
can money lenders, a change was made
in the standard of value. All out
standing debts at that time, with the
exception OF mparatively few spe-
clal contracts, were payable, at the
option of the debtor, in either gold.
silver or greenbacks; all of these three
kinds Of money being legal tender for
any amount. The mOney-lending
class had conceived the idea that the
value of gold was likely to exceed
that OF silver, and they fancied it
| would be to their interest to compel
the debtors to discharge their obliga-
tons in different manner from what
was contemplated when the indebted
ness was incurred. Therefore. by the
aid OF anignorant congress. they struck
silver from the pllce on the statute
books as legal tender, which it had
held from the beginning Of our gov
eminent, and thus repudiated their
obligations under cover of law.
This reputation was entered into
in the midst of great fog and smoke
"a din raised by the press and the pull
pit-that payment in gold was the on
ly honest method of discharging debt.
Although the debtors had not received
gold when they incurred their liabili-
ties, and had not agreed to repay in
gold, yet the cry of ''hOnesty" went
forth throughout the land, and every
man who objected to this rascally re-
pudiation of solemn contracts was
branded as "a dishonest debtOr.''
Active measures were at the same
time taken to make the paper dollar
worth more than when lent and more
than was agreed that it ever should be
worth. 1t was never contemplated
when the greenbackS were issued to
pay them in any other way than in
either gold or silver, whichever might
be most to the advantage of the debtor.
These changes were made under the
delusion that the creditor class would
be greatly benefited thereby. In fact.
members Of Congress made speeches,
IN which the amount of gain that
gold standard would bring to the cred
ltors was computed at an immense
sum; millions of dollars were to be alb
stracted from the debtors and given
to the creditors.
This selfish and short-sighted policy
has been in operation long enough to
demonstrate the old lesson-that greed
often is its own worst enemy, and de-
feats itself. The whole country is now
suffering from repetition of the folly
of killing the goose that lays the gold
en- egg. and the creditors have inyoly-
| ed themselves in the misfortunes
which they attempted to bring upon
the debtors. A heavy shrinkage has
taken place in the value of nearly all
kinds of stocks. and hundreds of mil
lions of securities. havebecome utterly
worthless. Compositions to the extent
of at least two thousand millions of
dollars have been made with bankrupt
debtors within the past three years,
and the process of wiping out debts
by payment of ten or twenty cents on
the dollar is still in active progress.
Many of the creditor class are now
| alarmed at the storm which has been
raised. and we should not be surprised
at the next session of congress to find
the same men who have been hereto
fore clamoring for gold standard. ia
voring the reconciliation of silver.
and loudly asserting what should have
| always been borne in mind, viz: The
interests of the debtors and the cred
ltOrs are identical.-NeU Haren Union.